New Owners for Sydney's Lyric Theatre

Foundation Entertainment Group Pty Limited, the owners and operators of Sydney’s Capitol Theatre, today announced that it has entered into an agreement with Star City to acquire the Lyric Theatre in Sydney. The agreement, which is subject to detailed documentation to be approved by the NSW Casino Liquor and Gaming Control Authority will result in the Lyric Theatre at Star City being owned and operated by Foundation Entertainment Group.

It is anticipated that Foundation Entertainment Group will complete the transaction and take operational control of the Lyric in early July 2011. Foundation Entertainment Group will honour the existing contracted programming obligations of the Lyric Theatre and has commenced work on programming the theatre for 2012 and beyond.

Stephen Found, Foundation Entertainment’s Managing Director commented today; “The wonderful Lyric Theatre will complement our magnificent Capitol Theatre perfectly and the management of the two theatres will be optimised to attract the world’s leading productions to Sydney. A win/win for theatre patrons, producers and promoters alike”.

Managing Director of Star City Sid Vaikunta said Foundation Entertainment’s track record for delivering world-class stage productions will further enhance the Lyric’s reputation as one of Sydney’s premiere theatre venues. “This arrangement will see more high quality productions coming to Sydney and is a logical step for Star City as we evolve into a complete destination,” Mr Vaikunta said.

“Star City is investing $960 million building a new five-star hotel, several signature restaurants and a $100 million events centre. We’re aiming to provide a new level of leisure and entertainment in Sydney and the Lyric Theatre with its new management will be an integral part of that experience.”

The Lyric Theatre is currently host to the world premier production of Dr Zhivago and the Capitol Theatre welcomes Mary Poppins from 17 April 2011.

March 24, 2011