KARO announces $150 million investment program
KARO Film, one of Russia’s leading and fastest-developing cinema chains, announced a $150 million capital investment and expansion program up to the end of 2015. The program will include the construction and development of Russia’s largest “next generation” movie theatres. Work to construct Russia’s most technically advanced cinema complex—the KARO Vegas 22 Megaplex—has already begun; the complex is set to open in July 2014 in Crocus City (Moscow). The 9,000-square-meter venue will house a total of 5,000 seats across 22 screens. The complex will include three LUXE branded RealD premium large-format halls, and five VIP “Villa” cinema hall areas, each with their own ticketing and concierge service. There will also be 12 full-service boutique bowling lanes developed by industry leader AMF, and a multi-media digital lounge and casual-dining café.
Paul Heth, chief executive officer of KARO, said, “Our company has a rich history as an innovator and leader in the Russian film industry, and combining our operating experience with groundbreaking technology at the new KARO Vegas flagship we will continue to define the next era of moviegoing in Russia. We have now converted all of our venues to digital and constantly strive to remain a leader in cinema technologies.”
In 2014, KARO will open three new deluxe movie theatres in Moscow, including Russia’s second-largest cinema, KARO AviaPark with 18 screens. KARO is also in late-stage negotiations to break ground on “next generation” cinema complexes in St. Petersburg and Siberia in the summer of 2015, with planned openings in early 2016. The company’s investment program for 2014-2015 will also include $22 million on renovating existing venues and increasing the company’s IT capabilities and infrastructure.