Brussels, Belgium & New York, NY — Let’s be entirely honest here: the movie theater business is tough. Streaming services are keeping everyone on their couches, concession prices are borderline highway robbery, and theater owners are basically operating on hopes and prayers.
Yet, right in the middle of this theatrical gloom, Belgian cinema giant Kinepolis is pulling off a remarkably ballsy expansion. The company has just penned an agreement with Harbor Lights Entertainment (which you might remember by its former name, National Amusements Inc.) to acquire 13 premium Showcase Cinemas in the United States.
The enterprise value of the transaction sits at a cool $30 million, and the deal is expected to close by the end of summer 2026.
We aren’t talking about run-down, sticky-floored local multiplexes here. This acquisition adds 164 screens and 17,794 seats to Kinepolis’s global network. These are highly polished, well-maintained theaters.
To be specific, seven are located in Massachusetts, four in New York, one in Rhode Island, and one in Ohio. About 80% of the auditoriums already boast stadium-style configuration with plush, luxury recliner seating. They feature premium large-format (PLF) screens and expanded gourmet food options.
In 2025, these 13 locations pulled in roughly 4 million moviegoers, bringing in a highly respectable $90+ million in top-line revenue.
But here is where the story gets really interesting. If these 13 locations brought in over $90 million in revenue last year, why did they sell for a relatively cheap $30 million? The answer is buried in the balance sheet: in 2025, these theaters operated at roughly a net break-even level for cash flow.
It’s a razor-thin business But Kinepolis CEO Eddy Duquenne isn’t stupid. This isn’t just a bet on Hollywood; it’s a massive real estate play. Six of the thirteen acquired locations are fully owned properties. The raw value of that physical land and brick-and-mortar real estate practically covers the entire $30 million purchase price on its own.
If the theater business continues to sputter, Kinepolis can easily redevelop or optimize those high-value East Coast properties.
| State | Number of Cinemas | Ownership Type | Key Highlights |
|---|---|---|---|
| Massachusetts | 7 | Mixed (Owned & Leased) | High-end PLF screens, premium location density |
| New York | 4 | Mixed (Owned & Leased) | Strong suburban market pull, gourmet food options |
| Ohio | 1 | Mixed | Heavy local attendance, 80% recliner seating |
| Rhode Island | 1 | Mixed | Strategic coastal market presence |
For those unfamiliar with the company, Kinepolis has been quietly building a massive global empire since its creation in 1997 through the merger of two family-run Belgian cinema groups.
Listed on Euronext under the ticker KIN, they are famous in Europe for their high-efficiency operational model.
Currently, the group runs 122 cinemas worldwide, with 63 in Europe, 35 in Canada, and 24 in the US.
By swallowing these 13 Showcase Cinemas, they are aggressively shifting their American center of gravity from Michigan straight to the East Coast.
Kinepolis has stated they intend to keep operating the theaters under the existing “Showcase Cinemas” brand name to ensure continuity for local moviegoers, employees, and regional partners.
EY-Parthenon and PwC advised Kinepolis on the financial and tax side of the deal, while Dentons handled the legal work.
So, what’s the big takeaway? Don’t write off the local theater just yet. While domestic chains continue to struggle with high overhead and fluctuating ticket sales, international operators with deep pockets and a smart real estate focus are showing us that there is still plenty of gold hidden behind the silver screen.
