Landmark Theaters’ Pico Venue To Close At Month’s End; Blow To LA Arthouse Scene – Deadline

With the Hollywood Arclight already closed, now comes another blow to Los Angeles’ specialty cinema scene: The 12-screen Landmark Pico is closing at month’s end after 15 years, the chain said today.

Landmark Theaters’ flagship venue, which has been a destination for countless Academy screenings since 2007 in addition to Deadline’s Screening Series over the years, will be shuttered when its lease expires May 31.

Landmark Theaters

“For months, we’ve been working to extend our tenancy of the Landmark Pico but have been unable to reach terms,” ​​Landmark Theaters’ President Kevin Holloway said in a statement. “We’re exploring opportunities to expand our Los Angeles footprint, which we hope to be able to share more on soon.”

‘Everything Everywhere All At Once’ cept Except In Parts Of The Middle East Where The Movie Has Been Banned

The timing of today’s news is particularly unfortunate as specialty cinema has begun a comeback, with A24’s Everything Everywhere All at Once putting arthouses back on the rails after a long pandemic-burdened dry spell. The Michelle Yeon-fronted pic opened March 25 to more than $ 500,000 from 10 screens in LA, New York and San Francisco for a hefty $ 50,965 per-screen average. It is racing toward a $ 50 million haul, with $ 42.7 million through Sunday and counting.

The Pico’s pending closure will also hurt the box office for upcoming adult-driven limited-release titles like Downton Abbey: A New Era, which will lose a key LA-area venue.

How Focus Features’ ‘Downton Abbey: A New Era’ Ushers In Specialty Label’s First Franchise – CinemaCon

“We send our deepest appreciation to the Pico staff, guests and the filmmaking community for their support over the years,” Holloway added.

Deadline spoke to some specialty distributors who said that they hadn’t been wowed by grosses out of the Landmark Pico since theaters reopened. The venue went from being a mall with foot traffic way-pre-pandemic to an empty office building. Couple that with an older-skewing audience that was hesitant to return during Covid, and the Pico just didn’t keep up with the clip that other theaters were rebounding in Los Angeles.

What happens now? Sources say the AMC Century City and the AMC Grove as well as Laemmle theaters will now be the prime destinations for prolific arthouse fare.

Laemmle Theaters Reopening LA-Area Arthouses, Including Brand-New Multiplex In Santa Clarita

The Landmark Pico at the former Westside Pavilion on Pico Boulevard near Westwood Avenue also boasts upscale amenities and caters to special events, with technology features including a video simulcast system for broadcasting overflow screenings, presentations and Q & As.

It is part of the chain that was acquired in 2018 by the Cohen Media Group’s Charles S. Cohen. Landmark Theaters operates nearly three dozen theaters with 195 screens, including recent acquisitions in the Chicago area and Annapolis, MD.

Landmark continues to run LA’s historic Nuart Theater on Santa Monica Boulevard near the 405. That 1929 venue, which Landmark has operated since 1974, is undergoing a major renovation that began in March.

Leave a Comment

Your email address will not be published.