Movements in Cinema Market in Costa Rica

The Costa Rican chain CitiCinemas has acquired ten theaters from its competitor CCM Cinemas and says it will invest $3.5 million in renovations.

Thursday, August 7, 2014

With the transfer of the operation of 10 cinemas to the company CitiCinemas "... the Local cinema industry is more competitive than ever. CCM Cinemas is now tied, in terms of the number of screens, with the Mexican company Cinepolis (29), CitiCinemas ranks second (17), Cinemark is in third place (16) and Nova Cinemas in the fourth with 7."

According to the explication given by Jennifer Vargas, head of marketing at CCM Cinemas to Elfinancierocr.com, "the company has decided to" ... 'focus on other places or cinema halls around the country, in order to continue to grow.' "

Javier Kopper, co owner of CitiCinemas explained that "... the negotiations began several months ago when Scotiabank approached the company to offer the rental of these subsidiaries."

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