Mega U.S. Movie Chain Cinemark Has No Plans to Close Again

Cinemark theater
Courtesy of Business Wire

Cinemark theater

Over the weekend, rival Cineworld — parent company of Regal — said it is shutting all of its U.S. and U.K. locations because of a lack of studio product.

Cinemark Theatres currently has no plans to close its U.S. cinemas again even as Hollywood studios continue to delay their 2020 tentpoles amid the ongoing pandemic.

Cinemark is the country's third-largest circuit in the U.S. behind AMC Theatres and Regal Cinemas, respectively.

Over the weekend, Regal parent company Cineworld left Hollywood reeling when revealing it is closing all of its U.K. and U.S. locations. Cineworld made the decision days after James Bond pic No Time to Die was pushed from Nov. 20 to May 2021.

Cinemark appears to be taking a different approach, at least so far.

"Cinemark's reopening plan was designed with multiple contingencies in place to ensure we are able to be nimble and react as needed to this ever-changing environment," read a statement provided to The Hollywood Reporter. "We do not currently have plans to close our U.S. theatres and are continuing to align with demand, including reducing operating hours and days while we await new studio content to encourage theatrical moviegoing.

Approximately 80 percent of Cinemark's circuit is now open, with 97 percent of guests expressing satisfaction with Cinemark protecting their health and safety.

There's no word yet on what AMC will do.

Both AMC and Cinemark have already reduced their hours of operation at many locations, and could make additional cuts, analysts predict.