AMC/Southroads/Promenade

[SXSW]

Hey guys,

Couldn't agree with you more about the current state of the movie theaters in town. With the ever improving TV and audio technology we can afford for our homes and the very short time between theatrical release and DVD/Netflix/On Demand release, the theaters are losing some appeal to former theater goers. Why would we go pay to watch it, when we can wait a bit and catch it at home on Blue Ray with surround sound? Kids go to the movies because it's an event for them. It's not about seeing the movie, it's about seeing each other and having a place to do that.

Like many things (most notably restaurants), just offering the same old thing isn't good enough anymore. Anybody in the entertainment business has to be thinking about creating experiences and bringing people together, lest they become obsolete.

Our plan is for a downtown theater that hopefully does just that. We plan to have a built from scratch theater featuring all digital screens. The current plan is for four stadium seating auditoriums with large, comfortable chairs with little tables for food, a couple of actual tables and some fun seating arrangements. Our grand theater will have a balcony. Additionally, we're planning for one flat floor theater with a live performance stage and round table seating. This will be more like a banquet hall and will be available for special events, but will also screen movies (think second run stuff and film festival screenings as well as live performances).

On top of that, we're planning two outdoor auditoriums. Coming off the patio of the large lobby will be two separate outdoor seating areas with the movies projected on to the side of the building. You'll be able to see the films from the patio seating or watch it in the grass on a blanket...or sit in an old cadillac on one side and an old 57 chevy on the other. These will be cheaper and more for fun than serious film viewing.

The large "lobby" wil be a very cool three story high space with terrazzo floors, a big chandelier, and a huge bar. It will be our "gathering place." Guests will be able to order food and drinks here and can hang in the lobby bar before or after the film, but can also take their food and drink into the auditoriums with them.

This will be a 21+ (or at least 18+) "restaurant/bar movie theater," but not like some of the others you've seen. We will not have wait staff in the auditoriums. You'll get your food and drinks in the regular lobby like at a typical theater. We'll just have great food (think chef prepared apps and small entrées) and drinks (cocktails and beer). The lobby room will really be something special. The big open space, the tall tables, the big round bar, and the respect we're paying to old Tulsa theaters will really make it a unique experience and a fun place to meet downtown (whether going to the movies or not). It will be the prettiest gathering spot downtown (no offense to Orpha's Lounge (the current title holder).

Our theater rooms are named after the old theaters - Ritz, Rialto, Majestic, Orpheum, and The Will Rogers Banquet Hall. Plans are underway right now. We've got more than a few options for a location, and are narrowing that down in the weeks to come. Preliminary sketches have been done (One Architecture is our architect) and are very cool.

You're right. If nobody beats us to it, my team will be opening this theater downtown (hopefully in the Blue Dome District, but land is getting tight there and the ideal spots may be hard to get). Once the site is picked and the final plans are done, we'll make the big $$ push and hopefully be open sooner than later. We'll need some investors for the project, but if I've ever had a project that shouldn't struggle to get investors, it's this one.

I'll sure appreciate your support as we move forward. This is likely to stir up some attention.

2nd & Elgin a possibility?  There's space for the theater with the main entrance on Elgin and space to the east for a surface lot (existing) or even better a parking garage.  There is also the opportunity to work with the city to extend Frankfort and break up that superblock.

[Nik]

Or the NE corner of 1st & Greenwood (top right of SXSW's map). It could share parking with the current McNellie's lot and the lot south of 1st. If Blue Dome is filling up, maybe this would be a good kick-start of the Pearl District.

[SXSW]

An entrance on Elgin creates more synergy between existing shops and restaurants downtown (including Blake's businesses, which would be right across the street).  Something like the AMC in downtown Fort Worth with its big, neon sign:


Can't wait to see Shelby's renderings.

[swake]

It should be called the Tulsa Coliseum after the late classic hockey arena at 5th and Elgin.

You could even build it on the old foundation, it's still there in a parking lot. Copy the old entrance too, make it really part of Tulsa history. Don't copy what other cities have done, copy our own past.

[Conan71]

"All right. Well, you can walk into a movie theater in Amsterdam and buy a beer. And I don't mean just like in no paper cup, I'm talking about a glass of beer."

[JoeMommaBlake]

Swake....

On to something.

B

[Townsend]

Swake....

On to something.

B

Giggidy

[Townsend]

Think any changes in available movies are coming to the AMC chain?

http://www.npr.org/2012/05/21/153197457/chinese-firm-buying-amc-movie-theater-chain?ft=1&f=1001&sc=tw&utm_source=twitterfeed&utm_medium=twitter

Chinese Firm Buying AMC Movie Theater Chain

A Chinese conglomerate announced Monday it will buy a major U.S. cinema chain, AMC Entertainment Holdings, for $2.6 billion in China's biggest takeover of an American company to date.

Dalian Wanda Group Co.'s purchase reflects the global ambitions of a wave of cash-rich Chinese companies that are using acquisitions to speed their expansion by obtaining foreign skills and brand names.

Wanda said the deal will create the world's biggest movie theater operator. The Beijing-based company said it will invest an additional $500 million to fund AMC's development. AMC operates 346 cinemas, mostly in the United States and Canada, and says it has 23 of the 50 highest-grossing U.S. outlets.

"We support AMC becoming bigger, not only in the United States but in the global market," said Wanda chairman Wang Jianlin at a signing ceremony for the acquisition.

The deal reflects rising Chinese investment in U.S. corporate assets despite disputes between the two governments over trade and political issues such as this month's diplomatic standoff over a blind Chinese legal activist.

The deal is the third-largest Chinese corporate investment in the United States, according to financial research firm Dealogic. It ranks behind investments by Beijing's sovereign wealth fund, the China Investment Corp., of $5 billion in Morgan Stanley and $3 billion in Blackstone Group LP, both for minority stakes in 2007.

Chinese companies had invested $34.8 billion in the United States by the end of 2011 in industries including auto parts, agriculture and steelmaking, according to data compiled by Derek Scissors, a China analyst at the Heritage Foundation in Washington.

Globally, outbound mergers and acquisitions by Chinese companies total $16.8 billion so far this year, up 6 percent from the same period last year, according to Dealogic.

Wanda said AMC's American management will remain in place and the headquarters will stay in the Kansas City area. It said staff numbers were not expected to affected. The company employs some 18,500 people.

Wanda, founded in 1988 and privately owned, operates hotels, department stores, tourism and other businesses and says it had 2011 revenue of $16.7 billion. The company employs 50,000 people and its assets include 86 theaters in China.

AMC's owners include Apollo Global Management, Bain Capital, the Carlyle Group, CCMP Capital Advisors and Spectrum Equity Investors.

AMC has reported losses for the past three years but its CEO, Gerry Lopez, said it has returned to profit this year due to strong ticket sales.

Wang, the Wanda chairman, said AMC's financial problems were due to the cost of servicing high debt. He said conditions should improve once an injection of Wanda's cash allows it to pay off some of that.

"We are confident that after the merger, AMC will turn positive," he said. "We have absolute confidence in the future of the company."

The acquisition comes as Hollywood is looking to China both for its fast-growing audience and for production partners.

Walt Disney Co. has said its next "Iron Man" movie will be co-produced with a Chinese partner and "Chinese elements" will be added to the story to increase its local appeal. DreamWorks Animation SKG Inc. unveiled a venture in March with three Chinese companies to make animated and live action material.

Wang said Wanda has applied to China's government for a license to import movies, a right held now by two state-owned companies. But he said the AMC acquisition concerned only film exhibition, not production or distribution.

"We have no plans to promote Chinese films in the United States," Wang said. "Mr. Lopez will decide what movies will be shown" in AMC theaters.

Wanda's investment will allow AMC to speed up renovation of some cinemas and install more 3-D and IMAX technology, Lopez said.

Wang and Lopez said the two companies plan to share experience in the film business and will have executives from each country visit the other. Lopez said they have not made detailed plans about such things as a possible exchange of staff.

Lopez is to join the board of directors of Wanda's cinema unit, while a Wanda executive will join AMC's board, Wang said.

Wang said Wanda is considering more acquisitions abroad for its entertainment, hotel and retail units. He said it might try to buy into a global hotel brand or a hotel management company but gave no details.

"We want to be a big company, not just in China but in the world," he said.

[Teatownclown]

Goodie....maybe they can get some exterminators in there....

[nathanm]

AMC, you say? Maybe they'll be less corrupt under Chinese ownership.

[godboko71]

Maybe they will take better care of the place.

[Townsend]

Anyone still going to theaters going to check out the refurbished AMC?

TW FB post:

Via Tulsa World Scene: A multimillion-dollar renovation at AMC Southroads 20 is complete, with plush power recliners bringing the creature comforts of home to the multiplex, along with fancy new concessions.

[Conan71]

Anyone still going to theaters going to check out the refurbished AMC?

TW FB post:

Other than a private screening of a movie at the Tabor Opera House in Leadville this summer, I don't recall the last time we went to a movie theater.

[swake]

Anyone still going to theaters going to check out the refurbished AMC?

TW FB post:

I was there last week. It's really nice.

[DTowner]

Now, if they could just get rid of cell phone yakers, non-stop texters, movie talkers, back-of-chair kickers, and crying baby bringers....