Cineplex banks on arcades as industry box office sales sag

The head of Cineplex Inc. is doubling down on arcades as he looks to top up revenues amid the unsteady return of audiences to theatres.

Cineplex runs 13 such venues across the country via chains such as Playdium, The Rec Room and Junxion, with three more slated to launch in the fourth quarter. A Playdium arcade centre will open at Toronto's Fairview Mall adjacent to a Cineplex location, and two new Rec Rooms will take root in downtown Vancouver and Montreal's Royalmount mega-mall complex, Jacob said.

"We have good runway to further grow in a highly accretive, high-margin business and strengthen our position as a leading entertainment destination for Canadians." Revenue from the location-based entertainment segment actually dipped by nearly two per cent year over year to $34.5 million last quarter, but executives attributed the figure to bad weather earlier in the year that forced some stores to close temporarily.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Eau Claire Market movie theatre closes downMovie fans gathered at the Eau Claire Market Cineplex for its final showings this weekend.
Source: CTVCalgary - 🏆 26. / 68 Read more »

Cineplex reports Q1 profit as sale of arcade game business boosts resultsTORONTO — Cineplex Inc. reported a profit in its latest quarter compared with a loss a year ago as its results were boosted by the sale of its arcade game...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Cineplex reports Q1 profit as sale of arcade game business boosts resultsTORONTO — Cineplex Inc. reported a profit in its latest quarter compared with a loss a year ago as its results were boosted by the sale of its arcade game business. The movie theatre company says it earned $5.
Source: SooToday - 🏆 8. / 85 Read more »