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» Cinematour Forum   » Cinemas in the News   » Regal Entertainment acquires Signature Theatres (Page 1)

 
This topic comprises 2 pages: 1  2 
 
Author Topic: Regal Entertainment acquires Signature Theatres
Adam Martin
Administrator

Posts: 1090
From: Dallas, TX
Registered: Feb 2003


 - posted April 30, 2004 09:36 PM      Profile for Adam Martin   Author's Homepage   Email Adam Martin         Edit/Delete Post 
From the Silicon Valley Business Journal:

quote:
San Ramon movie chain acquired

Signature Theatres, a San Ramon-based movie theater chain, has been acquired by Regal Entertainment Group, the country's largest movie exhibitor, for an undisclosed sum.

The announcement was made by Regal during the Knoxville, Tenn.-based company's first quarter earnings report. The deal includes 30 theaters comprising 309 screens operated by Signature, which operates in 25 cities in California and Hawaii.

Regal said it entered an agreement with Signature on April 26. Financial terms were not disclosed. Regal said it expects the transaction to close sometime during the second or third fiscal quarters of 2004.

Regal operates 545 theaters in 39 states under the Regal Cinemas, United Artists and Edwards Theatres brands. The company controls 6,020 movie screens -- nearly 17 percent of the total operating in the United States.


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Daniel Fuentz
Member

Posts: 212
From: Cleveland, Ohio
Registered: Mar 2003


 - posted April 30, 2004 10:24 PM      Profile for Daniel Fuentz   Email Daniel Fuentz         Edit/Delete Post 
I wonder how this will play out in the Fresno market. Right now, Regal has a monopoly on every screen in town, EXCEPT the 16-screen Signature complex at Manchester Center. If this goes through, they'd own every screen in town. I wonder who would buy whatever theater(s) Regal would have to sell off? Before the City approved the Signature complex, it was mentioned in the paper that AMC was looking at building a 20 screen in downtown, but felt the market would be overscreened with the addition of the then-proposed Signature complex. I wonder if AMC would be interested in buying up a theater or two if Regal has to sell...

If they end up keeping the Manchester complex, I hope they don't spoil it. At the moment, it's the best in town projection-wise. The Edwards 21 was excellent, but lately I've noticed problems that show they're not as careful in the booth as they used to be.

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Kyle Muldrow
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Posts: 143
From: Laguna Hills, CA
Registered: Jul 2003


 - posted May 03, 2004 11:44 AM      Profile for Kyle Muldrow   Author's Homepage   Email Kyle Muldrow         Edit/Delete Post 
Not aware of any Signature theaters in the LA/Orange County area, but it sounds like Regal is trying to grow by buying out other companies. I wonder if they're targeting Pacific or Century Theaters...

Hey, Adam, since Regal opened a new theater in St. Louis (St. Louis Mills Shopping Center), do you think they'd take a stab at acquiring Wehrenberg? I know Wehrenberg has made it out of bankruptcy and appears solvent right now, but I believe more than one other theater company, including Regal, was mentioned as a potential buyer when Wehrenberg filed Chapter 11. Heard anything from back home?

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Scott D. Neff
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Posts: 661
From: San Francisco, CA
Registered: Feb 2003


 - posted May 05, 2004 03:50 PM      Profile for Scott D. Neff   Email Scott D. Neff         Edit/Delete Post 
I doubt Pacific or Century would sell. They seem to own theatres in good areas that would continue to be profitable to them. At least I hope Century doesn't sell, I like my job. [Smile]

I think Signature was at that good midpoint in their existence where they either had to get big or sell. Perhaps Phil Harris didn't wanna worry about getting too big.

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Dave Felthous
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Posts: 186
From: Seattle, WA
Registered: Jun 2003


 - posted May 05, 2004 08:59 PM      Profile for Dave Felthous   Email Dave Felthous         Edit/Delete Post 
As a Regal employee, I don't like to see this ongoing expansion. They got in trouble before for overbuilding; now they seem to be overbuying. No lessons from history?

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Eric Hooper
Member

Posts: 107
From: Santa Clara, CA
Registered: Apr 2003


 - posted May 06, 2004 10:39 AM      Profile for Eric Hooper   Email Eric Hooper         Edit/Delete Post 
I disagree. IMO, Regal seems very smart business wise and they seem to me to know what they're doing. All the Signature locations I know of are in excellent areas and are all either very new megaplexes or recently remodeled with stadium seating. I thought this was a brilliant move.

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Scott D. Neff
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Posts: 661
From: San Francisco, CA
Registered: Feb 2003


 - posted May 06, 2004 03:16 PM      Profile for Scott D. Neff   Email Scott D. Neff         Edit/Delete Post 
Signature does own excellent theatres. I'm just mad that I won't get in free to all of them anymore with my handy VIP pass.

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Mike Olpin
New Member

Posts: 34
From: Spring Valley, CA
Registered: Nov 2003


 - posted May 06, 2004 04:44 PM      Profile for Mike Olpin   Author's Homepage   Email Mike Olpin         Edit/Delete Post 
You still have 'till mid-june to use the vip passes - and I'm sure amidst all of the changes that the theatre box staff will be going through, you could probably use it for a while after the take over.

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Dave Felthous
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Posts: 186
From: Seattle, WA
Registered: Jun 2003


 - posted May 06, 2004 07:24 PM      Profile for Dave Felthous   Email Dave Felthous         Edit/Delete Post 
Well, I just don't want to have to go through another bankruptcy. It was rough at the exhibition end.

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Chris Utley
Senior Member

Posts: 631
From: Torrance, CA
Registered: May 2003


 - posted May 06, 2004 10:45 PM      Profile for Chris Utley   Author's Homepage   Email Chris Utley         Edit/Delete Post 
IMHO, it's the lesser of two evils. Would I rather see Regal gobble up it's competitors or keep building new theatres? I choose "A"...Regal makes crappy stadiums in a box. I have yet to go to a true blue, non-consolidated Regal theatre that I actually LIKE! [Mad]

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Jeff Arellano
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Posts: 685
From: Monterey Park, CA
Registered: Jun 2003


 - posted May 08, 2004 09:04 AM      Profile for Jeff Arellano   Email Jeff Arellano         Edit/Delete Post 
I really love Regal's Stadiums that they made from former non-stadium theatres. (Certain Edwards) Yea, the stadium experience in a theatre that still looks like it was built in the 80's or early 90's.

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Dave Felthous
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From: Seattle, WA
Registered: Jun 2003


 - posted May 08, 2004 03:15 PM      Profile for Dave Felthous   Email Dave Felthous         Edit/Delete Post 
We've just reopened three of our eventual seven auditoriums with stadium seating. They're just awesome. Our largest house has 574 seats, down from 655. People seem to prefer the upper section, above the wall-to-wall middle aisle and handicapped area. Our building is 18 years old and has auditoriums larger than what is typically built today. Our smallest theaters will still have 143 seats, down from 176.

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The Evil Sam Graham
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From: Des Moines, IA
Registered: Jan 2004


 - posted May 08, 2004 10:28 PM      Profile for The Evil Sam Graham   Author's Homepage   Email The Evil Sam Graham         Edit/Delete Post 
I have pretty well despised every Regal Cinema I've been to that was actually designed and opened by Regal. But you're talking about a chain that years ago used to use (working from memory here) 'lowest price per square foot average construction cost in the industry' as a bragging point on their website.

Having said that, two things...The things I care about as a movie watcher are different than what the average cinema patron cares about, and I think Regal suits the average cinema patron just fine. They're never going to WOW anybody, and there's certainly a reason none of their plexes gross enough to be a standout grosser in the industry.

Second, by my experience, there haven't been major changes in presentation quality at Regal Cinemas that were built by better companies that Regal consumed. Regal has kept up those places pretty well, at least while the actual movie runs (trailers...whole 'nother story.) About the worst thing I see in cinemas being sold to Regal is admission prices skyrocketing if they were either average or just below it. But I just compensate for that by avoiding the snack bar, therefore making me a "loss leader". [Big Grin]

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Chris Utley
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Posts: 631
From: Torrance, CA
Registered: May 2003


 - posted May 09, 2004 12:31 AM      Profile for Chris Utley   Author's Homepage   Email Chris Utley         Edit/Delete Post 
For me, the straw that broke the camel's back was when Regal formally took over Edwards and finished the stadium upgrade at Irvine Spectrum in Orange County, CA. With the exception of the 4 big stadiums and the IMAX, the regular theatres went from spacious to boxy in one fell swoop. They even downsized the screens from curved to flat. Makes me feel like I'm trapped in the 80's! It's so bad, we only go to Spectrum on opening weekends for really big movies just to make sure we get in one of the 4 big stadiums.

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Jeff Arellano
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Posts: 685
From: Monterey Park, CA
Registered: Jun 2003


 - posted May 09, 2004 09:30 AM      Profile for Jeff Arellano   Email Jeff Arellano         Edit/Delete Post 
Yea, Chris, Irvine is horrible except for the big 4. I prefer Metro 12 for an all stadium.

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