Regal Cinemas screens continue going dark this week amid theater closures. Cineworld Group, owner of Regal Cinemas, announced Chapter 11 bankruptcy plans in September 2022. Cineworld’s goal was to “implement a de-leveraging transaction that will significantly reduce” the company’s debt. In addition, the group seeks to strengthen its balance sheet. Cineworld believes these moves will “provide the financial strength and flexibility” to capitalize on the firm’s future cinema industry plans.
Cineworld Group plc Fact Box * Founded in 1995 * A leading cinema operator in 10 countries, including the U.S. * Brands include Regal, Cineworld, Yes Planet, Cinema City and Picturehouse * Regal's average market share from January 1 to December 22, 2022 is 16.7% of $7.4 billion of total gross box office sales [Source: Cineworld January 4, 2023 Presentation]
Cineworld has been reducing the Regal portfolio in the U.S. since the firm acquired Regal in February 2018. Even before the September 2022 Chapter 11 proceedings, 58 Regal locations were closed. The pace picked up with Chapter 11 in September, with 17 Regals closing between August and October. However, Cineworld slowed closures in the last two months of 2022 to “allow for positive cash flows from Blank Panther / Avatar.”
Avatar: The Way of Water made over $500 million domestically through the January 20 weekend across all theater chains. Meanwhile, Disney’s Black Panther: Wakanda Forever racked up over $451 million in the U.S. through the same weekend. This weekend, the Avatar sequel is expected to surpass The Avengers as the No. 10 highest grossing film in U.S./Canada. All good news for Cineworld but clearly not enough to save dozens of theater closures.
Regal Cinemas Rejecting Leases in February 2023
Last week, Cineworld submitted a new list of theater leases to be rejected. Here is the full list:
| Theatre Name | Theatre Address |
| Montrose Movies Stadium 12 | 4020 Medina Road Akron, OH 44333 |
| Greenbrier Stadium 13 | 600 Jarman Road Chesapeake, VA 23320 |
| Transit Center Stadium 18 & IMAX | 6707 Transit Road Williamsville, NY 14221 |
| Hemet Cinema 12 | 2369 W. Florida Avenue Hemet, CA 92545 |
| Barn Plaza Stadium 14 | 1745 Easton Road Doylestown, PA 18901 |
| Rockville Center Stadium 13 | 199 East Montgomery Avenue Rockville, MD 20850 |
| Oaks Stadium 24 | 180 Mill Road Oaks, PA 19456 |
| Elmwood Center 16 | 2001 Elmwood Ave Buffalo, NY 14207 |
| Pohatcong Stadium 12 | 1246 US Hwy 22 E. Phillipsburg, NJ United States |
| Parkway Plaza Stadium 18 & IMAX | 405 Parkway Plaza El Cajon, CA 92020 |
| Round Lake Beach Stadium 18 | 550 East Rollins Rd. Round Lake Beach, IL 60073 |
| Shadowood 16 | 9889 West Glades Road Boca Raton, FL 33434 |
| South Beach Stadium 18 & IMAX | 1120 Lincoln Road Miami, FL 33139 |
| Santa Fe Stadium 14 | 3474 Zafarano Dr. Santa Fe, NM United States |
| Ithaca Mall Stadium 14 | 40 Catherwood Road Ithaca, NY 14850 |
| Village Square Stadium 18 | 9400 W. Sahara Avenue Las Vegas, NV 89117 |
| Metro Point | 901 South Coast Dr. Costa Mesa, CA 92626 |
| Berkeley 7 | 2274 Shattuck Avenue Berkeley, CA United States |
| Cortlandt Town Center | 3131 East Main Street Mohegan Lake, NY 10547 |
| Union Square Stadium 14 | 850 Broadway New York, NY 10003 |
| Meadows Stadium 12 | 9355 Park Meadows Dr Littleton, CO 80124 |
| Yorba Linda & IMAX | 4870 Valencia Ave Yorba Linda, CA 92886 |
| Sherman Oaks Galleria 16 | 15301 Ventura Blvd Los Angeles, CA United States |
| Omaha Stadium 16 | 7440 Crown Point Ave Omaha, NE 68134 |
| Gallery Place Stadium 14 | 701 7th Street, NW Washington, DC 20001 |
| SouthGlenn Stadium 14 | 6901 S Vine Street Centennial, CO 80122 |
| Brunswick 10 | 19 Gurnet Rd. Brunswick, ME 04011 |
| Bowie Stadium 14 1 | 15200 Major Lansdale Blvd. Bowie, MD 20716 |
| Concord 10 | 282 Loudon Road Concord, NH 03301 |
| Hamilton Commons Stadium 14 | 4215 Black Horse Pike, Lot 600 Mays Landing, NJ 08330 |
| Greece Ridge Stadium 12 | 176 Greece Ridge Center Dr. Rochester, NY 14626 |
| Bolingbrook Stadium 12 | 1221 W. Boughton Road Bolingbrook, IL 60440 |
| Escondido Stadium 16 & IMAX | 350 W. Valley Parkway Escondido, CA 92025 |
| Keauhou Stadium 7 | 78-6831 Ali’i Drive Suite 342 Kailua Kona, HI 96740 |
| Beaver Creek Stadium 12 | 1441 Beaver Creek Commons Drive Apex, NC 27502 |
| Fenway Stadium 13 & RPX | 201 Brookline Ave. Boston, MA 02215 |
| Meridian 16 | 1501 7th Avenue Seattle, WA 98101 |
| Stonefield Stadium 14 & IMAX | 1954 Swanson Drive Charlottesville, VA 22901 |
| Tikahtnu Stadium 16 IMAX & RPX | 1102 North Muldoon Road, Suite B Anchorage, AK 99504 |
Scenes from Theatre Closures
- Lincolnshire, IL – The Regal Lincolnshire showed its final movies Thursday evening, according to The Daily Herald. Furthermore, employees were just notified this week of the “abrupt” decision to close. Lincolnshire Mayor Elizabeth Brandt expected a closure, pointing to the pandemic and competition with streaming services at home. “I am 65 years old. I grew up going to the movies,” said Brandt, who recently watched “Top Gun: Maverick” there on IMAX with her family. “I will miss Regal. I remember my kids went there for birthday parties. For our community, it is a place where young and old could go and have fun. It also employed people in our community as well.”
- Odessa, TX – The Regal Permian Palace & IMAX Theatre shuttered on January 5, according to CBS 7 News. Furthermore, the theatre was located in Music City Mall. The mall told CBS 7 that it is “excited about the potential this opens up for new shopping and entertainment.” Importantly, a cinema had been at the location since the 1980’s.
- North Olmsted, OH – Regal Great Northern Mall Stadium 10 & RPX closed Friday after less than 10 years in business.
- Flowood, MS – Regal UA Parkway closed Thursday, January 5, according to WLBT. An employee told the station that the “decision to close was corporate.” Accordingly, a simple piece of paper on the ticket booth read, “Thank you! It has been our pleasure to serve you at this theatre. Regal UA Parkway Place is now closed.”
