I think that the only obstacle would be the liquor/beer license.
I just moved away from Manitowoc, WI (population:30,000) that had one of these type theatres and it was pretty cool. They showed second run movies ($3 entry) and sold beers for like $3-4. Of course, this is Wisconsin, where a $4 beer is expensive. They also did other events, such as show football games on Sunday afternoon.
The one downfall of the place was that it only had one screen, so if it was a kid's movie that week, or just one you don't want to see, you don't go that weekend.
I always thought that it was a good idea and like seeing these places at least experiment with a new business strategy.
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