More multiplex cinemas planned for Argentina

Village Cinemas opened a nine-screen, 1.800 stadium-seating complex this week in one of the fast-growing districts of Buenos Aires.
This $ 14m investment -in cooperation with the development group Galerias Pacifico- is the seventh multiplex Village to have been built in Argentina since 1996. The company now operates 78 screens in the country.
"We expect 1 million admissions a year in the new Village Caballito," says Sebastian Valenzuela, Village's general manager.
Village is the second-biggest exhibition loop with a 20% share of the local market, after Hoyts General Cinemas (29%), and ahead of Cinemark (17%) and National Amusements' Showcase (12%).
Last month, two U.S. investment funds, Southern Screens Entertainment II and Blue Ridge, have bought the exhibition chain from Australia's Village Cinemas Intl. and New Zealand's Sky City Cinemas, and now own 78% and 22%, respectively.
With the Argentinean economy recovering robustly from the 2002 economic crisis (9% in 2003, 8,4% in 2004 and an estimated 9% in 2005) exhibitors are reviving investment plans.
Argentina is considered a growing market. Film attendance rose more than 50% in the last two years and the country has only 1000 screens for a population of 37 million people.
During 2005, Showcase opened a 14-screen multiplex comprising more than 3,500 seats in Rosario, Argentina's third city, and is planning to build the first IMAX 3D theatre in a new 14- screener near Buenos Aires next year.
Cinemark also opened a 5-screen complex this year in the western outskirts of Buenos Aires and is eyeing more locations.
Pablo Bossi, general manager of local leading producer company Patagonik Film Group, announced the opening of an eight-screen arthouse in the exclusive neighbourhood of Palermo, while the 12-screen, 3.300 seater Portal Rosario -another local project- is scheduled to open in the next few weeks.
Diego Batlle in Buenos Aires
07 December 2005
Screendaily.com