Regal Cinemas is also formerly known as Regal Entertainment Group is an American Movie Theatre. Regal Theatre is the second largest theatre circuit in the world after the British Theatre chain Cineworld acquired it for $ 3.4 billion. The Regal Entertainment Group runs three brands, namely:
- Regal Cinemas
- Edwards Theatre
- United Artists Theatres
Regal Cinemas has collaborated with many small chains, which however has been branded as Regal Cinemas. Regal Cinema has its headquarters in Knoxville, Tennessee.
History of Regal Cinemas:
Regal Cinemas was established in the year 1989 in Knoxville, Tennessee. Mike Campbell was chosen as its CEO. It was first opened in Searstown, Florida. Regal Cinemas began to grow rapidly, opening more smaller and larger cinemas and lately making it the second-largest chain of theatres in the United States of America. Every Regal cinema has a cafe in it. Lately, Regal Cinemas have merged with UK chains of theatres Cineworld. On December 5th,2020, it was officially announced that Cineworld would buy Regal Cinemas for $ 3.4 Billion, making it the world’s second-largest theatre chain.
Precaution taken for COVID-19 Pandemic:
- At the initial stage of the pandemic, Regal Cinemas had decided to close all its 549 theatres across the USA. Later in August 2020, it started reopening the cinemas partially with local restrictions.
- Now theatres have been fully opened in USA after the announcement of the vaccine program
- Wearing a mask has been made compulsory.
- Theatres are sanitized regularly after each movie slot. All local restrictions/ precautions are followed.
Earnings in 2020:
Regal Cinemas faced a loss in 2020 because of lockdown due to the pandemic. Regal has to pay $ 1.58 billion tax. The Regal Cinemas faced a 15% loss on their yearly earnings. This led Regal Cinemas and Cineworld to negotiate and ended up buying shares of Regal Cinemas making it the world’s largest theatre chain globally.
Net Worth of Regal Cinemas in 2020:
The Net worth of Regal Cinemas in 2020 is $ 170.40 million. The CEO of Regal Cinemas Mooky Griendinger aims to make the worth of Regal Cinema more but currently, the chain is facing issues because of the pandemic.