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| Company type | Theatre chain |
|---|---|
| Founded | 1990s |
| Defunct | 2009; 15 years ago (2009) |
| Fate | Bankruptcy |
| Parent | CV Entertainment Inc. |
CineVista Theatres was a movie theatre chain in Puerto Rico founded in 1997. After CineVista went bankrupt and started closing its theatres, Caribbean Cinemas became the only theatre chain in Puerto Rico.
History
In 1994, CineVista Theatres would be acquired by Reading International Inc.
In December 1999, at a cost of $8,000,000 a new CineVista Theatres complex of Twelve Plex Theaters at the Plaza Carolina in Carolina, which contained stadium-style seats would be built. It would officially open in the year 2000.
In 2000, was the opening by Caribbean Cinemas of a state-of-the-art multiplex cinema in the Plaza Las Américas the largest shopping center in Puerto Rico. Prior to the opening of this cinema, CineVista’s cinema complex at the Plaza Las Américas was Reading’s top grossing cinema in Puerto Rico. Reading believed that the entering into of the lease with respect to this cinema by the owner of the Plaza Las Américas and Caribbean Cinemas was in violation of agreements reached between CineVista and the owner of the Plaza, and was an exercise of monopoly power by the Plaza and Caribbean Cinemas.
In 2001, Reading International Inc., had determined to focus its future cinema exhibition activities on Australia, New Zealand and the United States. This decision was made in large part due to the competitive situation in Puerto Rico, where Caribbean Cinemas had acquired a greater than 82% market share and continued to build in an already overbuilt cinema market. While Reading had sought relief in the Puerto Rican courts, alleging violation of applicable antitrust laws, it was unlikely, given the pace at the time of antitrust litigation in Puerto Rico, that assistance would be forthcoming within a time frame that would justify continued investment in Puerto Rico by Reading. Accordingly, Reading intended to exit the Puerto Rican market, when feasible. In 1999, Reading wrote down its investment in Puerto Rico from approximately $34,000,000 to approximately $3,000,000. While Reading was currently in preliminary discussions with a potential acquirer concerning the potential sale of substantial portions of its CineVista circuit, no assurances would be given that those discussions would result in a transaction. Reading intends, even if it is successful in disposing of its Puerto Rico assets, to continue its antitrust litigation in an attempt to recoup some portion of its losses in Puerto Rico.
In 2001, CineVista operated 52 screens in seven leased facilities in Puerto Rico. In Puerto Rico, Reading’s concentration had been on multiplex cinemas located on leasehold properties, and the exhibition of conventional film product. All of CineVista’s theaters were modern multi-screen facilities. During some last six years at the time, Puerto Rico had undergone significant retail shopping center development. During this period, the number of multiplex theaters had increased substantially. The Company’s principal competitor, Caribbean Cinemas, a privately-owned company, had opened 11 complexes adding approximately 103 screens since the beginning of 1996, and was expected to continue to open theaters competitive with those of CineVista. These new screens have adversely affected the Company’s current operations. Since 1994, this competitor’s share of the Puerto Rico box office had increased from 48% to 82%. Reading believed that the Puerto Rico market was over-built, and that there would be few, if any, opportunities in the near to medium term that would be attractive to Reading. CineVista had approximately 138 employees in Puerto Rico at the time.
On January 17, 2008, it would be reported that the CineVista Theatres located at the Plaza Carolina in Carolina would close.
On June 3, 2008, it would be reported that owners of the CineVista Theatres, CV Entertainment Inc. had filed for Chapter 11 bankruptcy. By this point they had already closed the CineVista Theatres location at the Plaza Carolina.
On October 23, 2008, it was reported that the CineVista Theatres located at the Mayagüez Town Center in Mayagüez had closed, and would soon be reopened under new administration.
Locations
- Plaza Las Americas (closed September 23, 2005, but currently available on the second floor as Caribbean Cinemas)
- Plaza Carolina (closed January 18, 2008, but currently available as Caribbean Cinemas)
- Mayaguez Mall (closed November 10, 2008)
- Mayaguez Town Center (closed November 10, 2008, currently owned by El Cine.)
- Señorial Mall (closed May 30, 2003)
- Palma Real (closed September 1, 2007)
- Plaza del Norte (closed April 27, 2007. Now Caribbean Cinemas.)
- Naranjito (closed in 2001, reopened in 2004 but owned by Naranjito Centro Cinemas)
References
- ^ "Reading International, Inc". www.sec.gov. Retrieved 2023-09-10.
- Network, The Blue Book. "CIC Construction Group USA, LLC | ProView". www.thebluebook.com. Retrieved 2023-09-10.
- "CINEVISTA THEATERS | CIC Construction Group". www.cicconstruction.com. Retrieved 2023-09-10.
- "Recordando grandes cines de Carolina". www.carolina787.com (in Spanish). Retrieved 2023-09-10.
- "Cierra CineVista en Plaza Carolina". El Nuevo Día (in Spanish). 2008-01-16. Retrieved 2023-09-10.
- "Dueño de CineVista se acoge al Capítulo 11". El Nuevo Día (in Spanish). 2008-06-03. Retrieved 2023-09-10.
- "Cierran los teatros Cine Vista en Mayagüez". El Nuevo Día (in Spanish). Retrieved 2023-09-10.