The legendary Ziegfeld Theatre, which is one of the best movie theaters in NYC in addition to being the city's largest surviving single-screen venue, is reportedly on the verge of closing. James Dolan, CEO of Cablevision (which runs the Ziegfeld) and noted blues band frontman, was asked by The Hollywood Reporter whether he planned on closing it down: "Yeah. Probably," Dolan said. "It loses a lot of money. The theater business is a tough business."

The Ziegfeld, one of the "last big palaces built in the United States," has been under financial pressure for years now. Back in 2012, there were reports that it was losing up to $1 million a year in revenue and Cablevision was actively trying to sell it.

Cablevision tried to back off Dolan's pessimistic statement, saying in a statement that "the situation has changed and the Ziegfeld will remain open for the foreseeable future." Nevertheless, Hollywood Reports says Cablevision is "searching for another entity to take over the lease, which is said to run through 2018."

The theater, a favorite spot for glitzy movie premieres, was first built in 1927, then razed and re-opened in 1969 at its current location at 141 W. 54th Street. Many film lovers were distraught over the news of the possible closing.

Oh, and if it does close, it won't just be the loss of one of the best cinemas in NYC—we'll also be losing one of the best bathrooms! As commenter Rdayk put it a few years ago: "The Ziegfeld Theatre has the most opulent bathroom. Each stall has its own sink and vanity in addition to the toilet. It isn't public, though, I think you have to buy a movie ticket to use it. But if you find yourself at the Ziegfeld (the only grand old cinema left in Manhattan), be sure to use the bathroom!"