Eduardo Acuna, CEO of Cineworld Group, the parent company of theater-chain Regal Cinemas, says that the company is well positioned for growth in the post-pandemic, post-bankruptcy era as the industry continues the journey towards box office recovery.
“I think it’s a very pivotal moment in our history,” Acuna said, according to The Hollywood Reporter.
Acuna also spoke about the impact that Cineworld Group sustained due to theater shutdowns during the pandemic, their entering and exiting of Chapter 11 bankruptcy protection in the United States and the impact of strikes, as well as investing in South Korean theater chain CJ CGV’s 4DX technology.
“It shows how much we believe in this industry,” Acuna said.
The investments were made after Cineworld gained new owners, was able to reduce debt load, and form a new board and management team.
“We believe customers want a differentiation and a reason to come out of their houses to see movies. So to me this feels really important, this shows how bullish we are for the industry and how we are ready to be better and grow bigger,” Acuna said. “We’re at a point where we came through some tough times, but we’re also ready to invest.”
Regal currently has 49 4DX theaters and another 52 Screenx auditoriums in the United States market.
“We’re not just in LA, Chicago, San Francisco, New York … We’re really spread out,” Don Savant, CEO and president of CJ 4DPLEX America, said.
2019 was a record year for the industry, directly followed by the disruptive collective force outlined above.
“I don’t like to say we haven’t gone back to 2019, because 2019 is the reference everybody uses and it was a record-breaking year. You can’t do record-breaking years every year,” Savant stated.
“I would argue our industry is on a clear path to growth and, even better, most companies are profitable. We at Regal have one of the healthiest balance sheets in the industry and we’re making money. We made money in 2023,” Acuna said.
Read more at the Hollywood Reporter.
