Regal, Imax have giant plan
Duo to double theater count by 2010
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Deal marks the second-biggest joint venture Imax has entered into with an exhib since December, when it announced a 100-theater pact with AMC Entertainment.
It also follows an initial deal between Imax and Regal last March for the rollout of Imax screens.
Regal Cinemas is owned by Regal Entertainment, the world's largest exhib chain, which also operates United Artists Theaters and Edwards Theaters.
Under terms of the deal, Regal will build 31 Imax MPX digital projection systems in theaters in 20 markets. These include the Regal Long Beach Stadium 26 in Long Beach and Regal Sheepshead Bay Stadium 14 in New York, as well as venues in Anchorage, Honolulu and Syracuse, N.Y.
Regal will operate 52 Imax theaters by the end of 2010; Imax will have more than 300 running worldwide by that time.
Imax is relying on joint ventures with exhib chains to increase the number of theaters it operates. Imax and the chain share the cost of building the theaters as well as the proceeds of the resulting ticket sales.
Company's in discussions with other loops for the buildout of new Imax screens, but "there aren't too many deals of this scale you can do," said Imax co-chairman and co-CEO Richard Gelfond.
Rollout of new theaters comes as Imax is upping the number of studio pics it releases on its screens in the 2-D and 3-D formats. Its digital projection system will enable it to unspool up to 12 pics per year vs. the six it now plays annually.
Company said more releases on more screens will enable it to increase revenue for studios and exhibs, with higher-priced Imax tickets collecting more coin, and digital eliminating the need for costly prints.
Imax is screening Paramount's "The Spiderwick Chronicles," with "Shine a Light," "Speed Racer," "Kung Fu Panda," "The Dark Knight" and "Harry Potter and the Half-Blood Prince" set to follow this year.
In 2009 and 2010, it will be part of the distribution of DreamWorks' 3-D toons "Monsters vs. Aliens," "How to Train Your Dragon" and "Shrek Goes Forth."
