Krevoy teams in multiplex venture
New cinema circuit to focus on resorts
So far, the company has announced a single five-plex in Aspen, Colo. The $5 million project is scheduled to open its doors this summer.
Krevoy said the company will announce additional sites as well as the acquisition of existing theaters in coming weeks.
The company is backed by New York investment group Crown Capital, Richland Gordon & Co. and Svensk.
"Our strategy is to find high-end locations in multiseason resort areas, and build five- to 10-screen multiplexes with stadium seating and up-to-date sound and picture equipment," said Leslie, a 30-year exhibition veteran and former president of AMC.
Theaters in resort areas have had a mixed record performance-wise. For instance, a recently opened United Artists complex in the Hamptons has churned out good if not stellar grosses, while Regal Cinemas' site at the Texas Station Casino in Las Vegas has paid off handsomely.
Observers note that Aspen is currently an underserved market.
"We think we've found a niche," said Leslie. "We think, as the population ages, older people with more time on their hands will spend more time in resort areas."
A prolific producer and founding partner, with Steve Stabler, of the Motion Picture Corp. of America, Krevoy has produced more than 75 films, including successful broad comedies "Dumb & Dumber" and "Beverly Hills Ninja."
