'Avengers: Infinity War,' 'Black Panther' Boost Revenue at Regal Owner Cineworld
The British company, led by CEO Moshe "Mooky" Greidinger, says its "U.S. expansion looks well timed."
British exhibition giant Cineworld Group, which earlier this year closed its acquisition of Regal Entertainment Group, on Wednesday reported higher revenue for the January-May 13 period, driven by the box-office success of Black Panther and Avengers: Infinity War.
Revenue for the period rose 10.1 percent, or 6.7 percent on a constant-currency basis. That included a box-office increase of 9.6 percent, or 6.1 percent on a constant-currency basis. Cineworld said admissions rose 1.1 percent on a pro-forma basis.
U.K. and Ireland revenue faced tough comparisons with the year-ago period, which had included Beauty and the Beast and The Fate of the Furious, with revenue rising 9.2. percent on an actual basis, but falling 2.1 percent on a constant-currency basis.
The world’s second-largest movie theater operator behind AMC Entertainment said the Regal cinemas have performed well, which "reinforc[es] our view that a poor 2017 was unusual and not a structural shift. The company also emphasized that its "U.S. expansion looks well timed."
"There are a number of exciting releases scheduled still to come in the first half of 2018, including Deadpool 2, Solo: A Star Wars Story and Jurassic World: Fallen Kingdom," Cineworld said. "The release schedule for the second half of 2018 is also strong with the anticipated release, amongst other films, of Incredibles 2, Mamma Mia! Here We Go Again, Fantastic Beasts: The Crimes of Grindelwald and Mary Poppins Returns."
Cineworld, led by CEO Moshe "Mooky" Greidinger, operated more than 2,200 screens in nine European countries before adding Regal's more than 7,300 screens in the U.S.