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South Korean chain to open 33 movie theaters in Moscow

CJ CGV is the fifth largest movie theater chain present in China, Indonesia, Myanmar, Turkey, Vietnam, and the United States

© Stanislav Krasilnikov/TASS

MOSCOW, October 23. /TASS/. Korea’s largest cinema chain CJ CGV will open 33 movie theaters in Moscow in cooperation with Russian ADG Group. Companies signed a joint venture agreement for entry to the Russian market, ADG said in the press release.

ADG is dealing with renovation of obsolete movie theaters in Moscow. The developer is creating a chain of district centers with stores, cafes and movie halls on their base.

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The joint venture of CJ CGV and ADG is leasing spaces in 33 properties for 160 movie halls. CJ CGV has 70% and ADG Group holds 30% in the new company.

The joint venture is the only international player on the Russian movie market. "The new movie theater chain will be the first in the number of movie theaters and the second in the number of screens in Moscow if other market players keep their current figures," ADG said.

It was reported earlier the project is expected to be paid back in five-six years. The majority of properties are scheduled for delivery at the turn of 2018 - early 2019.

CJ CGV is the fifth largest movie theater chain present in China, Indonesia, Myanmar, Turkey, Vietnam, and the United States. Russia will be the seventh country of presence for the Korean group.

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