Multiplex Opening in Rybnik
Cinema City chain now has 20 theatres in Poland
Cinema City International N.V. (“Cinema City”) reported today the opening of its 20th multiplex in Poland in the city of Rybnik. The facility has 8 screens and 1,527 seats. The Cinema City multiplex is the first multi-screen cinema in Rybnik, a city with a population of over 145,000, and a metropolitan population of about 650,000. The cinema will be part of the new Rybnik Plaza shopping center.
“Today’s opening in Rybnik is a further example of Cinema City implementing its growth strategy for Poland,” said Moshe J. Greidinger, CEO of Cinema City, the largest multiplex cinema operator in Central and Eastern Europe and in Israel. “We began building our Polish chain in the largest cities in the country. In a number of such cities, we already have several multiplexes, such as in Warsaw, Cracow and Poznań. In the next phase of our development we began expanding into medium-sized cities with a population of over 100,000. An example, prior to Rybnik, was in Toruń, which we opened last year. There are still many similar cities that lack modern cinema infrastructure. Our plans call for further growth in these underserved markets in Poland, alongside investment in the other countries where we are active,” Mr. Greidinger added.
The multiplex is located in a facility under a long-term lease. The funds spent on this investment were primarily sourced from the Company’s own funds and from the funds raised in its initial public offering.
The multiplex in Rybnik is the second multiplex opened in Poland by the company this year. In January, the company acquired an 18 screen multiplex in Poznań, which had previously been operated by the Kinepolis Group. Cinema City currently plans to open three more multiplex theatres in Poland before the end of the year: in Lublin, Sosnowiec and Gliwice.