The Great Escape Theaters in Moline have a new owner.
On Thursday, Tennessee-basedRegal Entertainment Group -- the nation's leading motion picture exhibitor -- announced it has completed the acquisition of Great Escape Theatres, including the 14-screen multiplex at 4100 38th St., Moline.
Regal acquired a total of 25 theaters, representing 301 screens, for $91 million in cash. The acquisition will enhance Regal's presence in Illinois, Indiana, Georgia, Kentucky, Missouri, Nebraska, Ohio, Pennsylvania, South Carolina, Tennessee and West Virginia, according to a company release.
"The acquisition of Great Escape Theatres and the special dividend of $1 per share clearly demonstrate Regal's commitment to delivering shareholder value," Amy Miles, Regal's CEO, said in the release. "We are extremely pleased with the addition of over 300 high quality screens to our industry-leading portfolio and expect the transaction to be immediately accretive to both earnings and cash flow."
Regal owns the largest and most geographically diverse theater chain in the United States. As of Oct. 25, it had 6,607 screens in 521 theaters in 37 states and the District of Columbia. More information is online at REGmovies.com.
The sale marks the second ownership change for Quad-Cities movie theaters this month.
About two weeks ago, Cinemark USA Inc. -- a wholly-owned subsidiary of Cinemark Holdings Inc. and the third-largest theater chain -- announced it is acquiring all of the assets of Rave Cinemas for approximately $240 million. The group includes 483 screens at 32 theaters in 12 states, including an 18-screen cineplex in Davenport.
Today is Tuesday, July 29, the 210th day of 2014. There are 155 days left in the year.
1864 -- 150 years ago: Col. H.F. Sickless informs us that there will be new organization of troops in this state under the call for more men. 1889 -- 125 years ago: James Normoyle arrived home after graduating from West Point with honors in the class of 1889. He was to report to Fort Brady, Mich., as second lieutenant in the 23rd Infantry. 1914 -- 100 years ago: Austria Hungary declared war on Serbia. Germany and Austria refused an invitation of Sir Edward Grey to join Great Britain at a mediation conference. 1939 -- 75 years ago: Dr. William Mayo, the last of the three famous Mayo brother surgeons, died at the age of 78. 1964 -- 50 years ago: One of the biggest horse shows of the season was held yesterday at Hillandale Arena on Knoxville Road under the sponsorship of the Illowa Horsemen's Club. 1989 -- 25 years ago: Davenport is like a gigantic carnival this weekend with the Bix Arts Fest taking over 12 square blocks of the downtown area. A festive atmosphere prevailed Friday as thousands of people turned out to sample what the Arts Fest has to offer.