Australia's three largest exhibitors - Village Roadshow, Hoyts and Greater Union - are planning to replace their separate cinemas on George Street, Sydney with a site that will feature single management of both the ticket booth and the concessions area. The development will have over 15 screens and be the first such arrangement in Australia.
The proposal is awaiting a greenlight from the Sydney City Council and the Australian Competition and Consumer Commission (ACCC).
A spokesperson from Greater Union said the three-way consolidation was the only hope of rejuvenating Sydney's long-standing George Street cinema precinct which has seen Village, Hoyts and Greater Union operating side-by-side but quite separately for many years. Business at the precinct has dropped since the arrival of Hoyts developments nearby at both Broadway and Fox Studios Australia. In addition, the area around George Street has been less socially desirable in recent years.
Village's George Street site has already been sold for redevelopment as a hotel and the Hoyts site is badly in need of refurbishment.