Regal Cinemas (also Regal Entertainment Group) is an American Movie theater chain that operates the second-largest theater circuit in the United States. The company needed user-friendly lease payment and contract management, so they turned to Lx Contracts.
This was no easy feat. For one, the company was acquired by an international company in 2018, so they needed to comply with both international and U.S. ASC 842 reporting requirements during that time. Then, in the wake of COVID-19, they went bankrupt and needed to refocus strictly on the U.S. reporting and operations.
Lx Contracts helped every step of the way. For one, Lucernex simplifies payment management for Regal. It also helps manage:
- Rent payments
- Service charges for common area maintenance
- Real estate taxes
- Personal property taxes
- Percentage rent, and more.
In addition, Regal manages utilities and maintenance through Lucernex. Lucernex also feeds into the company’s ERP for centralized access to vendor information. This data can all be used to simplify reporting, so reports don’t have to be run manually in Excel.
Kim Sikes, Senior Accounting Manager, explains in the video below how Regal Entertainment utilizes Lx Contracts today.
Watch the Full Video
Highlights & Key Takeaways
1. Straightforward reporting
Lx Contracts has helped simplify ASC 842 compliance and centralize access to crucial lease and payment data. This value cannot be understated, as Sikes notes, “We could not have been doing our company if it had not been for Lucernex.”
2. Streamlined payment management
Lx Contracts has helped Regal manage multiple payment types, including rent payments, service charges for common area maintenance, real estate taxes, personal property taxes, percentage rent, and more.
3. Saved time
Using Lx Contracts, Regal has avoided using manual and time-consuming systems like Excel, and they have maintained operations through bankruptcy and the pandemic.
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Learn how Lucernex can streamline your retail organization’s lease administration and accounting. Request a demo today to learn more.
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