American Graffiti premiered on August 1st, 1973 at the Petaluma theater now named McNear's Mystic Theatre and Music Hall, and at other locations. It won instant critical acclaim and quickly became a box office smash! Regarded as one of Mr. Lucas' best and most personal films, it earned four Academy Award nominations, including Best Picture. Filming took just 28 nights and came in on budget at what is purported to have been $777,. Between worldwide box office receipts and video rentals, it is reported to have grossed more than $170 million (perhaps the most profitable movie ever filmed) and provided Lucas with the financial resources to produce his Star Wars and Indiana Jones serials and to establish his Bay Area special effects studio, Industrial Light and Magic, along with Lucasfilm Ltd. and LucasArts.