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Regal Plans to Upgrade Its Movie Theaters With $250M Capital Raise

Regal Plans to Upgrade Its Movie Theaters With $250M Capital Raise

Regal Plans to Upgrade Its Movie Theaters With 0M Capital Raise

Regal Cinemas, the second-largest movie theater chain in the U.S., has secured $250 million to give its locations an upgrade, the exhibitor said on Tuesday.

The raise is intended to boost its already existing locations (425 theaters across the country) with enhancements like luxury recliners, its website, app and other amenities. Regal is owned by embattled theater giant Cineworld, which filed for Chapter 11 bankruptcy in September 2022 and emerged from its financial restructuring process last year.

“Regal has been executing on its business plan with results through the first quarter that exceeded our expectations providing one of the strongest balance sheets in the business,” stated Regal chief financial officer Thomas Song. “As we invest in providing the best moviegoing experience, our customers will enjoy in-theatre improvements coupled with a very compelling movie slate through the end of the year.”

Song added, “As we identify theatres for these improvements, we encourage our landlords to also reach out with interest for their respective locations.”

Regal, along with rivals like AMC Theatres, Cinemark and Marcus Theatres, have increasingly looked to theater upgrades in order to draw moviegoers out of the house with a more premium experience. Boutique chains like Alamo Drafthouse (which was snapped up by Sony Pictures in June) have made their brand on offering consumers more amenities (like in-theater dining) than standard cinema locations.

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While moviegoing has been reignited by Inside Out 2, Despicable Me 4 and Bad Boys: Ride or Die in recent weeks — domestic box office for July 5-7 hit $156 million — the year is still an uphill challenge for theater circuits that have seen less major tentpoles due to a combination of strike-related and pandemic production delays. Year-to-date, domestic box office stands at $3.9 billion, down about 17 percent from 2023.

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