More Imax theaters to be added to Regal's circuit

Big-screen technology company Imax Corp. has unveiled a major expansion of its joint venture agreement with Regal Entertainment Group, the nation's largest theater chain.

The companies said the new agreement would bring another 16 to 25 Imax theaters to Regal's circuit, which currently has 34 joint venture theaters with Imax.

The companies intend to open the new theaters by the end of 2012 in such U.S. cities as Albuquerque, Atlanta and Eugene, Ore. Under such joint venture deals, exhibitors cover the costs of configuring their theaters, but Imax supplies the sound and projection equipment and receives a slice of the concession and box-office revenue.

The expansion is just the latest for Mississauga, Ontario-based Imax, which has been rolling out new theaters around the world in response to the growing demand for 3-D screens and high-quality digital cinema. This year alone, Imax has signed agreements for 198 theaters. In all, the Canadian company has 447 theaters operating in 47 countries including China and Russia.

"Imax theaters deliver an immersive presentation of unparalleled sound and image quality and command a premium price from consumers,'' Regal Chief Executive Amy Miles said in a statement.

Imax CEO Richard Gelfond called the development "an important expansion of our relationship with our long-term partner Regal that builds on the success of our existing joint venture theaters."

-- Richard Verrier

Comments

[Frank]

I love IMAX but what they put out there the last time they did this was not IMAX. They simply installed the projector and sound system in their largest theatres and called it IMAX. While the picture and sound are impressive, the size of the screen and the seating remain the same. Purpose built IMAX theatres are the only ones worth paying the premium price for, not these cheap imitations they call IMAX. In my opinion, they dilute the name brand every time they pull this fake IMAX out. There are only two real IMAX theatres in LA, Universal city and the bridge cinema delux. Thats it, don't waste your time and $$ on the other fake IMAX.

[Sean]

@Frank. You could be more correct. These faux-IMAX screens are a joke and NOBODY should EVER step inside of one. I for one, go one step further and will not support any theater that contains a faux-IMAX for their blatant attempt to ripoff their customers.