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Leading Arthouse Cinema Complex To Be Upgraded

12 November 2004

www.rialtoentertainment.com

Leading Arthouse Cinema Complex To Be Upgraded

Rialto Cinemas has signed a 20 year tenancy for Rialto Cinemas at the Rialto Centre in Newmarket, Auckland. The popular flagship cinema complex will be upgraded to provide a new state-of-the art facility including seven brand new screens that will present high quality arthouse and crossover entertainment.

Owners of the property, the National Property Trust has announced it is to spend approximately $2.4 million on the building, while Rialto will completely refurbish the cinemas to make the complex one of the best available anywhere in the world.

Village SKYCITY Cinemas Chief Executive, Joe Moodabe says securing the long term tenancy at the popular Newmarket property is a vital step for the boutique cinema chain. “This tenancy agreement cements Rialto Cinemas position as the anchor tenant in the Rialto Centre well into the future,” says Mr Moodabe.

An additional two cinemas will be added to the complex, with the existing five cinemas to be completely refurbished. This upgrade will include a new foyer in a new location. A new café, bar and concession area will ensure that customers can enjoy a quality setting before and after their movie.

Each cinema will have the latest in high comfort armchairs along with great sound insulation and state of the art sound systems. Floor coverings and bathroom facilities will also be completed. Work will commence in February 2005, with completion due in October 2005. Joint venture partner, Rialto Entertainment Chief Executive, Kelly Rogers, says “The upgrade to the cinema complex will significantly increase the cinematic experiences for our customers and add to its general ambience. With the refurbishment and addition of two new screens, we will not only be able to increase the number and variety of movies that we show, but also ensure that this is the premiere arthouse and crossover cinema complex in NZ” says Mr Rogers.

The refurbishment of the Rialto complex is one of a number of cinema complex upgrades scheduled to take place at Village SKYCITY Cinema complexes over the next few years. Three additional screens have also been added to the Dunedin Rialto Cinemas this year.

Rialto Cinemas is a joint venture between SKYCITY Leisure, Village Roadshow and RIALTO ENTERTAINMENT. RIALTO ENTERTAINMENT is a private company owned by David Ross and Kelly Rogers — and owns 50% of Rialto Cinemas. Rialto Cinemas currently operates 20 screens throughout New Zealand (located in Auckland, Hamilton, Wellington, Christchurch and Dunedin).

ENDS

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