FALMOUTH — Flagship Cinemas will open its newest location in Falmouth on Wednesday. The luxury movie theater marks the debut of Flagship Premium Cinemas, a “modern, state of the art movie theater unrivaled by any other in the market,” the company said in a news release. The theater, located next to Wal-Mart on Route 1, features plush reclining chairs with ottomans, the latest in digital sound and projection, and upscale amenities like reserved seating, self-serve soda stations and specialty film programming, according to the company.