January 29th, 2024
ELEVATE ENTERTAINMENT GROUP EXPANDS WITH ACQUISITION OF THREE PARAGON THEATER & PENNY LANES LOCATIONS, UNVEILING TRANSFORMATION INTO EVO ENTERTAINMENT DESTINATIONS
All Locations Set for Rebranding by May 1, 2024
Delray Beach, FL (January 26, 2024) - Elevate Entertainment Group (EEG), a leading name in cinema entertainment destinations, is thrilled to announce the acquisition of three Paragon Theaters and Penny Lanes locations, marking an exciting expansion into Delray Beach, Florida; Cary, North Carolina; and Fredericksburg, Virginia. This strategic move will be complemented by a comprehensive rebranding effort, transforming each venue into an EVO Entertainment destination by May 1, 2024. All venues will remain open during the brand transition.
Similar to EEG’s other cinema entertainment locations, the former Paragon Theaters offer guests a high-end entertainment experience with activities and theatres equipped with advanced technology. The acquired locations make up almost 200,000 square feet of entertainment space, featuring a total of 35 screens, including one IMAX theater at the Delray Beach location, and four Premium Large Format (PLF) screens—one in Delray Beach and Cary, and two in Fredericksburg. Beyond the cinema, the venues offer an array of entertainment options, including 46 bowling lanes, bars, patios, and private event space. This holistic approach to entertainment aligns seamlessly with EEG's commitment to providing immersive entertainment experiences for guests and brings their total screen count to 240 across 25 locations, with more new venues slated to open in 2024 and beyond.
“As we kick off 2024, we couldn’t be more excited to announce EVO coming into Delray Beach, Cary, and Fredericksburg.” said CEO and founder of Elevate Entertainment Group, Mitch Roberts, “This strategic acquisition expands our presence and furthers our mission of being at the forefront of experiential entertainment, and we look forward to these communities experiencing EVO for the first time.”
“We are very excited to complete this transaction and believe that the Elevate team will expand on the high standard created by Paragon at these venues,” said Michael Wilson, co-CEO of Paragon Theaters with Michael Whalen. “This transaction also enables Paragon to focus on its core cinema assets slated to continue to grow with several planned locations in the Southeast as well as continuing to enhance the amenities and customer movie going experience in our remaining locations with their ground-breaking Lux Box VIP Dine-In seating and Axis15 Extreme large format tilted screens.”
About Elevate Entertainment Group
Austin-based Elevate Entertainment Group creates boundary-pushing entertainment destinations that connect people through the power of shared experiences. As an Inc. 5000 Fastest Private Growing Company and the nation’s leading and largest operator of cinema-entertainment centers, the Elevate Entertainment Group portfolio of brands includes EVO Cinemas, EVO Entertainment, Elevate Rewards, ShowBiz Cinemas, Times Square Grand Slam and Violet Crown Cinemas. The organization offers a broad slate of activities including movies, bowling, games, and attractions like climbing walls, virtual reality, ropes courses, and bumper cars. Guests can enjoy refined food and beverages from their scratch kitchens and bars while immersing themselves in a variety of entertainment options for everyday fun.
About Paragon Theaters
Paragon Theaters was founded in 2009 by Michael Whalen and Michael Wilson, former executives at Muvico Theaters. Paragon Theaters is passionate about its customer experience and focuses on innovation in amenities and enhanced service. Paragon's ground-breaking concepts such as Lux Box VIP Dine-In Seating and Axis15 Extreme tilted screens are featured in every Paragon location and are just a few examples of the company's unique offerings. Guests can experience the most optimal way to see a movie in Paragon’s Axis15 Extreme auditoriums - featuring a 15-degree tilted screen complete with 4k Laser Projection and Dolby Atmos immersive sound. Couple that with Paragon’s patented enclave of VIP Lux Box Dine-In reclining seats, featuring privacy pods, heated seats and swing out table tops; guests can order menu items from our kitchen and full bar by simply scanning a QR code. The guest experience is further rewarded with Paragon’s acclaimed Diamond Rewards loyalty program, where members earn rewards faster and more frequently than most competitor programs. In addition to movie theaters, Paragon operates a unique bar and restaurant concept called The Agency Bar & Social, at the Fenton location in Cary, NC where guests indulge in a full menu of handcrafted eats and drinks local to the area, along with an extensive selection of beers and wine to compliment guests’ visits to the theater. Paragon Theaters currently operates 4 locations in Florida and North Carolina, and it is currently positioned to double the size of the company by 2025, including a location currently under construction in Falls Church, VA. Paragon Theaters is headquartered in Deerfield Beach, Fl. Visit www.paragontheaters.com for showtimes, tickets and more.
For additional information please contact:
Elevate Entertainment Group