This is topic WSJ says "Regal Cinemas Proepects Grow Dimmer" in forum Ground Level at Film-Tech Forum ARCHIVE.
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Posted by Jonathan M. Crist (Member # 413) on 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.
Posted by Scott Madsen (Member # 167) on 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!
Posted by Jonathan M. Crist (Member # 413) on 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)
Posted by Ken Layton (Member # 133) on 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.
Posted by Jerry Chase (Member # 660) on 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.
Posted by Ken Layton (Member # 133) on 12-04-2000, 09:16 AM:
Today, Variety is reporting Regal was blocked from making a 28 million dollar loan payment.
Posted by Jason Black (Member # 684) on 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!
Posted by Sean M. Grimes (Member # 445) on 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
Posted by Mark Lensenmayer (Member # 134) on 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."
Posted by John Pytlak (Member # 331) on 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
Posted by Jesse Skeen (Member # 586) on 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.)
Posted by Ken Layton (Member # 133) on 12-18-2000, 08:07 AM:
VARIETY is reporting today that Regal Cinemas has missed a 9 million dollar payment.
Posted by Ken Layton (Member # 133) on 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.
Posted by Darryl Spicer (Member # 711) on 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.
Posted by Kevin Crawford (Member # 469) on 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?
Posted by Ken Layton (Member # 133) on 01-11-2001, 08:53 AM:
Today VARIETY is reporting more on this deal. Some theaters apparently will be sold.
Posted by John Eickhof (Member # 323) on 01-13-2001, 12:14 AM:
Hey, look at the person! Anschutz bought Southern Pacific Railroad years ago and promptly bankrupted it so bad that the Union Pacific bought it for it's debt load!!!
Now the UP touts that the SP system is their biggest money maker!!! What a way to run a
theatre!!! (railroad???)------------------
John Eickhof President, Chief Slave
Northwest Theatre Equipment Co., Inc.
P.O.Box 258
Wendell, ID. 83355-0258
208-536-5489
email: jeickhof@nteequip.com
Posted by Jonathan M. Crist (Member # 413) on 01-14-2001, 09:08 PM:
In its Wed Jan 10, 2001 article describing how Philip Anshutz is devouring Regal, the Wall Street Journal aptly summed up what has happened to our industry in just a few short years..... "One of the big lessons of the rocky theatre business consolidation has been that bigger isn't necessarily better. Through most of its history theatre business has been deeply fragmented, characterized by small chains, often family owned, that dominated a region or a city. Consolidation began in the mid-1990's and offered some economies of scale in management and in the purchase of concession goods and the like.
Though they publicly denied it, some at Regal and two buyout firms that own it thought their giant chain would enjoy another advantage: better terms on renting films from the Hollywood film studios. Regal also thought it would have an advantage over smaller competitors in the construction of glitzy new theatres with "stadium seating" and other amenities that moviegoers have come to love and expect.
But Regal was wrong on both counts. Other theater circuits, even smaller regional ones, were able to build new facilities just as fast as Regal and they often beat Regal to the best locations. The result was an explosion of new movie theatres in the U.S. that resulted in an overbuilt industry. Compounding the problem, Regal and other chains haven't been able to close their old, now-obsolete theaters fast enough. With so many screens in operation all over the country, hopes of demanding better film terms from Hollywood also evaporated.
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"And those who don't learn from the past are condemned to repeat it"
Posted by Michael Cunningham (Member # 210) on 02-12-2001, 05:30 AM:
To answer someone's question above about lighting level policies for Regal, we do not run them at 50%. This would be absurd and would drastically reduce lamp life, as John pointed out. The company policy is to run them at 85% of wattage and turn up as neccesary overe the bulb's life to meet the 16 Footlamberts standard. As to whether or not the location you mentioned follows these policies I can't say.-Mike
Posted by Charles Everett (Member # 889) on 09-06-2001, 12:16 PM:
It's now official: Regal will file Chapter 11 according to Reuters.
Posted by Adam Martin (Member # 641) on 09-06-2001, 01:48 PM:
We seem to have double threaded this thing in both the FH and GL forums. 
Posted by Freddie Dobbs (Member # 915) on 09-11-2001, 04:46 PM:
I understand Regal will be closing theatres in the middle of october. This came from a Regalite.....
Posted by Paul G. Thompson (Member # 655) on 09-14-2001, 12:10 AM:
Does anyone know what Regal's Beagle "hit list" is?I think that the last official act I had for Regal when I walked out on them was to allow my booth Beagle mascot to "Sniff out and boldly 'go' where no Beagle has gone before in that building." 
Posted by Jonathan M. Crist (Member # 413) on 09-16-2001, 09:51 AM:
According to our local rumor mill Regal supposedly officially filed Bankruptcy on Friday Sept 7th. However with all that been going on I haven't seen confirmation of this in the media.