Regal shuttered 500 theaters, now it’s opening up 11 in New York

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CEO of Regal Cinemas owner on closing movie theaters during pandemic

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A view of the Regal Loews Cinemas cinema in Times Square in New York City.

Noam Galai | Getty Images

Two weeks after Cineworld closed more than 500 Regal Cinemas in the U.S., the second-largest cinema chain is resuming 11 areas in New York state.

The relocation comes days after Gov. Andrew Cuomo stated that theater beyond New York City would be allowed to resume at a restricted capability.

Regal theaters in other U.S. markets will stay closed due to the absence of brand-new motion picture releases, nevertheless.

Earlier this month, Mooky Greidinger, the CEO of Cineworld, informed CNBC that closing areas in the U.S. and the U.K. was a method to stem the “bleeding.” He stated his company lost less cash by not running.

Representatives for Cineworld did not instantly react to CNBC’s ask for remark.

Cineworld’s choice to resume its New York areas showcases the significance of this market to the cinema market. While the marketplace represents just around 6% of overall ticket sales, films that carry out well in the state can produce buzz and aid offer tickets in other parts of the nation.

Not to point out, studios had actually informed movie theater owners that they would not launch significant hits if the state did not enable theaters to resume.

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