Showcase Cinemas Ann Arbor renamed Rave Motion Pictures after sale by National Amusements
The theater's new name will be Rave Motion Pictures Ann Arbor 20 + IMAX. Basic theater operations will continue, but patrons will notice a few changes.
Perhaps most notably, concessions are being switched from Pepsi to Coke products, with expanded concession value combos to be offered. "Patrons will begin to see some signage changes inside (the theater), and then the outside signage will change in late May," Rave's vice president of marketing, Jeremy Devine, wrote in an e-mail.
In the email, Devine said about Rave: "We are a small company that was the first to go to 100 percent digital projection and (is) a leader in showing the new generation of 3D. We have already added several more digital screens and 3D capacity to the (Showcase) building. We will continue to roll out more digital in the months ahead and continue to operate the IMAX, which has 3D capacity as well on select titles."
National Amusements started the sale process in spring 2009 as owner Sumner Redstone committed to a debt-restructure of $1.6 billion in outstanding loans. The Massachusetts-based company planned to sell 54 theaters in the U.S.
The Pittsfield Township Showcase Cinemas is one of 29 National Amusements theaters purchased in December by Rave, which may buy up to 6 additional theaters from the company. It also acquired a theater in Flint from National Amusements and operates a theater in Kalamazoo.
With these acquisitions, Rave anticipates ownership or management of 65 theaters — approximately 1,000 screens in 20 states across the country. Rave is expected to become the fifth largest domestic circuit by box office gross and number of screens.
Rave did not release the purchase price of the theater.
Township tax records show the building was sold for just over $5 million in December, less than half the state equalized value on the property of $11.8 million. SEV in theory should be half of market value. The purchaser was an entity in Kansas City, Mo., which also has connections to several other theaters. Customers who hold prestige tickets and gift cards issued by the previous owner can use them through December 17, 2010.
For more information and showtimes, visit www.ravemotionpictures.com.
Business Director Paula Gardner contributed to this report.