Cinemark CEO Mark Zoradi has signaled that the company’s theaters could reopen on July 1, 2020 if the COVID-19 global pandemic disapates.
“A return to normalcy may span multiple months driven by staggered theater openings due to government limits, reduced operating hours, lingering social distancing and a ramp-up of consumer comfort with public gatherings,” Zoradi said on a Wednesday morning call
“We’re not completely certain, but we’re planning on anywhere from one to three months to light up that engine again,” Zoradi added.
Zoradi’s sentiments echo those of Fitch Ratings. Recently, Fitch Ratings Director of U.S. Corporate Ratings Patrice Cucinello said, “We anticipate theaters will remain closed at least until June. Once re-opened, attendance and revenue may be materially lower due to lingering effects on consumer behavior or potential government-imposed mandates limiting capacity.”
Cinemark is currently in lock step with Regal and AMC as the three largest movie chains in the world remain closed to avoid large gatherings. If reopened in July, films such as Soul, Black Widow, No Time To Die and a few other major releases will still earn a traditional release experience.
