Film-Tech Forum ARCHIVE: WSJ says "Regal Cinemas Proepects Grow Dimmer"

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Topic: WSJ says "Regal Cinemas Proepects Grow Dimmer"

Jonathan M. Crist
Jedi Master Film Handler

Posts: 531
From: Hershey, PA, USA
Registered: Apr 2000

posted 09-27-2000 03:44 PM

Today's WSJ(Wed Sept 27) front page carries a lengthy article about the financial woes of Regal. Reading between the lines it appears that Regal should probably be filing bankruptcy right now were it not for the effect it would have on its two major backers KKK and Hicks Muse who would then have to write down their investments in Regal and be hampered in their future leveraging efforts.

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Scott Madsen
Film Handler

Posts: 58

Registered: Oct 1999

posted 09-28-2000 05:59 PM

Thanks for the heads up. Interesting article. The two-year 13-screen New Jersey stadium theatre that has already had to convert to discount was the amazing part to me!

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Jonathan M. Crist
Jedi Master Film Handler

Posts: 531
From: Hershey, PA, USA
Registered: Apr 2000

posted 09-28-2000 07:34 PM

Scott,

In Camden NJ, seven screens of a Hoyts Stadium 10 plex became discount within 9 months of opening (after Lowes opened a plex in a much better location just up the road)

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Ken Layton
Phenomenal Film Handler

Posts: 1452
From: Olympia, Wash. USA
Registered: Sep 1999

posted 12-01-2000 08:08 AM

Variety is reporting today that Regal Cinemas has shutdown all of it's FUNSCAPE video game arcades effective immediately.

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Jerry Chase
Phenomenal Film Handler

Posts: 1068
From: Margate, FL, USA
Registered: Nov 2000

posted 12-01-2000 09:16 AM

Scuttlebutt from reliable sources says Regal is planning to file before the end of January.

Let's face it. All these guys that have cried bankruptcy signed killer leases that they knew were unsustainable, and overbuilt or overbought until the debt service was too much for any company to bear. What they did, IMO, was morally wrong and a long term disservice to landlords, shareholders, customers, suppliers, and the health of the industry.

The only odd thing to me is that Greenspan was able to keep interest rates down enough that the whole house of cards didn't fall sooner.

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Ken Layton
Phenomenal Film Handler

Posts: 1452
From: Olympia, Wash. USA
Registered: Sep 1999

posted 12-04-2000 09:16 AM

Today, Variety is reporting Regal was blocked from making a 28 million dollar loan payment.

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Jason Black
Phenomenal Film Handler

Posts: 1723
From: Myrtle Beach, SC, USA
Registered: Nov 2000

posted 12-06-2000 11:23 PM

If they were, in fact, blocked from making the interest payment, they'll soon follow Carmike's lead in Chapter 11. The difference *I* see is the debt ratio... Regal is FAR greater in debt than Carmike is/was. I see regal filing... then dumping MANY of it's theatres/leases (like Carmike has done, but on a bigger scale). What I would like to do is get financial backing and renegotiate the lease one a plex they have scrapped and start up my own little theatre... All this time, I've sworn I'd own one one day.. Who knows?

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The early bird may get the worm, but the second mouse gets the cheese!

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Sean M. Grimes
Expert Film Handler

Posts: 247
From: Lunenburg, MA
Registered: Apr 2000

posted 12-07-2000 03:46 AM

Regal had a "management agreement" with Palace entertainment in my area (i do not know about the other areas) for six months when that six month contract was over that day they came in and closed down the funscape!!! And to think that it was actually turning a profit for the last two months. It just seems to me that they will file in January - no matter which way the W.S.J. decides to tell the tail

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Mark Lensenmayer
Phenomenal Film Handler

Posts: 1605
From: Upper Arlington, OH
Registered: Sep 1999

posted 12-07-2000 06:12 AM

Guess I'd better use those 2 passes I got when I complained about the dim presentation. Every time I go to a Regal theatre, it looks like they are running at about 1/2 the normal brightness. I've heard rumors that Regal runs lamps at low power to save on electricity...certainly looks like its true around here.

Mark L.

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"As a moral to young men who come down to the city, don't go round breaking people's tambourines."

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John Pytlak
Film God

Posts: 9987
From: Rochester, NY 14650-1922
Registered: Jan 2000

posted 12-07-2000 08:01 AM

Mark noted: "...runs lamps at low power to save on electricity...certainly looks like its true around here."

Running xenon lamps below their recommended current range may save pennies on electricity, but is very likely to shorten lamp life. The cooler temperature of the quartz bulb allows buildup of evaporated tungsten from the electrodes, causing premature blackening. In addition to dim pictures, the arc can become unstable with visible flicker on the screen. Always stay within the current range specified by the lamp manufacturer.

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John P. Pytlak, Senior Technical Specialist
Worldwide Technical Services, Entertainment Imaging
Eastman Kodak Company
Research Labs, Building 69, Room 7419
Rochester, New York, 14650-1922 USA
Tel: 716-477-5325 Fax: 716-722-7243
E-Mail: john.pytlak@kodak.com

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Jesse Skeen
Phenomenal Film Handler

Posts: 1517
From: Sacramento, CA
Registered: Aug 2000

posted 12-11-2000 02:21 AM

I don't know why it took me so long to notice this, but I got a BIG renewed laugh out of this thread after I remembered the Wall Street Journal advertises on Regal's Theatre Radio Network (the annoying CD played in between shows, which isn't really produced by Regal, but still a great bit of irony.)

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Ken Layton
Phenomenal Film Handler

Posts: 1452
From: Olympia, Wash. USA
Registered: Sep 1999

posted 12-18-2000 08:07 AM

VARIETY is reporting today that Regal Cinemas has missed a 9 million dollar payment.

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Ken Layton
Phenomenal Film Handler

Posts: 1452
From: Olympia, Wash. USA
Registered: Sep 1999

posted 01-10-2001 08:31 AM

Today VARIETY is reporting that Denver-based billionaire Philip Anschutz bought $350 million of Regal's debt. He also bought into United Artists Theatre Circuit.

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Darryl Spicer
Film God

Posts: 3250
From: Lexington, KY, USA
Registered: Dec 2000

posted 01-10-2001 08:58 AM

So, did the billionair buy 350 million dollars in theaters or just pay that money to crediters. I have heard a rumour that all of regals theaters are up for sale. They are just not going all out public with it.

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Kevin Crawford
Expert Film Handler

Posts: 207
From: Sacramento, CA, USA
Registered: May 2000

posted 01-10-2001 10:18 PM

Why is that guy buying into the theatre business? Seems like a bad move over the telecommunications business. Certainly, less money to be made. And to pick Regal and UA. Makes me scratch my head.

But then again, he is a billionaire, and I barely make my rent. So what do I know?

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