Developer buys four closed Showcase Cinemas in Connecticut

posted by danpetitpas on December 15, 2008 at 3:55 pm

HARTFORD, CT — A developer is paying National Amusements $45 million to buy four abandoned Showcase Cinema theaters in the area to convert them to commercial and industrial use.

The developer has been negotiating with NA for two years. All the properties add up to nearly 100 acres and their excellent locations near major thoroughfares were compelling enough to make the deal even in this economy. One of the properties has already been resold to a local electrical utility.

Included with the properties is the Showcase Cinemas East Hartford, which was the first multiplex in Connecticut. It opened as a four-screen theater in 1973 and closed with 14 screens in 2006. Newly built multiplexes with stadium seating nearby led to its closure.

Read more in the Hartford Courant.

Comments (10)

markp
markp on December 15, 2008 at 4:34 pm

The beginning of the end for the once mighty Redstone empire.

danpetitpas
danpetitpas on December 15, 2008 at 5:21 pm

Yes, he has $1.5 billion in debt, and he’s trying to sell off everything he can, even though his own daughter is head of the company!

MPol
MPol on December 15, 2008 at 11:44 pm

All told, what’s going to happen with this cinema company, overall? Any thoughts? Just curious.

movies10063
movies10063 on December 16, 2008 at 2:39 am

Apparently he has to sell some of his cinemas to pay off his debts these 4 in Conn. were already closed so i would think he will continue selling any closed cinemas or any non Profit ones but as Roger Katz has mentioned in previous articles they will not sell any one of their cinemas to anyone that wants to run them as cinemas but I wonder as he needs more and more money if Mr. Redstones view will change.

CinemarkFan
CinemarkFan on December 16, 2008 at 3:22 am

You know that either AMC or Regal is next. The reason being their spree in buying up other chains, and spending hundreds of millions in converting to digital cinema.

markp
markp on December 16, 2008 at 4:43 am

You know he will movies10063. Beggers cant be choosers.

moviebuff82
moviebuff82 on December 16, 2008 at 8:34 pm

I’ve been by one of those theaters while traveling to Mass. To me, those theaters are ghost towns, waiting to get eaten up by a big company in times like these, in which foreclosures are up and the economy is sour.

MPol
MPol on December 18, 2008 at 11:59 pm

Well…if THAT happens, who’s to say that the next big cinema company who purchases these “ghost town-like” theatres won’t end up in big debt and have to sell or foreclose like a lot of other big theatres are doing right now.

Also, from what I’ve heard/read about Regal, anything done to Regal would have to be an improvement, no?

MPol
MPol on December 19, 2008 at 12:00 am

Well…if THAT happens, who’s to say that the next big cinema company who purchases these “ghost town-like” theatres won’t end up in big debt and have to sell or foreclose like a lot of other big theatres are doing right now.

Also, from what I’ve heard/read about Regal, anything done to Regal would have to be an improvement, no?

MPol
MPol on December 19, 2008 at 12:00 am

Ouch!! sorry about the double posting, everybody.

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