Multimedia Entertainment to Open Virtual Reality
Center in Chicago:
Third Site and First Outside New York City for Skyline
YORK--(BUSINESS WIRE)--Sept. 12, 1996
Multimedia Entertainment Inc. (NASDAQ, SKYL,
SKYLU) today announced that it has signed a lease
agreement with Woodfield Associates for a 15-year
lease in the Woodfield Mall, the fourth largest
mall in the United States and the largest tourist
attraction in the state of Illinois. Woodfield mall
is located just outside Chicago. The high traffic
space will be developed into a state-of-the-art
Virtual Reality Entertainment Center.
lease encompasses approximately 21,000 square feet,
which will be patterned after Skyline's XS New York
VR Entertainment Center in Times Square, which is
just a few months away from opening.
virtual reality entertainment center will be designed,
constructed, financed and operated by a wholly owned
subsidiary of the company. The project will be known
as the XS Chicago. Plans call for the a themed environment
with futuristic graphics, animatronic characters,
specialty lighting, and audio and video displays.
center will feature six or more distinct virtual
environments, each showcasing the latest hardware
and software offering guests both competitive and
exploratory experiences. Industry leading suppliers
such as Virtuality Inc., makers of the advanced
2000 series, will feature their most advanced systems
at Skyline's new center. The facility may also house
a flight simulation attraction similar to Skyline's
hugely successful New York SkyRide.
new facility will also feature a state-of-the-art
"Cyber Cafe" where patrons can log-on
to the Internet and explore the World Wide Web.
At the same time they can enjoy light food and beverages
and browse in a themed retail area.
Woodfield Mall is a regional supermall with over
2 million square feet of retail space. Over 18 million
people visit the mall annually. The Skyline site
is near The Rainforest Cafe, a successful theme
restaurant that attracts tourists and residents
Silber, president and CEO of the company, stated,
"We are very excited by this opportunity to
expand our entertainment center concepts."
He added, "We are confident that Chicago is
the next step toward developing Skyline attractions
in cities around the world."
company also announced that its flagship attraction
in the Empire State Building, New York SkyRide,
continues to demonstrate record breaking attendance.
Year-end results for fiscal 1996 were very encouraging.
The company earned a profit of $1,046,000, or 37
cents per share on revenues of $5,978,000.
Multimedia Entertainment Inc. is a holding company
engaged in the development and operation of state-of-the-art
entertainment attractions at locations worldwide.
New York Skyline Inc., a wholly owned subsidiary,
owns and operates New York SkyRide, the first simulator
attraction in the metropolitan New York area located
within the Empire State Building, New York's number
1 tourist attraction. Skyline Virtual Reality Inc.,
a wholly owned subsidiary, owns and operates XS
New York, New York's first and only Virtual Reality
Entertainment Center, located in the heart of Times
Skyline Multimedia Entertainment Inc., New York
Eric Cohen, 212/564-2224