AMC, PLANET HOLLYWOOD JOIN FORCES; DEAL COMBINES DINING, MOVIES.Byline: Dave McNary Daily News Staff Writer Planet Hollywood and AMC (Advanced Mezzanine Card) See AdvancedTCA. Entertainment, raising the stakes in the cutthroat world of showing movies, announced Thursday a joint venture to develop sites combining theaters with movie-theme restaurants. The companies will open the first Planet Movies by AMC early next year in Orlando, Fla., by combining the Planet Hollywood and AMC Pleasure Island 24 near Walt Disney World Noun 1. Walt Disney World - a large amusement park established in 1971 to the southwest of Orlando Orlando - a city in central Florida; site of Walt Disney World . They will convert six existing AMC complexes to the new format by mid-1998 and then open eight to 10 new Planet Movies complexes, each costing about $30 million, by mid-1999. Each Planet Movies site will also feature entertainment-based retailers and should receive ``substantial'' investment from landlords looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. high-profile attractions, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Planet Hollywood executive Nathaniel Litman. He said it was likely that several Planet Movies sites will open in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and at overseas locations. Analyst Stewart Halpern of Furman Selz said the combination is a logical one since Planet Hollywood - part-owned by actors Arnold Schwarzenegger Arnold Alois Schwarzenegger (German pronunciation (IPA): [ˈaɐ̯nɔlt ˈaloɪ̯s ˈʃvaɐ̯ʦənˌʔɛɡɐ] , Bruce Willis Walter Bruce Willis (born March 19, 1955) is an American actor and singer. He came to fame in the late 1980s and has since retained a career as both a Hollywood leading man and a supporting actor, in particular for his role as John McClane in the Die Hard series. and Demi Moore - already has a strong identity as a draw for movie fans. ``It's a case where one plus one equals three,'' he said. The new format comes at a time of the already booming expansions of theme restaurants and of movie palaces with 20 or more screens, plush seats and massive concession stands. Nationwide, the number of screens grew 6.8 percent last year to 29,731. Planet Hollywood plans to double its outlets over the next year to 120 while AMC has been the leader in new megaplexes at shopping centers. Additionally, retail developers are scrambling to beat rivals with theme-park-style attractions such as giant-screen theaters and high-tech gaming sites. Halpern noted that AMC is not alone in finding a partner. Carmike Cinemas, which dominates exhibition in the Southeast, and retail giant Wal-Mart are already working on a joint-venture chain of family entertainment centers. ``It's a common thing for people to go to dinner and a movie, so this is a way to capture more of those dollars,'' Halpern said. ``Planet Hollywood is a powerful brand name, so the joint venture is much more attractive. The combination should give them leverage in negotiations for site locations.'' |
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