MIAMI BEACH, Fla. – Good news for Miami Beach movie lovers. The landmark Regal Cinemas is staying put after word it was planning to close. The lease was renewed after the owner of Regal Cinemas announced the company has emerged from Chapter 11 bankruptcy.
Cineworld, the parent company of Regal Cinemas, filed for bankruptcy in Sept. 2022.
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The UK based theater group said in a statement this summer, it was able to reduce its debt by nearly $4.53 billion and has raised nearly $800 million in new capital.
“With a transformed balance sheet and a right-sized capital structure, Cineworld is ready and fully able to succeed in this dynamic and constantly changing movie theatre industry,” said Chairman Eric Foss.
The theater industry is attributing the bounce in the box office to moviegoers continued interest in “Barbie,” as well as “Oppenheimer.” The summer box office is up to $3.8 billion in ticket sales through Sunday, according to data firm Comscore — about 16.6% ahead of 2022 at the same point.
“I’m thrilled Regal and Lincoln Road ownership have extended the lease. For many years, the theater has given tourists and residents a place to watch first run movies in an enclosed, big-screen IMAX environment. It’s one of the additional reasons people come to Lincoln Road,” said Lyle Stern, President of the Lincoln Road Business Improvement District and principal of Vertical Real Estate.
According to CinemaTreasures.org, Regal Cinemas South Beach 18 opened June 16, 1999 with a total of 2,799 seats.
According to the Regal Cinema website, the chain is the second largest in the country, second to AMC Theaters.