|
The Western Fair Board of Directors and CEO/General Manager,
Gary McRae announced today that the board has approved the
decision to search for an alternative use for the IMAX facility
that is financially acceptable and synergistic with the rest
of the Association’s business units. This decision was
approved by the Western Fair Board of Directors at a meeting
held June 30, 2005.
“This announcement opens the door for the potential
revitalization of the facility,” said Western Fair CEO
Gary McRae. “We can now entertain inquiries from interested
parties with respect to alternate uses for the building.”
As the IMAX® Theatre at Western Fair closes in on its
10th anniversary, the Association has accepted that despite
a concerted effort by management to grow the business, expand
the theatre’s audience and reduce its operating costs,
the Western Fair IMAX® Theatre has never turned a profit.
The theatre has served the community well for nearly 10 years
and the IMAX® experience has been well received by a small,
yet loyal public following and by thousands of students and
teachers from within the greater London area. “In some
circles the IMAX® Theatre has put Western Fair on the
map,” said Doug McGill, IMAX Theatre Manager. “However,
the IMAX operation continues to be a net financial drain on
the Association and it is the Association’s view that
the stand alone, IMAX® theatre business model, does not
work.”
The Western Fair’s immediate goal is to focus on the
potential of the building. The 17,000 square foot structure
is in excellent condition, with a 300 seat auditorium, box
office, concessions and offices. The location is central and
close to the downtown core with lots of available parking
and 4 million visitors walking past the front doors annually.
There is an opportunity here and Western Fair is prepared
to consider ideas for the future of the facility. With the
right recipe the Association feels that this property has
the potential to sparkle and reinvent itself.
Western Fair is committed to its staff and to providing unique
experiences. Every effort will be made to seek out the right
development for the IMAX site and to transfer current IMAX®
Theatre employees to other business units within the Association.
If you have comments or questions please contact:
Gary McRae,
General Manager/ Chief Executive Officer
WESTERN FAIR ASSOCIATION438-7203 EX #220
|
