LAS VEGAS, March 27, 2017 /PRNewswire/ -- IMAX Corporation
(NYSE: IMAX) and Majid Al Futtaim Cinemas, the operator of VOX
Cinemas, the largest exhibitor in the Middle East, today announced a hybrid joint
revenue share agreement for three IMAX® theatres to be
located in Bahrain and the
United Arab Emirates, including
two digital and one IMAX® with Laser system. The
agreement brings to seven VOX Cinemas' total IMAX commitment with
theatres currently open in the UAE, Lebanon and Oman.
VOX Cinemas' first IMAX theatre opened in 2015 at the
exhibitor's flagship complex located within the landmark Mall of
the Emirates in Dubai, UAE. Since
its launch, the theatre, which features an IMAX with Laser system,
has become one of the highest-grossing IMAX sites in the world. In
September 2016, VOX Cinemas opened
the first IMAX theatre in Lebanon,
located in City Centre Beirut, and the first in Oman, located in City Centre Qurum, Muscat.
Both sites have generated approximately 25% of the gross box office
for all major blockbusters released in their respective markets
since opening.
"As the fastest-growing cinema chain in the Middle East, Majid Al Futtaim Cinemas is a
strategic partner that is bringing IMAX to its flagship complexes
in top tier locations. This is our third deal with Majid Al Futtaim in the last 24 months and based
on our successful track record, we expect these future sites to be
very strong performers," said IMAX CEO Richard L. Gelfond. "The Middle East remains a solid growth market for
IMAX with per screen averages that are among the highest in the
world. We believe that with strategic partners such as Majid Al
Futtaim Cinemas, we will be able to seize the many growth
opportunities that exist and further expand our footprint in this
important market."
"The performance of our current IMAX theatres has exceeded our
expectations, driving further attendance and increasing the box
office in both our new and existing complexes. These factors
coupled with IMAX's immersive technology and strong recognition of
the VOX Cinemas brand in the region have led us to today's
agreement," said Cameron Mitchell,
CEO of Majid Al Futtaim Cinemas, VOX Cinemas. "IMAX supports our
strategic focus on innovation and quality, driving VOX Cinemas'
customer experience to create great moments for everyone, everyday.
Together we look forward to building more world-class cinemas
throughout the Middle East."
IMAX with Laser represents a quantum leap forward in cinema
technology. The system – designed for IMAX screens 75 feet and
above — provides audiences with the sharpest, brightest, clearest
and most vivid digital images ever, combined with a whole new level
of immersive audio.
About VOX Cinemas
VOX Cinemas is the Middle East's most innovative and
customer-focused cinema exhibitor. Owned and operated by
Majid Al Futtaim Cinemas, VOX Cinemas is the cinema arm of
Majid Al Futtaim, the leading
shopping mall, retail and leisure pioneer across the Middle East and North Africa. With 29 cinema complexes
totalling 284 screens across the region, including 163 screens in
the UAE, 15 screens in Lebanon, 47
screens in Oman, 20 screens in
Bahrain and 21 screens in
Egypt and 18 screens in
Qatar, VOX Cinemas is now the
Middle East's largest and most
rapidly growing cinema exhibitor.
The company is undergoing a 1 billion
dirham investment that will see the company expand to
operate 600 screens across 50 locations in the region by 2020.
Tailoring every cinema location to the surrounding market place and
customer preferences, VOX Cinemas offers a mix of cinema
experiences including two luxury cinema concepts, the first one
being ThEATre by Rhodes which is a collaboration with Michelin Star
Chef Gary Rhodes, and the second one
being the much loved GOLD luxury cinema experience. Taking the MAX
big screen cinema to the next level, VOX currently operates the
Middle East's largest cinema
screen in the region at the Virgin Radio MAX screen in City Centre
Deira in Dubai. VOX also has the
very first and only IMAX with Laser screen in the Middle East, holds the Middle East's exclusive rights to the
immersive 4DX experience, and operates KIDS, the very first cinema
in the Middle East dedicated to
kids having fun. VOX also recently introduced OUTDOOR, the first
open air VOX Cinemas in the region located on Galleria Mall's
Rooftop in Dubai for the cooler
months of the year.
www.voxcinemas.com
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is
the leading shopping mall, communities, retail and leisure pioneer
across the Middle East,
Africa and Asia.
A remarkable business success story, Majid Al Futtaim started from one man's vision
to transform the face of shopping, entertainment and leisure to
'create great moments for everyone, every day'. It has since grown
into one of the United Arab
Emirates' most respected and successful businesses spanning
15 international markets, employing more than 34,000 people, and
obtaining the highest credit rating (BBB) among privately-held
corporates in the region.
Majid Al Futtaim owns and
operates 20 shopping malls, 12 hotels and three mixed-use
communities, with further developments underway in the region. The
shopping malls portfolio includes Mall of the Emirates, City Centre
malls, My City Centre neighbourhood centres, and four community
malls which are in joint venture with the Government of
Sharjah. The Company holds
exclusive rights to the Carrefour franchise in 38 markets across
Middle East, Africa and Asia, and operates a portfolio of more than
170 outlets in 15 countries.
Majid Al Futtaim operates 242 VOX
Cinema screens and 28 Magic Planet family entertainment centres
across the region, in addition to iconic leisure and entertainment
facilities such as Ski Dubai and iFly Dubai, among others. The Company is parent to
the consumer finance company issuing 'Najm' and 'Voyager' credit
cards, a fashion retail business representing international brands
such as Abercrombie & Fitch, AllSaints and lululemon athletica,
and a healthcare business that operates City Centre Clinics. In
addition, Majid Al Futtaim operates
Enova, a facility and energy management company, through a joint
venture operation with Veolia, a global leader in optimised
environment resource management. The Company also owns the rights
to The LEGO Store and American Girl in the Middle East and operates in the food and
beverage industry through a partnership with Gourmet
Gulf.
www.majidalfuttaim.com
About IMAX Corporation
IMAX, an innovator in
entertainment technology, combines proprietary software,
architecture and equipment to create experiences that take you
beyond the edge of your seat to a world you've never imagined. Top
filmmakers and studios are utilizing IMAX theatres to connect with
audiences in extraordinary ways, and, as such, IMAX's network is
among the most important and successful theatrical distribution
platforms for major event films around the globe.
IMAX is headquartered in New
York, Toronto and
Los Angeles, with offices in
London, Tokyo, Shanghai and Beijing. As of Dec. 31,
2016, there were 1,215 IMAX theatres (1,107 commercial
multiplexes, 16 commercial destinations and 92 institutions) in 75
countries. On Oct. 8, 2015, shares of
IMAX China, a subsidiary of IMAX Corp., began trading on the Hong
Kong Stock Exchange under the stock code "HK.1970."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D
Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX
nXos®are trademarks of IMAX Corporation. More information about the
Company can be found at www.imax.com. You may also connect with
IMAX on Facebook (www.facebook.com/imax), Twitter
(www.twitter.com/imax) and YouTube
(www.youtube.com/imaxmovies).
This press release contains forward looking statements that
are based on IMAX management's assumptions and existing information
and involve certain risks and uncertainties which could cause
actual results to differ materially from future results expressed
or implied by such forward looking statements. These risks and
uncertainties are discussed in IMAX's most recent Annual Report on
Form 10-K and most recent Quarterly Reports on Form 10-Q.
For additional information please contact:
Business
Media: IMAX
Corporation – New York Ann
Sommerlath 212-821-0155 asommerlath@imax.com
Sloane &
Company– New York Whit
Clay 212-446-1864 wclay@sloanepr.com
|
Investors: IMAX Corporation – New
York Jessica
Kourakos 212-821-0110 jkourakos@imax.com
Entertainment
Media: Principal
Communications Group – Los Angeles Melissa Zuckerman/Paul Pflug 323-658-1555 melissa@pcommgroup.com
|
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SOURCE IMAX Corporation