Cinemark seems to think the COVID-19 pandemic will see an ease by the summer because they’re eyeing a re-open that seems very optimistic.
Cinemark CFO and COO Sean Gamble told investors and financial analysts in a special conference call yesterday that the chain is looking to “ramp up” by July 1 with employees coming back roughly two weeks prior in late June. Now, I should point out this may be determined on a state by state & county by county basis. They would also maybe look at reduced hours & days of the week. Cinemark is thinking that it will take about 3 months to get truly back to normal.
Cinemark CEO and Board Director Mark Zoradi added there will be two weeks of “showing library product, high profile library product” as the chain expects a slow flow of attendance. The big blast off anticipated here is the weekend of July 17-19 when Christopher Nolan’s Tenet is still expected to open, for now. In terms of profit for the brand, they’re saying occupancy levels of 20% to 30% is what they need & they think they can accomplish that with newly implemented social distancing guidelines.
