Regal Cinemas, a subsidiary of the Cineworld Group, is a movie theater chain that operates one of the largest and most geographically diverse theater circuits in the United States. The company needed user-friendly lease payment and contract management, so it turned to Lucernex Contracts.
This was no easy feat as Regal Cinemas was acquired by an international company in 2018. This means it needed to comply with both international and U.S. ASC 842 reporting requirements. Furthermore, in the wake of COVID-19, the company went bankrupt and refocused its efforts strictly on U.S. operations and reporting.
- Lucernex Contracts was there every step of the way, helping simplify payment management, and:
- 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 which also feeds into the company’s ERP for centralized access to vendor information. This data is used to simplify reporting, removing the need to manually run reports in Excel.
Kim Sikes, Senior Accounting Manager at Regal Cinemas, explains how Regal Entertainment utilizes Lucernex Contracts in the video below.
Watch the Full Video
Highlights & Key Takeaways
1. Straightforward reporting
Lucernex 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
Lucernex Contracts has helped Regal Cinemas 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 Lucernex Contracts, Regal Cinemas avoided using manual and time-consuming systems like Excel, and they have maintained operations through bankruptcy and the pandemic.
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