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Cinemark Holdings, Inc. announced today that it plans to build a new 16-screen movie theater in the Pharr Town Center in Pharr, Texas. The new theater is expected to open in 2013.
Cinemark already operates the Cinemark Movies 8 - Pharr, currently located in the El Centro Mall (which is being redeveloped into the Pharr Town Center). The press release didn't mention what impact the new theater will have on the existing one, but it's safe to assume that it will close after the new theater opens.
The full press release appears below.
Cinemark Announces New 16-Screen NextGen MovieTheatre in Pharr, Texas
Multiplex will anchor newly redesigned Pharr Town Center
Plano, Texas - Cinemark Holdings, Inc. (NYSE: CNK), one of the world's largest motion picture exhibitors, today announced plans to construct a 16-screen, all-digital movie theatre that will feature the company's newCinemark NextGendesign concept. The new complex will be included in Phase 1 of the redevelopment and expansion plans for the existing Pharr Town Center located at North Jackson & US 83 Expressway in Pharr, Texas.
Long recognized as a pioneer in the theatrical exhibition industry, Cinemark is taking the cinema entertainment experience to the next level with the opening of its 10th theatre in the Rio Grande Valley. Slated to open in 2013, the newCinemark 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 aCinemark XDExtreme Digital Cinemaauditorium. The lobby will be designed around one of Cinemark's innovative self-serve concession stands allowing customers to quickly pick up freshly-popped popcorn, Coca-Cola fountain beverages and their favorite candy brands.
TheCinemark XDExtreme Digital Cinemaauditorium will be the largest in the theatre complex and one of the largest in the Valley. This unique auditorium 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 RealD 3D pictures.
"Cinemark has been a member of the Pharr community for over 22 years," states Tim Warner, Cinemark's Chief Executive Officer. "We are thrilled to construct a newCinemark NextGenmovie theatre for our customers. Its central location will continue to make it easily accessible to the entire market. We plan to move very quickly to achieve an opening in 2013."
When completed, Pharr Town Center will include more than 400,000 square feet of retail, restaurants, office, residential and a first class hotel. Along with Cinemark, Pharr Town Center will have a 52,000 square foot national entertainment venue, a new state-of-the art free standing Luby's, and several exciting restaurants. In addition, Levcor Inc. is in the final stage of negotiations with several anchor tenants new to the Valley.
Levcor Inc., the developer of Pharr Town Center, has been in business since 1980 and has been involved in the development of more than 18,000,000 square feet of retail shopping centers in Texas, Arizona, Tennessee and Florida. Levcor Inc. is excited about being a part of the City of Pharr and looks forward to a great prosperous relationship with the business community for many years in the future. Larry Levine, President of Levcor Inc. has had a relationship with Cinemark for over 25 years. Prior to committing to Pharr Town Center, Cinemark did a thorough study of the whole market and determined that Pharr Town Center was the premier location to open their premier movie house. Larry Levine stated, "We are extremely excited to be building one of the finest movie theatres in the Valley for Cinemark. With digital projection, 3D capable auditoriums and an XD auditorium, this Cinemark NextGen theatre will be a great entertainment destination."
About Cinemark Holdings, Inc.
Headquartered in Plano, TX, Cinemark Holdings, Inc. is a leader in the motion picture exhibition industry with 456 theatres and 5,152 screens in the U.S. and Latin America as of December 31, 2011. For more information go to www.cinemark.com.
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