New seven-screen theater to cost as much as $2 mil
BUDAPEST — Israel based cinema developer Forum Film, owned by prominent Israeli exhibitor-distributor Muki Gridinger, has just launched Hungary’s newest multiplex theater, Cinema City, via Gridinger’s local subsidiary IT Magyar Cinema Ltd.
The fourth cineplex to open in Hungary in the last 15 months, the seven-screen, 1367-seat Cinema City theater is estimated to cost as much as $2 million, although the exact price of the development has not been disclosed. Whatever its cost, IT Magyar Cinema Ltd. has more money to invest.
Gridinger’s company is also about to begin construction on a 10 plex in the Hungarian city of Gyor, situated about 45 miles northwest of Budapest, and is planning similar multiplexes in the cities of Debrecen, Fehervaros and Szeged.
“Cinema City is expanding very fast,” said Peter Balint, managing director of distributor UIP Dunafilm. “In a short time, they could be the most powerful exhibitor in Hungary.”
Gridinger has already achieved this status at home. In Israel, Forum Film reportedly owns 21 theaters and 100 screens; its theatrical distribution arm releases Buena Vista Intl., Hollywood Pictures and New Line titles; and Forum’s video arm distributes CIC and Buena Vista product.