Starting Thursday, AMC Theatres, the nation's second-largest theater chain, will operate the multiplex at Town Square, 6587 Las Vegas Blvd. South. With the fanfare from Superman, and toasts of red wine, representatives of Chinese company Wanda signed a deal in Beijing in late 2012 to buy AMC, the second-largest theater chain in the USA.
U.S. and Chinese regulators approved the deal; the $2.6 billion acquisition has created the world's largest theater group, the companies said. The move, China's biggest corporate takeover to date in the USA, highlights the rising financial strength of its top firms.
Both partners stressed they plan no changes to the AMC brand, management and day-to-day operations. For the U.S. moviegoer, the AMC experience will change "not at all," insisted Gerry Lopez, CEO and President of AMC, except for an increase in renovations to upgrade some theaters.
"We have no plan whatsoever to promote Chinese movies in the U.S. market," said Wang Jianlin, Chairman and President of Wanda. A Communist Party member who sits on the nation's top advisory council — and one of the richest people in China — Wang admitted that poor content was a major reason for the lack of Chinese movie success overseas.
Rave opened the theater in November 2007, but the chain began selling its assets in October. AMC, which bought the Rainbow Promenade multiplex, 2321 N. Rainbow Blvd., in 2010, bought the 18-screen Town Square location earlier this month.
Noonan said details about any other possible changes would have to wait. There is not even a timetable for when the signs will be switched out.
"We're kind of in the middle of a huge initiative around the country with some enhancements ... but this is such a new acquisition - we haven't even taken over yet - that we wouldn't be able to announce anything at this point."
Contributing writer from the Las Vegas, Review Journal