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 Thursday, April 24, the 114th day of 2014. There are 251 days left in the year.
1864 -- 150 years ago: We learn that it is a contemplation to start a paper mill in Rock Island during the summer by a gentleman from the East. 1889 -- 125 years ago: The gates of Oklahoma were swung open at noon today, and a throng of more than 30,000 settlers started over its soil. 1914 -- 100 years ago: The Iowa Coliseum Co. was incorporated with $40,000 capital and planned a building on 4th Street between Warren and Green streets in Davenport. 1939 -- 75 years ago: Plans are being discussed for resurfacing the streets in the entire downtown district of Rock Island. 1964 -- 50 years ago: Some 45 jobs will be created at J.I. Case Co.'s Rock Island plant in a expansion of operations announced yesterday afternoon at the firm's headquarters in Racine, Wis. 1989 -- 25 years ago: Gardeners and farmers cheered, but not all Quad-Citians found joy Saturday as more than an inch of rain fell on the area. Motorists faced dangerous, rain-slick roads as the water activated grease and grime that had built up during dry weather.