In a time when many movie theaters are shuttering their doors, Regal Cinemas has entered into a long-term lease agreement with AEG at L.A. Live, the downtown Los Angeles sports and entertainment district, to continue operating the Regal L.A. Live theatre. The 14-screen multiplex has been run by Regal since 2009.
The initial management agreement for the location officially ended with the start of the lease agreement on Feb. 2.
“Since Regal L.A. Live’s 2009 opening, we have proudly managed this state-of-the-art theatre,” Mooky Greidinger, chief executive officer of Cineworld Group, parent company of Regal, said in a statement. “In collaboration with our partners at AEG, we are excited to continue this relationship by entering into this long-term lease agreement, which will continue to welcome moviegoers to this premier entertainment destination for many years to come.”
“L.A. Live is the popular and one-of-a-kind destination in downtown Los Angeles that attracts guests of all ages looking for a single location offering multiple venues that cater to every entertainment interest,” said Richard Gutierrez, senior director of business operations at AEG. “The new agreement between AEG and Regal cements our shared commitment to L.A. Live’s long-term success by providing a state-of-the-art theatre for moviegoers all across the area.”
News of the lease comes as Cineworld has filed for Chapter 11 protection; multiple prospective buyers have approached the company as it goes through the bankruptcy process.
Regal L.A. Live has a 4DX auditorium featuring motion seats and special effects including wind, fog, mist/rain, scents and more that syncs with the on-screen action. Regal L.A. Live also features Ice Immersive, which allows guests to experience movies in a theater specially equipped with LED panels on the side walls, Dolby Atmos Sound and Barco RGB laser projection systems.
Regal, one of the largest and most geographically diverse theatre circuits in the United States, consists of 6,358 screens in 468 theatres in 42 states as well as the District of Columbia and Guam.
