CNWGY - Jaws and Spider-Man Try to Save Movie Theater Stocks
Attendance is slumping for multiplex operators, and it's not the only thing dragging. Shares of AMC Entertainment (NYSE: AMC) , Regal parent Cineworld (OTC: CNWGY) (OTC: CNNW.F) , and Cinemark (NYSE: CNK) have also been on the decline. The last three weekends of box office receipts are also the worst three weekends in more than three months. You have to go back to January to find a worse weekend showing in terms of ticket sales than the industry experienced this past weekend.
The industry is trying. All three of the leading chains are selling tickets to all screenings -- even for premium formats -- for just $3 a head on Saturday. With a lack of compelling releases in recent weeks and a dud in terms of debutantes this weekend, the last hope for a decent Labor Day holiday falls on a pair of iconic rereleases.
Jaws and Spider-Man: No Way Home are making their way back to your local multiplex this weekend. Movies don't generally fare well when they come back for an encore run, but it could be different this time. Jaws will be made available on Imax (NYSE: IMAX) and 3D for the first time. We're also talking about an extended cut for the Spider-Man sequel, adding 11 minutes to last year's top box office draw.
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Jaws and Spider-Man Try to Save Movie Theater Stocks