President Theatre in Hong Kong has announced it will shut down on Tuesday, after operating in the city for more than half a century. The announcement came less than a week after another local cinema went out of business.
Newport Circuit announced on Facebook last Saturday that President Theatre, which opened in October 1966, will close on April 30. The theatre located in Causeway Bay described its demise as “closing down with honour,” and thanked the support of the public.
‘Collective memories’
Fans of the theatre expressed regret over the closure, with some saying the tickets sold by President Theatre were relatively cheaper compared to other cinemas. Others said the venue played a major role in their childhood memory.
“It’s such a pity, [President Theatre embodies] the collective memories of Hong Kong Island residents,” one Facebook user commented under the closure announcement.
The closure of President Theatre will leave Newport Circuit with only two cinemas remaining – Newport Theatre in Mong Kok and Hyland Theatre in Tuen Mun.
Cinema market
The announcement of the closure came less than a week after GH Kai Tak under Golden Harvest marked its final day on April 21. It coincided with the second edition of Hong Kong Cinema Day, where local cinemas sold tickets at just HK$30 to celebrate the occasion.
As of April, there were 59 cinemas in Hong Kong, with 16 located on Hong Kong Island, 23 in Kowloon and 30 in the New Territories, according to the Hong Kong Theatre Association.
Hong Kong’s cinema market “remains stuck far below pre-pandemic levels,” the Hong Kong Trade Development Council (HKTDC) wrote in an industry report released last month.
In 2023, Hong Kong’s total box office revenue, including foreign films, stood at HK$1.4 billion. The figure has risen by around 25 per cent compared to 2022, when cinemas were ordered to close temporarily due to the Covid-19 pandemic and were subject to other anti-epidemic restrictions such as a cap on occupancy rates.
However, there remains a gap between the 2023 revenue and the total box office receipts of HK$1.92 billion seen in 2019.
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