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With debt settled, plans progressing
Muvico is now debt-free and will open its Muviville Entertainment Complex next MarchDate published: 3/20/2009 BY CATHY JETT Muvico Theaters has settled its debt and plans to break ground in early May for its Muviville Entertainment Complex near Spotsylvania Towne Centre. The theater, bowling alley, restaurant and electronic gaming complex will open early next year, said Mike Whalen, Muvico's president and chief executive. The Fort Lauderdale, Fla.-based company had owed $55 million to iStar Financial, a New York real estate investment trust, and was facing foreclosure. "The debt came due to iStar in January, and with the credit market the way it was we couldn't refinance," Whalen said. Late Wednesday, Muvico finalized the sale of four of its 14 theaters, including Muvico Egyptian 24 in Hanover, Md., to Cinemark Holdings. Cinemark is the third-largest movie exhibitor in the United States. Muvico will use the proceeds to pay off iStar. In addition, Joe Amaturo, a prominent South Florida entrepreneur and longtime Muvico investor, has become the theater company's sole owner. He plans to make an additional investment in Muvico to pave the way for new projects as well as the addition of amenities and upgrades to its remaining 10 theaters. All but one are in Florida; the other is in Chicago. A number of those theaters have been struggling, and other landlords have sued to evict Muvico from three of the Florida locations, according to an article in the Miami Herald. Muvico and its new Tampa-based partner, Splitsville Bowling, recently signed deals to build entertainment facilities in Coconut Grove, Fla., and Malvern, Pa., as well as Spotsylvania. They will include such amenities as full-service restaurants, bowling lanes and interactive gaming through its relationship with Sony Electronics, as well as theaters and other nighttime entertainment. "These projects truly represent our forward vision, and we are very fortunate in this economic environment to have secured the funding to complete these projects and retire all of our outstanding debt," Whalen said in a prepared statement. Muviville, for example, will have a 12-screen, all-stadium-seat theater with 14 bowling lanes, a dance floor, party rooms and upscale bars and lounges. There'll also be a "digital den" where teens can play "Guitar Hero" and other video games.
Date published: 3/20/2009
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