By Sue Pascoe
Editor
The Regal Malibu Cinemas will close this Sunday according to Jamestown Property spokesperson Elizabeth Chow. The movies that will close the only theater in Malibu are “Wind River” and “Ingrid Goes West.”
The twin cinemas are located in Malibu Village at Cross Creek Road and Pacific Coast Highway.
In January, the Malibu Times reported that the 25-year lease the theater had expired at the end of 2016 “and the space will be operating month-to-month until the end of June.”
In a September 7 email to the Palisades News Chow wrote: “Despite extensive efforts to revive the theater’s prospects, including a 75 percent reduction in rent for the past several months, Regal has determined that the current business model is not financially viable and the theater will close as of September 10.
“Jamestown is committed to finding a replacement tenant that will fit compatibly within the unique Malibu community,” Chow said. “Over the past few months, we have been exploring a variety of options and we hope to announce a new tenant in the very near future.”
In the January story, Jamestown Property reported “They [theater] don’t get enough patrons and haven’t seen a payback for putting in amenities like reclining seats, new projection equipment, and beer and wine service that many competitor theaters have installed to continue attracting customers.”
The story explained that size, the theater is 4,000 sq. ft., was most likely the issue and that movie theaters typically require a minimum of 15,000 to 25,000 square feet to accommodate more screens. The story noted that “Jamestown does not have the development rights to add to the existing square footage.”
The Bay Theater in Palisades Village, set to open in 2018, is projected to have five screening rooms with seating for 300 in a 12,600-sq.-ft. building. Each theater will have luxury leather recliner seats and call buttons for full food and bar service.
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