Thanksgiving has put exhibitors on a roll, reporting record-breaking box office totals beginning with the pre-holiday openings of WICKED, GLADIATOR II, and MOANA 2. Up to this point, 2024 has had its ups and downs, feeling the aftereffects of last year’s labor strikes in Hollywood.
However, the arrival of three blockbusters propelled grosses to new heights, with AMC registering more than 8.8 million ticket sales over the five days from Wednesday to Sunday, including a best-ever number on Black Friday. Regal and Cinemark also saw record traffic across the country. The drumbeat of good news contributed to a sense of relief, coming at the end of a lukewarm Fall season in moviegoing.
In addition to the good news of the box office boost, Cineworld announced that it had completed refinancing on a $1.9 billion loan which was due for repayment. This gives the world’s second-largest exhibitor the financial breathing room to invest in upgrades at its theatres, including over 400 Regal Cinemas locations across the U.S.
Cineworld has struggled mightily since the COVID pandemic knocked it off its perch, forcing the company to file for bankruptcy in 2022. Under the leadership of newly appointed CEO Eduardo Acuna, there is renewed optimism that Wall Street sees more profitable days ahead, especially with the prospect of a particularly strong slate of new releases scheduled for 2025 and 2026.
Wall Street analysts have turned bullish on exhibitor stocks, most notably IMAX and Cinemark which have been able to emerge from the turmoil of the last several years with less debt and fewer complications than AMC and Cineworld.