Thailand’s Major Cineplex Group (MCG) plans to invest 5.2 billion baht ($158.6 million) in Cambodia, Laos, Myanmar and Vietnam (CLMV) to build 100 theatre screens, according to Thai media reports.
MCG officials told the Bangkok Post this week that the company, which currently operates seven screens in Cambodia, is considering a rapid expansion into CLMV markets in an effort to increase revenue from subsidiary operations three-fold.
“We see a lot of potential to grow in both Thailand and neighbouring countries,” MGC chairman Vicha Poolvaraluck told the Bangkok Post.
“If we achieve the 1,000-screen target, the revenue contribution from overseas operations will rise to 10 per cent, up from only 3 per cent,” Vicha said.
Chy Sila, the local partner of MCG’s Cambodia operations confirmed he is currently seeking new locations in Phnom Penh for more cinema screens.
“We had some talks with each other over the expansion plans. We see huge potential to grow here, compared to our neighbouring countries,” Chy said, citing MCG’s 300 screens in Vietnam and 1,000 in Thailand.
MCG commenced operations in Cambodia in June this year with the opening of Aeon Mall. The company installed seven screens within the modern shopping centre, with the capacity to hold 1,600 viewers.
“We already set plans to cooperate with other new shopping malls, but we need to see how big the malls will be and how many customers will potentially come,” Sila said. “We’re also looking at some potential province locations,” he said.