Regal Gains 3 More IMAX Theaters
Monday, March 12, 2007)
IMAX and Regal Cinemas announced a joint venture agreement for the installation of two IMAX MPX theatre systems at top-performing multiplexes in California and Oregon in the next two months. The deal marks a significant first step in IMAX's new strategy of partnering with key exhibitors to supplement the growth of the IMAX theatre network. Separately, Regal agreed to install an IMAX theatre at its newly redeveloped Pointe Complex in Orlando, Florida.
Under the terms of the two-system joint venture agreement, which is the first of its kind between IMAX and Regal, IMAX MPX theatre systems will be installed at the Edwards Mira Mesa Stadium 18 in San Diego, California and the Regal Cinemas Bridgeport 18 in Portland, Oregon. Both theatres are scheduled to open in time for the May 4 launch of Spider-Man 3: The IMAX Experience. The third IMAX theatre, at the Pointe Complex in Orlando, Florida, is also expected to open by May 4. This theatre will be operated under the Company's existing lease arrangement with Regal. Regal currently is the largest operator of IMAX theatres worldwide, and today's announcement will bring the total number of IMAX theatres operated by Regal to 15.
The two new theatre sites will utilize IMAX MPX technology, designed specifically to enable multiplex operators to more cost effectively enter into the IMAX theatre business, either by retrofitting an existing stadium seating auditorium or via an economical new build. The new IMAX theatres will be capable of playing Hollywood event films that have been digitally re-mastered into IMAX's format, as well as original IMAX productions in 2D and IMAX 3D. The Pointe Orlando system will feature an IMAX GT system.