Cinemark CFO and COO Sean Gamble has informed investors and financial analysts in a conference call that the cinema chain is looking to re-open by July 1st with employees coming back roughly two weeks prior in late June.
The openings could be ‘state by state, county by county’ per Gamble who says they will be ‘scaled by demand’ with possible reduced hours and days of the week. Gamble cautioned it could take three months before the circuit will again experience normal levels of business.
Cinemark CEO and Board Director Mark Zoradi adds there will be two weeks of “showing library product, high profile library product” as a slow flow of attendance is expected at first. The hope is the big ‘blast off’ heralding the return will be Chris Nolan’s “Tenet” on July 17th – assuming it still holds that date.
Gamble claims profitability for the circuit can be achieved ‘on occupancy levels of ‘20% to 30%’ and so social distancing restrictions of half-full cinemas could be executed “successfully and profitability”. They add there aren’t any planned closings due to the economic distress from the coronavirus.
Cinemark has managed to so far weather the crisis better than either AMC or Regal by having long adopted a prudent “security is more important than growth” approach to its financing, not outspending it rivals who under a mountain of debt.
