IPic is taking its luxury cinemas to Saudi Arabia, after movie theater ban is lifted [Los Angeles Times (CA)]
IPIC ENTERTAINMENT INC A (IPIC)
US:NASDAQ Investor Relations:
globenewswire.com/news-release/2018/02/01/1330161/0/en/ipic-entertainment-announces-closing-of-its-initial-public-offering.html
Company Research
Source: Los Angeles Times
IPic is taking its luxury cinemas to Saudi Arabia, after movie theater ban is lifted IPic Entertainment's upscale brand of moviegoing is headed to Saudi Arabia. The luxury cinema chain has taken a major step toward tapping the country's untouched film market, three months after the desert kingdom legalized movie theaters for the first time in 35 years. IPic, which operates 15 high-end dine-in theaters in the U.S., told The Times on Wednesday that it has partnered with Saudi firm BAS Global Investments Co. to develop cinemas and restaurants throughout the country. IPic, led by chief executive and founder Hamid Hashemi, said the Boca Raton, Fla., company could open as many as 30 licensed theaters in the next five years. The new theaters in Saudi Arabia would be the first international locations for IPic, which operates theaters with 115 screens in states including California, New York and Arizona. With a population of more than 30 million people who previously haven't had access to cine
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