Business
Reading International Announces Cinema Re-Openings in New Zealand and Australia and other COVID-19 Updates
CULVER CITY, Calif.--(BUSINESS WIRE)-- Reading International, Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company with
About this update from Reading International Inc
[{"type":"text","content":" CULVER CITY, Calif.--(BUSINESS WIRE)--\nReading International, Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia and New Zealand, today announced that it has begun limited cinema operations in New Zealand and will commence operating certain Reading Cinemas in Australia on June 11, 2020, in line with government and health department regulations following recent easing of certain government mandated COVID-19 closures.\n\n\n“We are thrilled to welcome our guests and employees back to our cinemas in New Zealand and soon in Australia,” said Reading’s President and Chief Executive Officer Ellen Cotter. “The aggressive approach of the New Zealand government to suppress the virus, alongside the successful efforts of Australia’s government, have paved the way for Reading to re-start these important operational divisions that have long underpinned our global cash flow. And, with the U.S. economy now re-opening, we also look forward to a gradual and safe ramping up of our U.S. cinema business and the completion of our 44 Union Square project in New York City.”\n\n\nMs. Cotter continued, “While the COVID-19 crisis is having a significant impact on our business, Reading’s geographically diversified cinema and real estate portfolio, coupled with our proactive steps to preserve cash and ensure sufficient liquidity, give us confidence in our future. We will be prepared to navigate the new reality and will continue to adjust our thinking in order to preserve the significant value in Reading.”\n\n\nReading Cinema operations resume in New Zealand and Australia\n\n\nAs of May 28, 2020, we re-started our cinema operations in New Zealand with the re-opening of our cinemas in Rotorua and Napier (each of which is owned by the Company in fee). In line with the government’s national easing of the COVID-19 restrictions, the remainder of the Company’s New Zealand cinema circuit will re-open on June 4, 2020.\n\n\nIn Australia, we intend to begin a phased re-opening of our cinemas on June 11, 2020 with four cinemas in South Australia and Western Australia. We anticipate re-opening our seven Reading Cinemas in Victoria between June 15, 2020 and June 22, 2020, and the remaining 12 cinemas in Queensland, Tasmania, and New South Wales will re-open when there is further lo...