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Cinema Circle
AMC Reports Loss, Keeps Building
AMC Entertainment Inc. reported a fourth-quarter loss of $1.24 a share which is being explained by international division losses, obsolete multiplex theaters and cost of new theaters being built. The reported loss was considerably more than the $.75 to $.99 loss projected by Wall Street. According to statistics for the past decade, the number of movie screens has increased three times as fast as attendance, and 1999 ticket sales were down from the previous year. The company is describing 1999 as a year of transition. Closings of 275 screens were reported with another 175 expected this fiscal year. Plans, however, also call for adding approximately 120 screens.
An agreement between NorthPark Center in Dallas and AMC was recently announced. The deal includes the opening of an 18-screen cinema as well as landscaping improvements to the center. The theater will hold more than 3,600 seats and offer moviegoers comfortable seating as well as a cafe and wine bar. An outdoor plaza with restaurants is planned as part of the center’s expansion. The expansion will add some 600,000 sq.ft. to the center, which already measures 1.5 million sq.ft. The delayed expansion of the mall was restarted when Foley’s began construction toward its October opening. Nordstrom plus several smaller shops are slated for openings in 2002. General Cinema had originally operated the existing two cinemas in the center, but closed them in 1998 when it decided to shift its focus away from Dallas.
For information: Michael Hans, vice president of real estate, 310-553-0515, Fax 310-553-1734.
Star Cinema 14 Opens near Pittsburgh
The South Fayette 14 has opened in South Fayette at the site of the former Mulach Steel plant, one of six multiplex theaters to open in the area this year. Built by Star Cinema, the theater is able to hold between 110 to 315 patrons in each of its all-stadium seating auditoriums. Star Cinema, headed by Jeffrey Lewine who had previously owned the Cinema World Theater chain, is expected to start construction next month on a megaplex in Clarksburgh, West Virginia. Lewine is building a new theater chain under the name of KLM Theatre Partners, of which he is chief executive officer and president.
For information: Jeffrey Lewine, KLM Theatre Partners, 412-392-0400.
Dipson to Take Over Ailing Theater
Dipson Theaters signed an agreement with the City of Buffalo to operate the Angelika Film Center as the Buffalo Playhouse for at least 180 days. Plans to save the faltering multiplex include holding art or live musical presentations in the lobby, using the auditoriums for live theater, poetry readings and seminars, and showing foreign or independent films. The hope is that by offering unique entertainment with proper promotional efforts, the theater will prosper under Dipson, who becomes the third operator of the 1,600-seat multiplex. The building is currently owned by the Buffalo Urban Renewal Agency.
For information: Dipson Theaters, 716-343-2700, Fax 716-343-2701.
IMAX Opens at Providence Place
The 440-seat Feinstein IMAX Theater opened at Providence Place, a shopping mall with 165 stores, restaurants and kiosks in Providence, Rhode Island. The new theater is named for Alan Shawn Feinstein, a local philanthropist. The goal is to attract both shoppers and moviegoers from a wider area around the Rhode Island location. The center, anchored by Nordstrom, is hoping the $8-million theater will draw 360,000 visitors annually. For the Toronto-based IMAX Corporation, opening theaters in commercial locations is a step toward achieving its goal of opening 80 IMAX theaters within the next few years. There are presently 210 IMAX theaters worldwide located in both retail and educational venues.
For information: Mary Pat Ryan, IMAX Ltd., 905-403-6500, Fax 905-403-6450; e-mail
info@imax.com.
Multiplex Sought for Riverside
The closing of the four-screen United Artists stand-alone theater at the Galleria at Tyler in Riverside, California has opened the door for new retail opportunities and another underground theater. Mall officials are purportedly working out a deal with an unnamed developer and a theater company for an underground 16-screen complex. The theater will become the hub of the entertainment venue within the center and will include specialty retailers and restaurants. The 30,000-sq.ft. building, which housed the four-screen United Artists theater, will be converted to retail space. Urban Retail Properties Company is handling the retail leasing.
For information: Charles C. Porter, Urban Retail Properties Co., 312-915-3341; Fax 912-915-3377; e-mail:
porter@urbanretail.com.
Edwards Theatres Seeks Financing
Edwards Theatres Circuit Inc. hired Banc of America Securities Inc., a unit of San Francisco- based Bank of America, to seek out financing for growth opportunities. The 70-year-old family-owned chain operates about 850 screens nationwide and is feeling a financial pinch from the disposal of obsolete theaters and the building of more expensive multiplex facilities. Edwards is presently negotiating and disposing of leases on some 25 theaters. Banc of America has been hired for the distribution of Edwards prospectuses to potential investors. Approximately 280 screens have been added to the chain in recent years, and 250 more are planned by next fall.
For information: Mark Stoner, Edwards Theatres Circuit, Inc., 949-640-4600, Fax 949-721-7170.
Century Theatres Locating in Beaverton
California-based Century Theatres announced plans to open a 16-screen complex in the Beaverton Mall situated in Beaverton, Oregon. It faces competition from established rival Regal Cinemas which operates a 16-screen theater in the area. This new cinema comes equipped with THX certification, offering a high-tech digital sound system. The retail center is expected to undergo renovations in the face of its new occupant. The center is anchored by Best Buy, RiteAid and Ross Dress for Less.
For information: Century Theatres, 415-448-8400.
Premium Theaters Growing
Resort Theaters is providing a complete evening for moviegoers at its premium theaters opening around the country. The theaters feature high-tech sound, giant screens and gourmet meals instead of the usual snack fare for its discerning public. The concept is still being tested. Ticket prices are about double those at most theaters, with the price of entrees being as high as $18.50 at a premium theater in the Palm Springs area. The Isis Theater in Aspen, Colorado, recently renovated by Resort Theaters, is starting out slowly by offering premium ice cream and specialty candy or pastries. It is hoped audiences will be drawn by the convenience of one stop for both a meal and entertainment. Resort Theaters plans to open about 500 premium theaters in the Rocky Mountain Area and the East Coast offering luxurious surroundings, meals and in some cases, a supervised playroom for children.
For more information: Resort Theaters of America, 4200 West 83rd Road, Shawnee Mission, KS 66208; 913-341-7910.
Fort Wayne Theater Delayed
The Carmike 20 Cinema in Fort Wayne, Indiana, originally scheduled to open this October, will instead open in the spring, in time for the summer rush. The $15-million theater is to be located near a proposed 240,000-sq.ft. shopping center on 14 acres of land. It will feature a state-of-the art sound system and stadium-style seating. The industry’s instability has not deterred Carmike from expanding, evidenced by the company’s opening of a theater in Minnesota last month and another planned opening in Florida during July. The firm must file for permits before construction can actually begin at the Fort Wayne site.
For information: Jerry Jarett, Carmike Cinemas Inc., 706-576-3400, Fax 706-576-2709.
Galaxy Plans 16-Screen Multiplex
Galaxy Theatres announced plans to open a 16-screen multiplex next year in a $19-million theater complex in Lacey, Washington. Construction on the entertainment complex is expected to begin this fall. The 81,000-sq.ft. theater will be situated on 9.3 acres and will include a state-of-the-art sound system, a cafe and arcade. In November, Prairie Development will open an eight-screen complex in nearby Yelm, offering a state-of-the-art sound system and stadium seating. That theater has been approved for 1,250 seats.
For information: Galaxy Theatres, 818-986-9000, Fax 818-784-2417.
MegaStar Plans Include Skyboxes
MegaStar Cinemas is planning to build a $10-million 16-screen, 3,500-seat multiplex cinema in the Arbor Lakes project located in Maple Grove, Minnesota. A spring 2001 opening is slated. The 70,000-sq.ft. complex will include two 20-seat VIP suites to be suspended from the ceilings of the 500-seat theaters.
Being compared to VIP boxes found in major sports stadiums, the suites will feature leather reclining seats, a wet bar, and will be sealed off from the rest of the audience by soundproofed Plexiglas. Each will have its own sound and air control systems. Catered food will be available in the suites and the new Maple Grove theater will also have a restaurant available for all patrons where they might dine while waiting for show time. The theater will also contain private party rooms for children’s parties.
Similar 38-seat luxury boxes operated by Cinemark in a Kansas City theater demand rents ranging from $750 to $1,500, depending on the day and hour used or catering ordered. MegaStar is a comparatively young chain that is willing to try new things. The company has just one other theater located in the Cleveland area but is planning for up to six new theaters to be built over the next 18 months, with another one or two possibly slated for the Twin Cities area in Minnesota.
For more information: MegaStar Theaters, 770-641-9990.
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