‘Tenet’ Reaches $45M+ Home, $307M WW Earlier than Cineworld & Anticipated Partial Regal Shutdown – Deadline
The city is still shocked by yesterday’s news of Cineworld’s impending permanent closure of UK cinemas in the coming week, and what we are hearing now appears to be an expected partial closure of US chain Regal No. 2. Cineworld remains silent on the radio.
On Friday, Regal dealers received news that of their 340-400 locations that are now open, 65 will be temporarily closed starting Monday and will retain an additional 50 weekend hours. These shelf locations that are being closed are the lower revenue locations within a short mile of another larger shelf location. So it is not yet entirely certain whether the entire shelf chain will be closed again for a longer period of time. When the news came last night that the entire Regal Circuit was going dark; This was abrupt news for their movie buyers who are actually waiting for the official word themselves. We’ll officially know what’s going on from Cineworld / Regal tomorrow or Tuesday. I mean, the second largest location for Tenet in the US last weekend was Regals Irvine Spectrum in Orange County, California. So why should the chain close all of its venues?
US Regal Owner Cineworld Chain Closes Theaters After Postponing “No Time To Die”
HOCUS POCUS, from left: Kathy Najimy, Bette Midler, Sarah Jessica Parker
Everett Collection / Disney
Overall, this sends a mixed message to moviegoers whether their local movie theater is open or not. Currently, according to the NRG survey, around 50% of all moviegoers in the states know that their local movie theater is open.
Nevertheless, Cineworld and Regals threatened shutdown speaks for how bad the state of the exhibition is. Some sales studio bosses believe the exhibit collapse can be directly blamed on New York Governor Andrew Cuomo, who has not reopened cinemas yet but reopened health clubs and casinos during the pandemic. When Regal goes dark, I am told that is an 18% blow to the home box office.
“Mooky Greidinger is fighting for his life,” says a studio boss this morning, “and it is unfortunate that he is the third generation to work in the exhibition business. He needs a lifeline. “
Some estimate that Cineworld / Regal’s radio silence about their precise immediate affairs is due to their trying to get their financial house in order. If their bondholders want them to close, it could put pressure on other exhibition bondholders (like AMCs) to force their hand in a similar fashion.
Note that principleWhich made $ 2.7 million on the weekend 6 for running $ 45.1 million Overall had a 12 week booking in most of the theaters. Many expected the film to potentially cost $ 55 million, but that projection could now be discarded by Regals affairs. In the UK, where Cineworld closes, Tenet has reached out $ 20.9 million.
A surprise last weekend was Disney’s 1993 re-release of the family comedy Bette Midler-Sarah Jessica Parker-Kathy Najimy Hocus-pocus Which did $ 1.925 million. Note Tenet should always win the weekend, beating Hocus Pocus on Friday for $ 740,000 to $ 650,000. Hocus Pocus was always looking for 2nd place.
Undoubtedly, the anticipated partial shutdown of Regal will hurt independent distributors with films in the immediate October future, such as Freestyles 2 Hearts, Open Roads Honest Thief, and 101 Studios’ War With Grandpa, which opens this weekend. However, if Regal stays partially open, chances are these distributors will take another 2,000 movie break on the opening weekend.
What some major studio distribution bosses think of Regal’s temporary closure: cinemas opened too early and too sporadically, long before New York and Los Angeles were online, and for Tenet, a cerebral noir thriller that wouldn’t necessarily work a rush in. Plus, we need a Marvel, DC, or big IP movie to get the hubs to spin properly again, and not just one movie, but a group of big movies backed by big nationwide campaigns. The fear is that when Disney’s soul leaves Thanksgiving, the combo of “Free Guy”, “Death on the Nile”, “Coming 2 America” by Paramount, “Escape Room 2” by Sony / Screen Gems, Warner Bros. Wonder Woman 1984 and Legendary’s Dune; All of this together is the perfect recipe to bring moviegoers back when the box office has a 2020 finale. Despite progress in talks with New York State just over a week ago, health officials there remain grilling over movie theaters reopening. The buzz was that Los Angeles could reopen theaters by October 16.
The shutdown of Cineworld was first reported in London’s Sunday Times, and Variety reported that Regal would be shut down as well. WSJ said the shelf shutdown was “likely” either tomorrow or Tuesday, in official chain words.