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Cineworld delays reopenings to end of July as states scale back plans

Mohit Oberoi
Author: Mohit Oberoi

Last Updated: June 30, 2020

Cineworld said it will delay reopening its cinemas in the US and Britain until 31 July, which the world’s second-largest chain said will fall in line with adjusted film releases.

The company had previously expected to start reopening theatres, which include Regal Cinemas (pictured), on 10 July, but a number of important markets, such as Los Angeles and New York, have not yet given the go-ahead.

Cineworld has 787 sites across 10 countries with 9,500 screens. All its sites are closed due to the pandemic. Cineworld’s planned reopening in the US now matches with AMC Theatres that also plans to reopen its US cinemas by July 30. However, Odeon Cinemas, AMC’s UK arm along with premium cinema group Everyman Media plan to reopen cinemas in the UK from July 4.

On 28 May, London-listed Cineworld saw its shares soar by a quarter amid reports that it was planning a July reopening and had secured a waiver of debt covenant. Shares were trading up by around 3% on Tuesday but are down 74% for the year. Rival AMC theatre, the world’s largest cinema chain, is down 38% so far in 2020.

Meanwhile, Several US states are scaling back reopenings after the coronavirus, with Arizona closing bars and New Jersey halting plans for indoor dining. The cinema chain also pointed out that the release date for some major titles such as Mulan and Tenet has been pushed back to August.

“Movie fans around the world continue to be excited by the strong slate of summer films ahead, including Tenet, Mulan, A Quiet Place Part II, Unhinged, The Broken Hearts Gallery, Bill & Ted Face the Music, Greenland, and Antebellum as well as a special re-release of Christopher Nolan’s Inception on IMAX. Cineworld looks forward to welcoming these moviegoers back to our cinemas next month and believes that they will once again be immersed in the timeless theatrical experience they know and love,” said Mooky Greidinger, chief executive of Cineworld.

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    Mohit Oberoi

    Mohit Oberoi is a freelance finance writer based in India. he has completed his MBA with finance as majors and also holds a CFA charter. He has over 13 years of experience in financial markets. He has been writing extensively on global markets for the last six years and has written over 6,500 articles. He mainly covers metals, electric vehicles, asset managers, and other macroeconomic news. He also loves writing on personal finance and topics related to valuation.

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