Regal Tikahtnu. Photo by of Kyle Ivacic.
Theatergoers may soon be saying goodbye to one of Anchorage’s largest movie theaters, the Regal Tikahtnu. The multiplex, which houses 16 screens and has one of the only two IMAX screens in the state, has been placed on a list of theaters to close by UK-based Cineworld. According to the company’s bankruptcy filings, axing 39 Regal theaters across the United States will release them from “unnecessary” and “burdensome” leases.
The 2017 Cineworld buyout of Regal happened at a time that was more economically promising for theaters. Unfortunately, the COVID-19 pandemic derailed the company’s ambitions along with those of competitors, such as AMC.
Beginning Feb. 15, Cineworld plans to reject the leases for the 39 affected theaters in an effort to cut costs by an estimated $22 million annually. Ultimately, the theater chain is required to restructure as a result of Chapter 11 bankruptcy proceedings. Part of the restructuring’s intention being to identify theater leases that are of low value to the company.
UAA students have expressed disappointment with the planned closure. The theater stands as one of only a small handful of entertainment venues in the city open to people who are under 21.
Kaitlyn Barcelona, a junior, said: “The theater is my go-to for hanging out with friends or my boyfriend. It’s the only theater with a 4D screen, so it feels like one of the closest things we have to an amusement park. I’m upset by the announcement, but at least there are other theaters in Anchorage.”
There seems to be more to the story, however. Further investigation led to contact with a Regal Tikahtnu employee who wished to remain unnamed. The employee said, “I can assure you that the theater is not closing, but that's as much as we can say.”
Requests for comment from Regal, Cineworld, and Browman Development – the developer responsible for leases in Tikahtnu Commons – were all left unanswered.
Based on the silence of parties involved, the employee’s statement, and the theater’s scheduled showtimes extending well-beyond Feb. 15 – the future of the theater remains to be seen.
More information and final decisions will likely be revealed as the February deadline approaches.
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