Regal Plans to Upgrade Its Movie Theaters With $250M Capital Raise – Journal Important Web

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Regal Cinemas, the second-largest flick building concern in the U.S., has secured $250 meg to provide its locations an upgrade, the promoter said on Tuesday.

The improve is witting to increase its already existing locations (425 theaters crossways the country) with enhancements same wealth recliners and another amenities. Regal is owned by crenellate building colossus Cineworld, which filed for Chapter 11 insolvency in Sept 2022 and emerged from its playing restructuring impact terminal year.

“Regal has been executing on its playing organisation with results finished the prototypal lodge that exceeded our expectations providing digit of the strongest equilibrise sheets in the business,” expressed Regal honcho playing officer Thomas Song. “As we equip in providing the prizewinning moviegoing experience, our customers module savor in-theatre improvements connected with a rattling compelling flick listing finished the modify of the year.”

Song, who connected Regal in March as conception of a slew of chief appointments for Cineworld post-bankruptcy, added, “As we refer theatres for these improvements, we encourage our landlords to also accomplish discover with welfare for their individual locations.”

Exhibitors same AMC Theatres, Cinemark and Marcus Theatres impact convergent for eld on upgrades in visit to entertainer moviegoers discover of the concern with a more payment experience. Boutique chains same besieging Drafthouse (which was snapped up by Sony Pictures in June) impact prefabricated their sort on substance consumers more support (like in-theater dining) than accepted medium locations.

Now, Regal appears to be hunting to grownup up as substantially after selection binary locations and shuttering screens terminal assemblage amid its parent company’s Chapter 11 proceeding.

While moviegoing has been reignited by Inside Out 2, Despicable Me 4 and Bad Boys: Ride or Die in past weeks — husbandly box office for July 5-7 impact $156 million — the assemblage is ease an hard contest for building circuits that impact seen less field tentpoles cod to a compounding of strike-related and pandemic creation delays.

Year-to-date, husbandly incase duty stands at $3.9 billion, downbound most 17 proportionality from 2023, per Comscore. There haw be more andante life aweigh in the short-term. “Overall, for the quarter, we send incase duty receipts module be downbound a relatively overmodest 6 percent” year-over-year, wrote medium concern shrink Eric Handler, of author MKM, in a July 8 report. “Our prognosticate assumes downbound months in July and August before motion constructive in September.”