Event Hospitality and Entertainment

Last updated

Event Hospitality & Entertainment Limited
Type Public company
ASX:  EVT
IndustryEntertainment, hospitality.
FoundedListed in 1962 on the Australian Securities Exchange. Subsidiaries date to 1910. [1]
Headquarters478 George Street,
Sydney
Area served
Australia, Fiji, Germany, New Zealand.
Key people
  • Alan Rydge (chairman)
  • Jane Hastings (managing director)
BrandsEntertainment (Birch, Carroll & Coyle, CineStar, Downtown Cinemas, Event Cinemas, Greater Union, GU Film House, Moonlight Cinema, Rialto Cinemas, State Theatre Sydney)
Finance (Cinebuzz Rewards, Priority Guest Rewards)
Hotels & Resorts (Atura Hotels, QT Hotels & Resorts, Rydges Hotels & Resorts, Thredbo Alpine Resort)
Technology (Edge Digital & Technology)
Revenue
  • Decrease2.svg A$1.03 billion (2020)
  • A$1.30 billion (2019)
  • Decrease2.svg A$-10.6 million (2020)
  • A$111.8 million (2019)
Total equity Decrease2.svg A$975.1 million (2020)
Number of employees
8,000-10,000
Website https://www.evt.com/
Footnotes /references
Annual Reports , 2019, 2020.

Event Hospitality & Entertainment Ltd (formerly Amalgamated Holdings Limited) is an Australian company which operates cinemas, hotels and resorts in Australia, New Zealand and Germany. [2]

Contents

Event owns the largest cinema circuits in Australia and New Zealand. Its cinema brands include Event Cinemas, Birch, Carroll and Coyle, CineStar, Greater Union, GU Film House, Moonlight Cinema, and Sydney State Theatre. Event also owns over 60 hotels worldwide, operating more than 10,000 rooms, under the subsidiaries Atura Hotels, Rydges Hotels & Resorts, QT Hotels & Resorts, and Thredbo Alpine Resort, making it Australia's fourth-largest hotel operator. Revenue is also generated from managing and leasing commercial property. [2]

Structure and brands

Event Hospitality & Entertainment is a public company listed on the Australian Securities Exchange, where its shares are traded under the code EVT. For much of its recent history it has effectively been controlled by billionaire Alan Rydge, whose family companies reportedly owned 45 per cent of the shares in 2004, and 60 per cent in 2011. [3] [4]

The company has 62 hotels and resorts around the world, along with 75 cinemas in Australia, 54 cinemas in Germany, and 20 cinemas in New Zealand. [5] It makes most of its money from its cinema division, [6] and describes Event Cinemas as its flagship. [7] In 2014, it was the fourth biggest owner of hotels in Australia, operating 9000 rooms across the country. [6] Most of its hotel and cinema brands are based in Australia but some are in other countries:

Australia: Atura Hotels, BCC Cinemas (formerly Birch Carroll & Coyle), Edge Digital and Technology, Event Cinemas, Greater Union Cinemas, GU Film House, Moonlight Cinemas, QT Hotels & Resorts, Rydges Hotels & Resorts, State Theatre Sydney, Thredbo Alpine Resort.

Germany: CineStar Cinemas.

New Zealand: Downtown Cinemas, Event Cinemas, QT Hotels & Resorts, Rialto Cinemas, Rydges Hotels & Resorts.

Personnel

The board in 2017 consisted of directors Kenneth Chapman, Peter Coates, Valerie Davies, David Grant, Jane Hastings (managing director), Patria Mann, Richard Newton and Alan Rydge (chairman). [8] The company secretaries are David Stone and Gregory Dean, who is also the chief financial officer. [8] The company is estimated to have between 5000 and 10,000 employees. [9]

Corporate alliances

Event Hospitality & Entertainment owns and operates some of its cinema chains as a joint venture with Village Roadshow. Their joint entity was established in 2003 under the name Australian Theatres. Many of its hotels belonged to the Global Hotel Alliance until late 2021.

History

1911 – 1940s: In 1911, The Christian was released. This was the first film produced by West's Pictures, which later became part of Greater Union. From 1911 to 1913, a series of mergers resulted in the formation of The Combine, a powerful alliance between exhibitor Union Theatres and the production and distribution company Australasian Films. The Combine imported many of its films and was blamed by independent competitors for a drop in the local production of films. [10] In 1932, the box-office hit On Our Selection was produced by Cinesound Productions, a subsidiary which had been set up the previous year by Greater Union Theatres. In 1936, businessman Norman Rydge was elected chairman and managing director of Greater Union Theatres after buying a controlling interest. The company returned to profitability within three years. [11] In 1942, Cinesound co-produced Kokoda Front Line! , the first Australian film to win an Academy Award. A full-length version of a wartime newsreel, it won an Oscar for best documentary. [6]

1980s: In 1980, Alan Rydge inherited the company on the death of his father, becoming the youngest chairman of an Australian public company. [12] In 1984, the company was once again fully Australian-owned after gaining control of Rank Organisation's half share. [ citation needed ] In 1987, the company acquired Thredbo Alpine Resort. [13] In 1988, Rydge wanted to begin a hotels division and so recruited David Seargeant, who later became managing director. [6]

2000s: In 2004, Amalgamated Hospitality Limited suffered a share plunge after writing off more than $70 million on its German cinemas. [14] In 2005, Greater Union dropped its ban against cinemagoers bringing their own snacks and drinks after an investigation by the New South Wales Commissioner for Fair Trading. [15] [16] The same year, the Rydge family expanded its compound on Point Piper by buying a sixth adjoining property. [17] In 2009, Meredith Hellicar resigned from the company board after being criticised in a judgement by the New South Wales Supreme Court for her part in approving, while chairwoman of James Hardie, a press release which falsely claimed that a trust for asbestosis victims had been fully funded. [18] [19] [20]

2010s: In 2010, Amalgamated bought a chain of cinemas in New Zealand and Fiji from Skycity Entertainment Group. [21] The same year, it also acquired outdoor cinema operator Moonlight Cinema for $1.75 million from Prime Media Group. [22] In the financial year 2010–2011, Alan Rydge was among the wealthy Australians who donated to a secret fund set up for Sydney politician Malcolm Turnbull. [23] In 2011, Amalgamated sold its 49 per cent share of a cinema chain in the Middle East. [24] The same year, its operations in Queensland suffered losses due to severe flooding in 2010–2011. [25] In 2013, the Featherdale Wildlife Park in Sydney was sold to Moss Capital for an estimated A$15 million. Amalgamated had owned the park since 1996. [26] In 2014, a three-year plan was unveiled to build or redevelop 14 new cinemas. [27] In December 2015, the company changed its name to Event Hospitality & Entertainment Limited. Its ticker code changed from AHD to EVT on the Australian Securities Exchange. [28] In November 2016, David Seargeant gave notice that he would step down as managing director and CEO in the second half of 2017. [29] He was replaced by Jane Hastings. [8] In 2017, the company sold its two-thirds interest in a Fiji cinema joint venture. [5]

2020s: The COVID-19 pandemic resulted in mandatory government-ordered closures of cinema locations between March 2020 to July 2020 in Australia and New Zealand. The Australian government also converted many Rydges hotel locations to mandatory quarantine stations for international and domestic travellers.

See also

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References

  1. ↑ "About Us – Overview". Amalgamated Holdings Limited. Archived from the original on 3 April 2015. Retrieved 26 August 2015.
  2. 1 2 "Annual Report 2019" (PDF). Australian Securities Exchange.
  3. ↑ Shoebridge, Neil (14 November 2011). "Amalgamated notes uncertain picture". The Australian Financial Review. Retrieved 25 October 2015.
  4. ↑ "Amalgamated's German movie flop". Crikey. 20 May 2004. Retrieved 26 October 2015.
  5. 1 2 "Annual Report 2017" (PDF). Australian Securities Exchange.
  6. 1 2 3 4 Schlesinger, Larry (2 October 2014). "Why Amalgamated believes in diversity". The Australian Financial Review. Retrieved 25 October 2015.
  7. ↑ "About Us – Our History". Amalgamated Holdings Limited. Retrieved 26 August 2015.
  8. 1 2 3 "EVENT HOSPITALITY AND ENTERTAINMENT LTD details". ASX. Retrieved 9 December 2017.
  9. ↑ "Amalgamated Holdings Limited". LinkedIn. Retrieved 29 August 2015.[ permanent dead link ]
  10. ↑ "Film "Combine.": Australian's Complaint". The Register. Adelaide. 17 June 1927. Retrieved 29 November 2016.
  11. ↑ Perkins, John (2002). Rydge, Sir Norman Bede (1900–1980). Australian Dictionary of Biography. National Centre of Biography, Australian National University. Retrieved 29 October 2016.
  12. ↑ "#1476: Alan Rydge". Forbes: The World's Billionaires. 2016. Retrieved 29 October 2016.
  13. ↑ "Thredbo's History". www.thredbo.com.au. Retrieved 4 May 2020.
  14. ↑ "Amalgamated hurt by German subsidiary". The Sydney Morning Herald. 19 May 2004. Retrieved 22 October 2016.
  15. ↑ "Cinema Chain Scraps Snack Ban". FindLaw Australia. 22 June 2005. Retrieved 29 November 2016.
  16. ↑ "Cinema chain pulls food ban". ABC News. Australian Broadcasting Corporation. 23 June 2005. Retrieved 29 October 2016.
  17. ↑ Chancellor, Jonathan (19 February 2005). "Family spreads wings in Point Piper with $8.7m". The Sydney Morning Herald. Retrieved 29 October 2016.
  18. ↑ "Ex-James Hardie chairwoman resigns". The Sydney Morning Herald. 24 April 2009. Retrieved 26 October 2015.
  19. ↑ Schwab, Adam (13 August 2009). "Meredith Hellicar could be forced to pay up". Crikey. Retrieved 26 October 2015.
  20. ↑ John, Danny (25 April 2009). "Hardie judgement prompts Hellicar to retreat". The Sydney Morning Herald. Retrieved 26 October 2015.
  21. ↑ Hoey, Trevor (24 November 2009). "Amalgamated Holdings to acquire Skycity cinemas". The Australian Financial Review. Retrieved 25 October 2015.
  22. ↑ "Amalgamated acquires Moonlight Cinema". The Sydney Morning Herald. 28 July 2010. Retrieved 22 October 2016.
  23. ↑ McColl, Gina (19 June 2016). "Turnbull's links to secretive fundraising practices". The Sydney Morning Herald. Fairfax Media. Retrieved 7 December 2016.
  24. ↑ Schlesinger, Larry (20 August 2015). "Amalgamated shares soars on special 'snow' dividend". The Australian Financial Review. Retrieved 25 October 2015.
  25. ↑ Thomson, James (13 January 2011). "Companies assess flood costs amid concerns rebuilding could take two years". Smart Company. Retrieved 26 October 2015.[ permanent dead link ]
  26. ↑ Chancellor, Jonathan (25 June 2013). "Moss Capital buys Doonside, Sydney wildlife attraction Featherdale Wildlife Park". Property Observer. Retrieved 27 August 2015.
  27. ↑ Smith, Matthew (30 October 2014). "Netflix can't kill the cinema, says Amalgamated". The Australian Financial Review. Archived from the original on 4 March 2016. Retrieved 26 October 2015.
  28. ↑ "ASX Code and Company Name Changes 2015". ASX. Retrieved 22 October 2016.
  29. ↑ "ASX ANNOUNCEMENT: MANAGING DIRECTOR ANNOUNCES INTENTION TO STEP DOWN" (PDF). Australian Securities Exchange. 10 November 2016. Retrieved 7 December 2016.
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