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 Wednesday, July 30, the 211th day of 2014. There are 154 days left in the year. 1864 -- 150 years ago: After Sept. 1, every small box of matches will be required to have a 3 cent duty Lincoln stamp on it, and every large box will be one cent for every 100 matches. 1889 -- 125 years ago: Rock Island residents had contributed a total of $1,293 to the American Red Cross for the Johnstown flood relief fund. 1914 -- 100 years ago: Capt. Clark Means, new darkhorse twirler for the ARGUS staff, was in great form in his initial contest as a mound laborer. The result was that THE ARGUS trimmed the Union 6-5. 1939 -- 75 years ago: Hunter and Humprey Moody, young Decatur, Ill, brothers, lack only a few hours of establishing a new world light plane endurance record. 1964 -- 50 years ago: Gates of the 110th annual Mercer County Fair swing open tonight at Aledo for a full week of day and night activity. More that $36,000 will be paid in premiums and race purses. 1989 -- 25 years ago: The baseball field carved out of the cornfield near Dyersville, Iowa, continues to keep dreams alive for hundreds of visitors. Tourists from 26 state and France have visited Dan Lansing's farm to see the baseball diamond seen in the hit movie "Field of Dreams."