All articles tagged with #cinemark
Cinemark is expanding its IMAX and 70mm film projection systems in the US and South America, including three new 70mm screens, ahead of Christopher Nolan's 'The Odyssey,' which is the first film shot entirely in IMAX 70mm, set to release in July 2026.
Shares of AMC Entertainment Holdings rose after rival Cinemark Holdings reported better-than-expected third-quarter earnings. AMC's stock outperformed the S&P 500 index, while Cinemark's stock fell. Imax Corp. initially saw gains but ended the day down slightly. The movie-theater industry has benefited from the success of summer blockbusters, and other related companies, such as National CineMedia, also saw stock gains.
Cinemark, the exhibition giant, reported a quarterly profit of $120.4 million, compared to a year-earlier loss, as admissions and concessions revenue increased amid a continuing box office recovery. However, Cinemark's president and CEO, Sean Gamble, warned that the ongoing Hollywood actors and writers strikes could delay production of future movies and shift release dates. Despite this, Gamble expressed optimism about Apple and Amazon's intentions to scale theatrical film production. Cinemark's improved financial and operating footing positions them well to handle fluctuations in content flow. In the second quarter, Cinemark hosted 38.8 million patrons in the U.S. and saw increased attendance in Latin America. Shares in Cinemark rose by 5.3 percent in premarket trading.
Cinemark is offering $1.50 tickets for family movies at two local theaters this summer, providing a discount for families looking for entertainment options.
Cinemark Century San Francisco, located in the Westfield Mall, will close after Thursday's matinee shows due to local business conditions. This is the latest closure in the downtown shopping district, with Westfield also giving up the mall and numerous other businesses closing. Experts say that movie theaters nationwide are struggling compared to pre-COVID numbers due to the rise of streaming services, and the number of screens in the country is down 5% since the pre-pandemic peak. Before the closure of Cinemark, Westfield's occupancy level had dropped to 55%, compared to a national average of 93%.
The Century San Francisco Centre 9 and XD theater will be closing permanently after its current lease with the mall ends, the theater’s owner Cinemark, confirmed. Cinemark is the first company to announce it will be departing the mall space since Westfield’s announcement to transfer the management of the shopping center to its lender. Nordstrom announced in May that the company would not renew its lease due to “unsafe conditions” in the city. San Francisco has faced challenging economic conditions since the onset of the COVID-19 pandemic.
Cinemark has decided to permanently close its Century San Francisco Centre 9 and XD theater in Westfield mall months before the conclusion of its lease term due to declining sales and foot traffic. This comes after Nordstrom's planned closure and Westfield's surrendering of the mall to its lender. The closure of the Cinemark theater adds to the list of Bay Area movie houses that have gone dark, including Landmark’s Embarcadero Center Cinema, CGV San Francisco, and Regal UA Berkeley. The future of the Castro Theatre is also uncertain.
The Cinemark movie theater complex in Westfield's Downtown San Francisco Centre will close this week, just days after Westfield announced it would give up the mall. Cinemark cited a "comprehensive review of local business conditions" for the closure. The area surrounding the shopping center has been increasingly troubled, with nearly half of the storefronts and eateries that were open in 2020 having since closed. This is the 24th major shutdown in the area since the start of the pandemic.
Cinemark has confirmed the permanent closure of its theater inside San Francisco's Westfield mall following a comprehensive review of local business conditions. This comes after Westfield announced it was giving up the mall and transferring management to its lender. Before the closure of Cinemark, Westfield said the San Francisco Centre's occupancy level had dropped to 55%, compared to the national average of 93%.