DreamWorks Backs Out Of GameWorks
DreamWorks is backing out of GameWorks, a string of location-based entertainment centers, which it helped found five years ago. DreamWorks' spokeswoman Vivian Mayer said, "Our commitment was a creative input. We fulfilled our commitment." Steven Spielberg was one of the original initiators of the company and oversaw the design of many of the coin-operated arcade versions of his films, like JURASSIC PARK. GameWorks has reported that same store sales are up an average of 10% in the past six months and overall revenue is up US$10 million from last year. Co-founding partners Universal Pictures and Sega Enterprises will be buying out DreamWorks' share in the company. No financial figures have been released. Sega controls about 50% of the firm, while Universal holds 30%. No new venues are scheduled to open in the U.S in 2001, but GameWorks hopes to open two more by 2002. Recently, the location-based entertainment company signed a deal that will open a gaming center in Istanbul and is looking at another location in Brazil.