Cinemark CEO Mark Zoradi expects “some contraction” in the movie theater business due to Covid-19, but said his company is not actively pursuing acquisitions or takeovers of leases held by less well-fortified rivals.“Our No.
1 priority is to rebuild our balance sheet,” he said at the MKM Partners Virtual Investor Conference. “We are going to be very careful in taking cash that we have on hand, of which we have plenty, and risking it with acquisitions where we’re not certain what that particular outlet is going to do in a post-pandemic environment.
Until a landlord actually owns a property, it obviously is not appropriate for us to be negotiating with that landlord prior to that moment.”Zoradi dismissed a report in the New York Post that the
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