Regal Cinemas Suffers Big First Half Hit From Coronavirus: Report

HYANNIS, MA — A popular movie theater chain with three cinemas on Cape Cod suffered huge losses in the first half of 2020 due to the coronavirus pandemic. Cineworld Group, the movie theater giant that owns Regal Cinemas, reported their shares are down more than 11 percent.

During the six-month period ended June 30, the company reported pre-tax losses of $1.64 billion. At that time last year, the Cineworld Group reported a profit of $139.7 million. The chain told the New York Post there was "no certainty" about how much the pandemic will further hurt business.

During the height of the coronavirus pandemic, Cineworld closed all 778 of its theaters between mid-March and late June. Since then, 561 cinemas reopened, including locations in Hyannis, Mashpee and Sandwich. But CEO Mooky Greidinger told the New York Post there's been some positive trends as audiences slowly come back to see movies like "Tenet," Christopher Nolan's spy thriller. Still, Greidinger remained cautious as COVID-19 continues ravaging through the United States and Europe.

"There can be no certainty as to the future impact of COVID-19 on the group,” Greidinger said. “If governments were to strengthen restrictions on social gathering, which may therefore oblige us to close our estate again or further push back movie releases, it would have a negative impact on our financial performance and likely require the need to raise additional liquidity."