Megastar shuts down loss-making theater complex

TN News

Email Print

Local cinema operator Megastar says it decided to close its US$4 million eight-screen cineplex in Ho Chi Minh City's District 7 at the end of April due to poor ticket sales.

The theater had few customers and it had to be shut down, Brian Hall, Megastar Chairman, was quoted by the Vietnam Economic Times as saying Wednesday.

Revenues at the cineplex, launched in January last year at  Saigon Paragon shopping center, only accounted for 1.5 percent of all Megastar theaters in the country.

Hall said other theaters of his company yielded good profits immediately after they were opened.

Megastar, a venture between local publishing company Phuong Nam and Envoy Media Partners from British Virgin Islands, now operates six movie theater complexes in big cities. It opened the first two 3D screens in Vietnam late last year, and added three more in March.

More Business News