Founded in 1993 through brothers Tom and David Gardner, The Motley Fool is helping millions of people gain monetary freedom through our website, podcasts, books, newspaper columns, radio screens and high-level investment services.
Possibly there would be hope for theaters after regal Cinemas’ father, Cineworld Group (OTC: CNNW). F), he would declare that he was experiencing “many systems that were exhausted,” according to the rules of social distance.
CEO Mooky Greidinger told CNBC Closing Bell this morning that “people missed cinemas and were looking to get back to the big screen.”
The industry was devastated when the coronavirus pandemic closed the halls for five months. Cinemark Holdings (NYSE: CNK) recently announced that to have enough money to stay afloat, it needed to factor $400 million in debt that could be converted into stocks, adding to the $3.1 billion in debt it already has.
AMC Entertainment Holdings (NYSE: AMC), the world’s largest movie operator, came close to breaking down before reaching an agreement with its lenders. And recently agreed to the exclusive window for Universal Pictures videos just 17 days away in exchange for a benefit cut when the videos are displayed on streaming platforms.
Movie theater operators had Hollywood counted on to get them out of the trash, but the studios postponed the release of possible blockbusters until situations were more stable. Although there are some big-budget films, such as Unhinged and Tenet, that will be released in the U.S. On September 3, theaters are releasing many old films and AMC has recently reopened its cinemas with $0.15 cinema tickets to appeal to viewers. Cineworld’s effects are encouraging.
The caveat is that AMC, Cinemark and Cineworld have agreed to meet capacity limits from 30% to 50%, meaning that a “full” screen can range from a dozen people to a hundred.
Cineworld operates approximately 800 international theaters and 550 in the United States. About your Regal cinemas have reopened here.