Village Roadshow Ltd. moves into Greece.

MELBOURNE, Australia--(BUSINESS WIRE)--Nov. 28, 1995--Village Roadshow Ltd. (VRL) has made its first move into Europe.

Chairman Robert Kirby today announced that work has begun on a $28.5 million (USDLR), ten-screen multiplex development in the Greek capital, Athens.

With a further 12 multiplexes planned for Greece by the year 2000, and its massive expansion into Asia over the past three years, VRL is on its way to becoming a dominant force in cinema operations worldwide.

The 2,600-seat multiplex in Maroussi, an affluent northern suburb of Athens, will be operational by December 1996. It will include an electronic-games area, with restaurants and retail outlets beneath.

The site for the new complex was carefully selected to take advantage of a new ring road, providing east-west access around Athens, and to the city's new international airport. It is also close to one of the capital's two largest traffic corridors.

Kirby described the Maroussi development as the first stage in a significant expansion program throughout Greece, with sites for the first three of the 12 additional multiplexes already nearing contractual completion. He added that VRL had secured a local partner, active in the media industry.

"To date there has been no investment of this type in Greece, where the quality of present facilities is extremely outdated in comparison with some European countries and parts of Asia, namely Singapore, Thailand and Malaysia," Kirby said.

He said Village Roadshow, together with its partners, had "revolutionized the cinema markets" of these three Asian countries.

John Crawford, managing director, Village Roadshow International Pty Ltd., pointed out, "Greece has only 320 cinema screens, one for every 40,000 inhabitants, against the European average of one for every 20,000 people, a U.S. average of one for every 10,000, and an Australian average of one for every 17,000.

"Less than 30 percent of Greek cinemas use Dolby stereo sound, and, more significantly, only three of the 65 cinemas in Athens have more than one screen -- and these are twins."

He added: "Greece has a short indoor cinema season from September to May, because only 13 percent of cinemas are air- conditioned. Few indoor cinemas remain open during the hot summer months and are replaced by outdoor cinemas.

"We will offer Greek cinema-goers a totally new cinema experience based on choice, comfort and convenience." Crawford said that the state-of-the-art features will include:

-- an unmatched variety of movies at staggered screening times,

seven days a week, 365 days a year;

-- fully air-conditioned, luxury carpeted auditoriums with wall-

to-wall screens and ergonomically designed seating;

-- digital sound in every auditorium, including DTS, Dolby SRD 

and Sony's digital sound;

-- a central projection facility enabling blockbuster movies to

be screened simultaneously in several auditoriums;

-- a central computerized ticketing system with integrated

telephone booking facility, ensuring first-class customer

service;

-- Cinema Smart Cards, offering savings on ticket purchases; and

-- video walls screening trailers of current and future

attractions.

Sites for the additional 12 multiplexes are being sought in other major Greek cities, including Thesaloniki, Patras, Volos, Larissa and Iraklion (Crete).

The move into Europe will be funded from Village Roadshow Ltd.'s internal cash flow, funds on hand and joint-venture capital contributions.

VRL is capitalized in excess of $1 billion (USDLR), with highly successful divisions in cinema exhibition, film distribution, home entertainment, theme parks, radio, film and television production and out-of-home entertainment concepts.

VRL has built its success on the development of multiscreen cinema complexes with an accent on comfort and cutting-edge technical sophistication.

With an interest in close to 400 screens in operation in five countries, and plans to open at least another 400 screens, a number of them in six more countries, Village Roadshow is continuing its policy of rapid, but strategically planned expansion.

CONTACT: Village Roadshow, Melbourne

Janie Rose, 61-3-9827-2722

or

Village Roadshow International, Singapore

John Crawford, 65-334-3766

or

Village Roadshow International, Los Angeles 

Marina Glass, 310/282-5300