How are things looking for Cinemark? When can we expect theaters to re-open?

Predictably, theaters have taken a quite a hit thanks to the COVID-19 pandemic. As it was, the exhibition industry was on pretty rough standing to begin with. In the era of streaming, it was getting harder and harder for them to attract people to theaters. Movie studios always have alternative methods of distribution, but theaters are very reliant on actually getting butts in seats. As a result, AMC is on its way to bankruptcy, which is pretty shocking, considering how big it is.

Meanwhile, Cinemark appears to be in at least slightly better standing. But when can we expect some return to normalcy? Speaking during a morning call to Wall Street analysts, Cinemark CEO Mark Zoradi spoke to that idea.

“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.

The plan on the company’s front seems to be to bring back employees in June. They will then start up screenings later that month. However, it doesn’t expect much momentum until after July 1. from there, they will ramp up to releases like Tenet, which is slated for a July 17 release.

RELATED – AMC Theatres May Be In BIG Trouble After The COVID-19 Pandemic

“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,” director of U.S corporate ratings at Fitch Ratings, Patrice Cucinello, said. 

Of course, none of this is a guarantee. We have no way of knowing what the actual trajectory of the virus will be, and as such, they are planning some contingencies.

Zoradi added: “We’re not completely certain, but we’re planning on anywhere from one to three months to light up that engine again.”

At the end of the day, Zoradi has expressed his belief in the past that audiences are hungry to get back to the theaters. “We believe pent-up demand for out-of-home entertainment, along with a backlog of strong film content, bodes well for exhibition.”

So, while people like me may have thought this would be the event to kickstart the real beginning of the end of theatrical releases as we know it, Zoradi thinks otherwise. Perhaps in the midst of the social distancing, many of us are getting cabin fever and will jump at the first chance to safely indulge in a theater-going experience. Perhaps the best has yet to come for Cinemark.

We’ll have to wait and see.

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SOURCE: THR