Regal Entertainment Group, the nation’s largest movie theater chain, is shifting its corporate headquarters from the Denver suburb of Centennial to Knoxville, Tenn.
The change, disclosed Tuesday in a filing with the Securities and Exchange Commission, will not result in a net loss of jobs in Colorado, company officials said. Regal already has offices in Knoxville.
Regal’s new joint venture with AMC Entertainment Inc. will still be based in Colorado, and the number of employees there may increase, said Amy Miles, Regal’s chief financial officer, based in Tennessee.
Regal was one of 18 Colorado companies on the Fortune 1000 list of the largest U.S. companies. The loss of its headquarters puts a dent in the state’s business promotion efforts, said Tom Clark, executive vice president of the Metro Denver Economic Development Corp.
“Bragging rights count in this business,” Clark said.
The announcement came after Kurt Hall resigned as Regal’s co-CEO to lead Regal’s joint venture with AMC. Called National CineMedia, the operation sells advertising on about 11,200 movie screens in North America and produces and distributes digital pre-movie entertainment.
Regal has 6,273 screens in 558 theaters and reported 2004 revenue of $2.47 billion. AMC, based in Kansas City, is the second-largest theater company with 3,554 screens in 230 theaters and reported 2004 revenue of $1.78 billion.
Regal’s controlling shareholder is Denver billionaire Phil Anschutz.
Shares of Regal rose 10 cents to $19.99 in midday trading on the New York Stock Exchange.
