Santikos Entertainment, headquartered in San Antonio, entered into an agreement to transfer operations of its two Houston theaters to Regal Entertainment Group, which is headquartered in Tennessee. The move is geared toward putting more resources into San Antonio and Bexar County.
Under the agreement, Regal will operate the Richmond (Palladium AVX, 7301 Grand Pkwy.) and Tomball (Silverado IMAX, 24720 Tomball Pkwy.) TX locations, and will also develop an additional Santikos-owned property in Houston. Regal is signing long-term leases for both buildings.
Santikos CEO David Holmes told the Rivard Report that part of the reason for the arrangement is to pull some liquidity out of operating assets to “refocus our energies right here in San Antonio.” Holmes said some of the funds will be donated to the San Antonio Area Foundation, and the company is also planning another theater in the Alamo City. He didn’t elaborate on those details.
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