Cinemark is reopening theaters Friday, all to be open by mid-July
The company will run classics at first, then add new movies to the mix.
After being closed for months in response to the COVID-19 pandemic, Cinemark announced yesterday that it will reopen theaters in Texas tomorrow. The Dallas reopening is the first phase of a planned four-phase process, which will see all of Cinemark's 555 locations open for moviegoers again by July 17 if the plan goes according to schedule.
All of America's movie theater companies experienced brutal revenue losses as a result of the novel coronavirus, causing their stock value to crater. Cinemark and its sister enterprises haven't yet seen a rebound, with shares still well below pre-pandemic levels.
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The company is "strongly encouraging" people visiting their theaters to wear masks, and masks and gloves are mandatory for employees. Seats will be cleaned between movie screenings, hand sanitizer and seat wipes will be available to moviegoers, and ticket sales limits, staggered showtimes, and other measures will encourage safe distancing. Cinemark also says it's using "new tactics to increase the fresh air intake to enhance the overall air quality."
Movie fans will initially be able to enjoy big-screen viewings of what Cinemark calls "Comeback Classics," from the velociraptors and tyrannosaurs of the original "Jurassic Park" to the swashbuckling action of "Raiders of the Lost Ark" and the hellhounds and wisecracking of the 1984 "Ghostbusters." Tickets for these classics cost $3 for kids and $5 for adults. New blockbusters will start showing on July 10, with the release of "Unhinged."
CEO Mark Zoradi said there is "nothing quite like the awe and power of great cinematic storytelling on the big screen, and Cinemark is proud to once again welcome guests to enjoy the shared, immersive experience they crave in a way that provides them confidence and peace of mind."
Rhian Hunt has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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