KARO Film, one of Russia’s leading and fastest developing cinema chains, today announced a far reaching $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 and the complex is set to open in July 2014 in Crocus City (Moscow, Russia). The state of the art venue, which is spread over 19,000 sqm, will house a total of 5,000 seats across 22 screens.
Paul Heth, Chief Executive Officer of KARO, said: “The Russian cinema audience today expects a more all- encompassing film going experience including highly stylized visual, sound and seating technologies, comfort and personalized service and large screens with excellent quality digital projection and sound. By launching the state of the art KARO Vegas 22 Megaplex we are responding to this significant demand in the market. Our company has a rich history as an innovator and leader in the Russian film industry and combining our operating experience with ground breaking 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, and we are proud that KARO continues to be at the forefront of industry achievements.”
In 2014 KARO will open in total three new next generation movie theatres in Moscow, including Russia’s second largest cinema KARO AviaPark with 18 screens. These additional new venues along with KARO’s current Moscow based locations will firmly establish KARO as the dominant leader in the Moscow cinema market. 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.
The KARO Vegas 22 Megaplex Project Characteristics:
- Opens in July 2014, in Crocus City (Moscow, Russia).
- 1st cinema complex in the world to have multiple premium large format halls. The ‘LUXE RealD Experience’ cinema halls were developed with leading 3D pioneer RealD.
- 22 cinema halls, all 100 percent digital with RealD 3D capabilities; 14 general admission cinema halls; 3 LUXE branded RealD premium, large format halls; 5 VIP ‘Villa’ cinema halls areas, each with their own ticketing and concierge service.
- Proprietary seating technology, specially designed by industry leader, Seating Concepts. ‘Turbo Seating’ will improve the sound experience in KARO cinemas.
- Family friendly environment and services.
- Innovative and ‘first of its kind’ in Russia, self-service food and beverage concession fare, as well as Healthy Choice, food products specifically developed by KARO for families and children.
- Full customer self-service computerized ticketing available on-site, online and via iOS, Android apps.
- 12 full service boutique bowling lanes developed by industry leader AMF.
- Multi-media digital lounge and casual dining café in a unique, and ‘first of its kind’ in Russian cinema industry, partnership with Mercedes.
About KARO Film
The KARO Film Group was founded in 1997. It established new standards in Russia for movie theatres. Today, KARO is a leading motion picture exhibition company owning and operating 28 modern movie theatres comprising of 189 screens in Moscow, the Moscow region, St. Petersburg, Samara, Kazan, Kaliningrad and Surgut and currently serves over 12 million visitors per year. Since 2012, a consortium consisting of the lead investor Baring Vostok Private Equity, UFG Private Equity (UFG) and Russian Direct Investment Find (RDIF) together with media entrepreneur Paul Heth have acquired a majority stake in the company.