Great Escape sells theaters to Regal


Share
Originally Posted Online: Nov. 29, 2012, 5:33 pm
Last Updated: Nov. 29, 2012, 5:34 pm
Comment on this story | Print this story | Email this story
By Jonathan Turner, jturner@qconline.com

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.



















 



Local events heading








  Today is Thursday, Aug. 21, the 233rd day of 2014. There are 132 days left in the year.

1864 -- 150 years ago: Sheriff McLaughlin had the misfortune to dislocate his right shoulder some days ago when his carriage upset. He is now able to walk about but has a very sore shoulder.
1889 -- 125 years ago: A kindergarten was started in the downtown district of Rock Island with the Misses Dodie Hawes and Grace Knowlton as teachers.
1914 -- 100 years ago: Pope Pius X died in Rome.
1939 -- 75 years ago: Rock Island's new theater was named Esquire.
1964 -- 50 years ago: The J.I. Case Co. plant in Bettendorf will add from 150 to 200 employees by Jan. 1 a spokesman for the company said today. The Bettendorf Works today had a payroll of 1,350, but an increased production schedule will require additional people.
1989 -- 25 years ago: The Illowa Council Boy Scouts of America reached and passed its campaign goal in a drive that began 14 months ago by raising more than $2.2 million for the expansion of Loud Thunder Reservation near Andalusia.






(More History)