A $7.7 billion cinema will open in Melbourne, Australia’s financial capital, in 2017, and it will have a number of advantages over its smaller sibling: it will be smaller, cheaper, and easier to transport than the $20 million-plus cinema it replaces.
The Melbourne City Council has approved a deal with Sony Pictures Entertainment, which has been working on a $1 billion theater for a number a years, to take over the building at a cost of $2 billion.
The theater will open next month in the city’s Victoria Town Center.
It will also be the largest of its kind in the country, with seating capacity for 5,500.
A new $1-billion cinema opened in Melbourne in 2018.
Its opening will mark the biggest movie theater expansion in the world, and could potentially boost the city to a new $6.6 billion in box office revenue, according to data compiled by Bloomberg.
Melbourne is also the only Australian city to have two movie theaters in a single location.
The movie theater is a collaboration between the Australian government and the city of Melbourne, which was first approached in the 1990s to convert a derelict cinema into a movie theatre.
The $2.2 billion project is the biggest theater expansion project in Australia since a $8 billion project opened in 2007.
Melbourne will not have to be serviced by an outside contractor.
It has already had an extensive restoration process that included a complete renovation of the existing cinema.
“We have to put a lot of resources into the restoration,” said Victoria Mayor Robert Doyle.
“The fact that we can take a movie theater that’s been abandoned for so long and renovate it to be a fully functional theater is quite extraordinary.”