IMAX Corporation (NYSE: IMAX) and U.S. exhibitor NCG Cinemas today announced a new agreement for three state-of-the-art IMAX with Laser Systems across the U.S. The deal will expand IMAX’s existing footprint with NCG Cinemas with two new IMAX locations in Tennessee and Georgia as well as an upgraded location in Michigan. Planning for the construction of the new standalone IMAX theatre in Kingsport, Tennessee begins this week, and is expected to open to the public in March 2025.
“As we enter the stretch run of 2023, we’re excited that partners like NCG are growing their commitment to IMAX as we drive record share of the box office,” said Rich Gelfond, CEO of IMAX. “This agreement continues the strong demand for the IMAX Experience we’ve seen this year in the North American market — a great indicator of momentum and future growth for our business.”
“At NCG, we are dedicated to providing our neighbors with the highest quality cinematic experience possible. That’s why we’re proud to partner with IMAX – there’s no brand more renowned in delivering that experience. We’re thrilled to announce the expansion of the IMAX/NCG partnership,” said Jeff Geiger, President & CEO of NCG Cinemas.
NCG Cinemas and IMAX have enjoyed a successful partnership since 2010, with the opening of the Grand Blanc IMAX location in Michigan. The new deal comes as IMAX continues to deliver strong box office results both domestically and globally; the Company set a new record for third quarter box office in 2023 with $347 million, and also delivered the best month of July ever with $176.2 million, due in part to the extraordinary performance of Christopher Nolan’s “Oppenheimer”.
The three NCG Cinemas IMAX locations will be equipped with IMAX with Laser, IMAX’s most advanced theatre experience. Immersive by design, IMAX with Laser has been developed from the ground-up to deliver crystal clear, lifelike images and precision audio for a moviegoing experience unlike anything else. It is set apart by a ground-breaking 4k laser projection system that features a new optical engine, custom designed lenses, and a suite of proprietary technology that delivers brighter images with increased resolution, deeper contrast, and the widest range of colors exclusively to IMAX screens.