MUMBAI: Cinemark Holdings, Inc has completed the Digital Cinema Implementation Partners, LLC (DCIP) financing transactions, which are expected to cover the cost of conversion for a large portion of the company’s US screens. DCIP is a non-consolidated investment of Cinemark.
“With the funding of DCIP now a reality, we are excited about accelerating Cinemark’s digital projector installations. Our immediate focus will be on 3D deployments throughout our circuit expanding our worldwide 3D footprint from approximately 400 screens currently to between 1,100 and 1,300 screens by year end. Following the 3D roll-out, we will begin the full digital conversion of these theatres,” said Cinemark CEO Alan Stock.
Stock added, “Our digital conversions, including our 3D and XD Extreme Digital auditoriums, reflect a commitment to bringing patrons a dynamic theatre entertainment experience. Cinemark’s 3D and digital conversion plans align us well with Hollywood’s growing slate of 3D releases. Our operations will also benefit from the significant flexibility afforded by digital, while opening the door to an expanding range of alternative content, such as major sporting and entertainment events that will allow us to optimize utilization of our theater base.”
Cinemark plans to digitize its worldwide circuit. The full conversion to digital projection will provide the Company with the flexibility to easily add additional Real D 3D technology to its digital projectors to meet future increases in demand. In addition, Cinemark presently has 21 XD Extreme Digital auditoriums, including one in Mexico, with plans to add approximately 25 or more XD screens throughout the remainder of 2010.