San Antonio, TX - San Antonio movie theater chain Santikos to lease Houston theaters to Regal
From MySanAntonio.com: San Antonio-based movie theater exhibitor Santikos Entertainment will hand over operations of its two Houston theaters to national chain Regal Entertainment Group, Santikos announced Monday. Regal — based in Knoxville, Tennessee — will sign long-term leases for Santikos’ Silverado IMAX and Palladium AVX theaters in the Houston area, operate the two theaters and develop an additional Houston property, according to a news release. Santikos will use funds from the deal, an undisclosed sum, to finance its “philanthropic mission” in San Antonio, the release said. The theater chain changed its name from Santikos Theatres to Santikos Entertainment last year and became a division of Santikos Enterprises LLC. Santikos Enterprises manages the theaters along with the Santikos family’s real estate holdings and investments.
Santikos Enterprises donates profits, after covering expenses and any additional capital spending, to the John L. Santikos Charitable Foundation — founded in 2015 at the San Antonio Area Foundation after theater owner John Santikos died in December 2014. The transaction “reflects an acceleration of Santikos’ commitment to our philanthropic mission in San Antonio,” Santikos CEO David Holmes said in the release. “This new relationship with Regal will allow us to better align our operational focus with our philanthropic goals for San Antonio.” The transaction won’t affect the company’s eight theaters in San Antonio, according to the company. Santikos opened its newest theater — the $13 million, 130,000-square-foot Casa Blanca film and bowling megaplex — on the city’s far West Side in June. Regal currently operates six theaters in San Antonio, according to the company’s website.
Story link, photo gallery: http://www.mysanantonio.com/business/local/article/San-Antonio-movie-theater-chain-Santikos-to-lease-11063195.php#photo-12017007
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