Cinemark Holdings, Inc. (NYSE: CNK), one of the world’s largest motion picture exhibitors, today announced plans to construct a 12-screen, all-digital movie theatre that will feature the company’s new Cinemark NextGen design concept. Cinemark has reached an agreement with Rouse Properties (NYSE: RSE) to become part of the Lakeland Square Mall in Lakeland, Florida. The Lakeland Square Mall, located on Interstate 4 and U.S. Highway 98, is launching a massive re-modeling initiative for the development.
Long recognized as a pioneer in the theatrical exhibition industry, Cinemark is taking the cinema entertainment experience to the next level. The new Cinemark NextGen theatre will offer the latest technology, cutting edge amenities and customer-preferred options all under one roof. All of the stadium-seated auditoriums will offer a state-of-the-art viewing environment with wall-to-wall screens, 100% digital projection and enhanced sound systems equipped with higher quality speakers and 7.1 capable digital surround sound. Additionally, this theatre complex will contain an extremely popular Cinemark XD Extreme Digital Cinema auditorium. Finally, the lobby will be designed around one of Cinemark’s innovative self-serve concession stands offering freshly-popped popcorn, Coca-Cola fountain beverages and favorite candy brands.
The new Cinemark XD Extreme Digital Cinema auditorium will be the first in the Central Florida area. The XD auditorium is the largest in the theatre complex and offers a complete entertainment environment featuring a wall-to-wall and ceiling-to-floor screen, plush seating and a custom JBL sound system with higher end components and 7.1 capable digital surround sound. The digital images will be delivered by a Doremi server and a Barco DLP digital projector, which offers the brightest light standards in the industry. The XD auditorium will exhibit the newest movies every week, including 2D and Real D-3D pictures.
“We are looking forward to introducing our new Cinemark NextGen movie theatre concept to guests in Lakeland and this new complex will be a great addition to the Lakeland Square Mall development,” comments Tim Warner, Cinemark’s Chief Executive Officer. “We plan to move very quickly to open the theatre in 2013.”“Rouse Properties was founded on the principals of creativity and innovation, and being part of the fabric of the communities we serve. In adding Cinemark, the sixth anchor tenant at the Mall, we will be providing our customers with a state-of-the-art entertainment destination from the premier movie theater operator in the country, which will serve the surrounding community for many years to come,” said Andrew Silberfein, President and CEO of Rouse Properties.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts