CGV shuts down last LA theater, ending 15-yr U.S. presence

▲ A screenshot from CGV's U.S. website (PHOTO NOT FOR SALE) (Yonhap)

CGV-US operation

CGV shuts down last LA theater, ending 15-yr U.S. presence

SEOUL, Sept. 24 (Yonhap) -- CGV, a major multiplex cinema chain, said Wednesday it has closed its last theater in Los Angeles, ending its 15-year physical presence in the North American market.

"After much consideration, we have made the difficult decision to permanently close CGV LA," the company said on its U.S. website, noting Sunday was its last day of business.

The decision was made to allow a strategic shift toward more competitive, high-performing specialty theaters -- 4DX and ScreenX -- according to CGV.

CGV's U.S. operations began in June 2010 with the opening of a 600-seat theater in LA, followed by a 1,187-seat location in Buena Park in 2017. A large 14-auditorium theater opened in San Francisco in September 2021. But following the COVID-19 pandemic and a decline in moviegoers, the San Francisco location shut down in 2023 and the Buena Park theater closed last year.

Shifting its business strategy, the company now plans to focus on expanding its specialized theater technologies. This move is bolstered by a significant 47 percent year-over-year revenue increase from its 4DX and ScreenX formats in North America, which reached US$55 million in the first half of this year.

Instead of managing its own cinema locations, CGV is expected to concentrate on marketing and licensing its immersive high-technology systems to other multiplex operations.

Globally, CJ operates 772 4DX and 439 ScreenX theaters.

(END)

(C) Yonhap News Agency. All Rights Reserved