The Great Escape Theaters in Moline have a new owner.
On Thursday, Tennessee-basedRegal Entertainment Group -- the nation's leading motion picture exhibitor -- announced it has completed the acquisition of Great Escape Theatres, including the 14-screen multiplex at 4100 38th St., Moline.
Regal acquired a total of 25 theaters, representing 301 screens, for $91 million in cash. The acquisition will enhance Regal's presence in Illinois, Indiana, Georgia, Kentucky, Missouri, Nebraska, Ohio, Pennsylvania, South Carolina, Tennessee and West Virginia, according to a company release.
"The acquisition of Great Escape Theatres and the special dividend of $1 per share clearly demonstrate Regal's commitment to delivering shareholder value," Amy Miles, Regal's CEO, said in the release. "We are extremely pleased with the addition of over 300 high quality screens to our industry-leading portfolio and expect the transaction to be immediately accretive to both earnings and cash flow."
Regal owns the largest and most geographically diverse theater chain in the United States. As of Oct. 25, it had 6,607 screens in 521 theaters in 37 states and the District of Columbia. More information is online at REGmovies.com.
The sale marks the second ownership change for Quad-Cities movie theaters this month.
About two weeks ago, Cinemark USA Inc. -- a wholly-owned subsidiary of Cinemark Holdings Inc. and the third-largest theater chain -- announced it is acquiring all of the assets of Rave Cinemas for approximately $240 million. The group includes 483 screens at 32 theaters in 12 states, including an 18-screen cineplex in Davenport.
Today is Monday, March 10, the 69th day of 2014. There are 296 days left in the year. 1864 -- 150 years ago: Numerous counterfeiters are around, taking advantage of the influx of currency to pass their worthless trash. 1889 -- 125 years ago: J.J. Reimers, secretary and treasurer of the Rock Island Lumber and Manufacturing Co., on behalf of that firm, contributed $500 toward construction of a new Methodist church. 1914 -- 100 years ago: Samuel Ryerson, county recorder, was re-elected president of the 19th District of Knights of Pythias. 1939 -- 75 years ago: Three condemnation suits have been filed by the city of Rock Island to acquire property needed for an approach to the Rock Island-Davenport bridge, which has been under construction since March 6. 1964 -- 50 years ago: Plans for an eight-story Sheraton Inn in downtown Rock Island were announced today at a luncheon meeting at the Gay Nineties sponsored by the Rock Island Chamber of Commerce. Cost of the structure is estimated at $2.5 million. 1989 -- 25 years ago: Representatives of the Hardee's Golf Classic and tournament sponsor Hardee's Food Systems may meet next week with PGA Tour Commissioner Deane Beman to discuss a possible change in the tournament dates.