Do you know that cinemas can close?
Despite our thinking that cinemas are almost permanent, mainly when the cinemas belong to large cinema operators such as Cathay Cineplexes, they do close.
Especially when times hit hard.
Cathay Cineplexes announced that it would be closing its Parkway Parade outlet this month.
While we are sad to hear that, we’re glad there are other locations to enjoy our favourite movies.
Here is more on the closure.
Cathay Cineplex Parkway Parade to Close On 27 August 2023
Calling all movie fanatics. You will soon have fewer choices if you love watching movies at Cathay Cineplexes.
But don’t fret since we still have Golden Village and Shaw Theatres, which bring the best blockbusters around the world to you.
Earlier today (21 August 2023), Cathay Cineplexes released a Facebook post sharing with its followers that it will close its Parkway Parade outlet by the end of August this year.
In particular, the “last day of operations is 27 August 2023”.
If you want to head down to that outlet before it closes for good, you have a week to do so.
Thankfully, Cathay Cineplexes is not leaving Singapore permanently.
It will still be around at the following locations:
- Cathay Cineplex Causeway Point
- Cathay Cineplex AMK Hub
- Cathay Cineplex Downtown East
- Cathay Cineplex West Mall
- Cathay Cineplex JEM
- Cathay Cineplex Century Square
MM2 Asia Seems to Be Facing Financial Difficulties
Why the sudden closure, though?
The answer may lie with some of the financial difficulties which Cathay Cineplexes’ parent company is facing. The parent company of this movie chain is mm2 Asia.
For those unaware, the Parkway Parade outlet is the third outlet shuttered in recent years.
In 2022, the cinema chain announced that its outlet, The Cathay on Handy Road, would cease operations.
About a year later, in June this year, the chain again announced that it would close its Orchard Cineleisure branch.
It is also common knowledge that the cinema operator was struggling with debt during the COVID-19 pandemic, with losses of up to $100 million due to shutdowns around the island.
The losses may be waning, with the company reporting net losses of up to $15 million for the financial year ended March 2023. However, this is still pretty hefty for the entertainment company.
That said, let’s hope that mm2 Asia weathers through the storms and that its new, upcoming Cathay Cineplexes branches at Century Square and *Scape bring in the much-needed dough for the company.
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