It’s unclear who might move into the former ArcLight and Pacific locations. Grove and Americana developer Rick Caruso has said he wants to keep the projectors rolling. Mexican theater chain Cinépolis has a relationship with Caruso properties, having reopened the Bay Theatre in Pacific Palisades, but the company did not say whether it was considering additional locations.
“We were very disappointed to hear of the closing of ArcLight,” said Luis Olloqui, Chief Executive of Cinépolis USA, in an emailed statement. “It’s been an extremely difficult year on all exhibitors and we sincerely hope that something can be done to save these iconic theaters.”
Few expect the entire chain to be sold in one piece, given the complications of dealing with multiple different landlords. Instead, the theaters are expected to be unloaded piece by piece.
Netflix has been speculated on social media as a possible savior of ArcLight Hollywood and the Dome, following its purchase of the landmark Egyptian Theatre. New York-based Cohen Media Group, which bought Landmark Theatres in 2018, has also shown interest in cinema assets. Neither would comment for this story.
Giant chains such as AMC, Regal and Cinemark might be natural operators, but may not be interested in spending the additional cash after taking such a beating to their balance sheets.
There’s also the off-chance that a movie studio or local billionaire swoops in. Whoever does, though, will be buying into a business that will have to adapt to long-term changes that were accelerated by the pandemic.
“If ArcLight, which is very beloved, especially by people in the industry, can’t survive, it’s going to make people nervous and question whether this theatrical model can survive,” said Bock. “What happens next is going to be a big deal for the future of the industry.”