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Jeff Sica of Circle Squared Alternative Investments explains how the coronavirus pandemic has changed entertainment habits.
Some of the last remaining Regal theaters in the United States are expected to close later this week.
Cineworld, the second-largest theater operator in the United States and owner of the Regal chain, announced in October that it would close almost all of its theaters in the United States and the United Kingdom in light of the non-coronavirus pandemic. only forcing closures in some places, but pushing the release of big movies to at least 2021.
Now, according to a report from Deadline, the theater chain will close the doors of its last remaining locations in New York and California, effective Thursday.
The outlet reports that, despite closing most of its theaters last month, the company has kept seven locations open in California, including the newly renovated Irvine Spectrum, a highly profitable venue for Christopher Nolan’s “Tenet”.
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New York is a slightly different story. After Governor Andrew Cuomo announced that theaters outside New York could reopen under strict guidelines, Regal commissioned 11 venues on October 23. However, three weeks later, they would close their doors again.
People who visit the Regal Cinema in New York. It is a UK based cinema chain. (iStock)
Representatives for Cineworld did not immediately respond to Fox News’ request for comment.
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However, Deadline cites insider sources who allege that the reason the company closed shop at the remaining 18 sites is the same reason it closed locations in the rest of the country. There just isn’t enough new stuff to draw audiences to the theater, especially during a peak in COVID-19 cases across the country. That, along with the seating regulations, keeps nearly every movie theater in the United States from making money.
The coronavirus pandemic has forced many studios to make the tough decision to delay the release of major titles like “The Batman,” “Dune,” “No Time to Die,” and “Black Widow,” which are all expected to be major. box office draw before the pandemic.
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The lack of new releases not only has an impact on Regal. AMC Theaters, the country’s largest exhibitor, recently said it could run out of cash by the end of the year if things don’t improve.
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