While the report cited the inability of the theater's owner to pay for a much needed upgrade to digital projection systems, it seems more likely that land redevelopment pressures in the form of sky-rocketing land values was the prime motivator. Rumors abound that a Sky Train line may be coming to the area, which would make the old Thonburi Rama a vastly under-performing use of space compared with, say, a 30 story condominium or office tower. Stand-alone movie theaters, bare in mind, occupy sizable footprints. Theater owners are by default landlords on a large scale. And the fact that digital projection is a costly upgrade doesn't help things.
Needless to say, this marks another loss for Bangkok's movie-going culture of yore, which by now is almost completely beholden to shopping malls and 2 ubiquitous entertainment conglomerates - SF Cinema and Major Cineplex.
As for the remaining second-class, double feature theaters in Bangkok, one source says that the Nakorn Non Rama and the BMC Dao Khanong are likely to make the switch to digital - a switch that will hopefully prolong their existance as temples to leisure for a few more years.