Cinemark, the third-largest movie theater chain in the U.S., hopes to reopen at least some of its doors to the public in July. But the movie-going experience might be a little different when it does.
, the third-largest movie theater chain in the U.S., hopes to reopen at least some of its doors to the public in July, but don't expect the same movie-going experience as before the coronavirus pandemic.
"Even at peak periods of time in a normal environment, our occupancy levels range from 20% to 30% and we can operate profitably during those scenarios," he said.Last year, Cinemark garnered $3.28 billion in revenue from concessions and ticket sales. Some $715 million of that total came during the first quarter and $958 million came during the second quarter .As of March 31, Cinemark had around $480 million in cash, including the money it had collected from drawing down on its revolver.
The company laid off its 17,500 domestic hourly employees in March, but hopes to begin rehiring in June so that it can train new workers before opening to the public. If social distancing restrictions are still in place, Zoradi said the company would either sell every other reserved seat in the theater or suspend reservations and just sell 50% of the tickets per theater. The second option would allow families to sit together and moviegoers to choose their distance from others, he said.
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