Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Savvy Plan Behind New Dunedin Reading Cinema

RDI - Savvy Plan Behind New Reading Cinema Replacing Hoyt's Dunedin Movie Theater


A completely refurbished six-screen Reading Cinema in Dunedin presents a savvy story in the New Zealand movie theater competitive landscape not fully appreciated by the media.

In 2007, Reading International (NASDAQ: RDI), which owns the Reading Cinema theater chain, among several others, stealthily purchased the real estate underlying Hoyts’ Octagon theater in Dunedin, New Zealand and secretly became Hoyt’s landlord. Reading International's real estate segment collected rents from Hoyts for seven years until the 20-year lease expired.

As the lease's expiration approached, Reading was in the favorable position to demand substantially higher rents from its competitor or, alternatively, take over possession of the theater and open a new Reading Cinema. Hoyt’s opted to close the theater and perform the required work to return the building to its original state - including taking out seats and other equipment.

All this paved the way for Reading’s new AUS$5.5MM six-screen cineplex that just reopened, July 25.

Reading’s six-cinema complex seats 750 people, about 30% fewer seats than when Hoyts occupied the building. In this more comfortable roomier setting, two of the six auditoriums have been upgraded to premium ''dine-in'' cinemas with plush “wide-body” seats with two drink holders and a swivel table. A new kitchen, offering freshly cooked foods, was built behind the ticket counter.

Otago Daily Times
July 25, 2014
Emphasis on space, comfort as cinema opens
http://www.odt.co.nz/news/dunedin/310511/emphasis-space-comfort-cinema-opens

Otago Daily Times
July 20, 2013
Hoyts to close Octagon cinema
http://www.odt.co.nz/news/dunedin/265530/hoyts-close-octagon-cinema

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news