Smaller Theater Owners “Not Losing a Lot of Sleep” Over Limited Film Slate This Fall

While the debt-ridden Cineworld Group weighs a bankruptcy filing, citing the upcoming lack of fall wide releases, smaller theaters and chains are less fazed by the slowdown. As many theater owners are quick to point out, August, September and October are always seasonally slower months for film releases, but this year, there are even fewer high-profile Hollywood wide releases due to pandemic-related delays in the postproduction sector. However, thanks to a mix of cost-cutting measures and the ability to lean into art house films and other programming, smaller theater owners say they’re able to weather the season. Ditto for the larger circuits, such as Cinemark or Cineplex, who aren’t facing the same debt issues as Cineworld and AMC Entertainment. (Studio distributors counter that Cineworld is using the slowdown as a scapegoat.) Cineworld Group, the second-largest theater chain in the world and owner of Regal Cinemas, cited the lack of wide releases in the third quarter, while warning of already lower admissions as of Aug. 16. “These lower levels of admissions are due to a limited film slate that is anticipated to continue until November 2022 and are expected to negatively impact trading and the group’s liquidity position in the near term.” The company said it was “evaluating various strategic options to both obtain…
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