How Korea’s Largest Theater Chain Lost a Fortune in America
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variety.comGene Maddaus Senior Media Writer It’s been a tough few years for the theater business, and it’s been particularly brutal in San Francisco.
Since the pandemic began, the city has lost the Embarcadero Center Cinema, the Century Theatres in the Westfield Mall and CinéArts at the Empire.
But for sheer financial calamity, it would be hard to top the CGV Cinemas, a 14-screen multiplex in the Tenderloin. South Korea’s largest movie chain opened the theater in September 2021.
It closed 18 months later, a victim of the pandemic and urban decline. The total damage: a whopping $54 million. How is it possible to lose that much money on one theater, without even owning it?
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