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Regal Cinemas will welcome back moviegoers to some of its theaters next month, its parent company Cineworld said Tuesday. The reopening of the country's second largest theater chain will mark the first time since the coronavirus pandemic began that all three major theater companies in the U.S. are in operation.
London-based Cineworld said it would open some Regal theaters on April 2 with the limited release of "Godzilla vs. Kong." More Regals will open on April 16 when "Mortal Kombat" is set to be released, Cineworld said.
Regal locations will be able to operate profitably, as many states have now relaxed their theater capacity restrictions, Cineworld CEO Mooky Greidinger said in a statement.
"We have long-awaited this moment when we can welcome audiences back to our Regal theaters and restore our essential role within the communities we serve," Greidinger said.
Indeed, 2020 featured some particularly challenging months for movie theaters. Highly anticipated movie releases including "Wonder Woman 1984" and Disney Pixar's "Soul" debuted on streaming services, skipping theater releases altogether. Some movie theater chains — including Alamo Drafthouse and Studio Movie Grill — filed for bankruptcy.
At one point, AMC believed it would run out of cash by December, but a wave of retail investors surprisingly poured $917 million into the company, effectively saving the theater chain from bankruptcy.
The pandemic forced AMC, Cinemark, Regal and other movie theater chains to temporarily close last year as profits across the cinema industry crashed. Total box office sales plunged to roughly $2 billion in 2020, down from around $11 billion in 2019 and $12 billion in 2018, according to estimates from Wedbush Securities.
AMC, the nation's largest movie theater operator, now has most of its locations reopened. Cinemark, the third-largest chain, reopened its locations last summer.
Wedbush analysts said North American box office sales are down 91% so far this year, but they expect ticket sales to improve in 2021 compared to last year. As more Americans get vaccinated for COVID-19, people will become comfortable sitting in movie theaters and eating concession stand food, analyst Michael Pachter told CBS MoneyWatch.
Cineworld's announcement is the start of what's expected to be a strong and fast comeback for cinemas nationwide, Pachter said. Part of the comeback hinges on how quickly movie studios — like Universal and Disney — are willing to release films in theaters again, he said. Movie-goers buying tickets for upcoming releases will also play a huge role.
- khristopher.brooks@paramount.com
- 4 min
Apr 15, 2021 · Unvaccinated people – and fully vaccinated people if required – should stay at least 6 feet away from people in other areas of the theater, such as the lobby, as well. Wash your hands or use ...
Apr 2, 2021 · April 2, 2021 / 10:34 AM EDT / MoneyWatch. Movie theaters in the U.S. are reopening, complete with ribbon-cutting ceremonies to celebrate the dusting off of seats more than a year after...
- Cerullo
- 2 min
In 1905, John P. Harris and Harry Davis opened a five-cents-admission movie theater in a Pittsburgh storefront, naming it the Nickelodeon and setting the style for the first common type of movie theater. By 1908 there were thousands of storefront Nickelodeons, Gems and Bijous across North America.
Mar 5, 2021 · AMC plans to open all its theaters this weekend in the city, the country’s second-largest movie market; Regal is holding off until the top market, Los Angeles, reopens.
Mar 26, 2021 · In the meantime, there are currently 42 cinemas open in Los Angeles County, according to Comscore. Film exhibition industry officials expect that number to increase as capacity restrictions are...
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related to: what time is it there movie theaters openTickets for Disney & Pixar's Inside Out 2 are on sale NOW! See it in theaters on June 14. Get ready for the movie of the summer!
