MovieTowne is increasing its ticket prices by $10 effective next week Thursday.
In a release on its social media pages, the MovieTowne management said it has maintained its admission prices over the last ten years, despite persistent increases in operational and input costs, which were heightened by the COVID-19 pandemic.
“However, given the continuous rise in costs locally and internationally, adjustments have become necessary to our movie ticket prices,” according to MovieTowne.
From May 18, adult patrons at the Port of Spain and San Fernando cineplexes will pay $70 for a 3D movie and $60 for a 2D movie. Children will pay $60 to view a 3D movie and $50 for a 2D movie, while senior will pay $50 and $40.
In Tobago, from May 18, adults and children will pay $10 less than the prices in Port of Spain and San Fernando, while senior will pay $50 for the 3D experience and $40 for the 2D experience.
The movie ticket price increases are between 16.66 per cent and 33 per cent.
In an interview, owner of MovieTowne Derek Chin explained the reasons behind the increases.
“Everything around us, the cost of doing business, the cost of security, food prices have gone up. Everything. So we took a long while after the COVID whether we would increase then or what was the best time. I think now things have stepped down a little bit and we thought it was the best time to do so,” said Chin.
In its release, the MovieTowne management told its customers: “We understand that price increases are never easy, however we assure you that we remain committed to providing the highest standard of service and quality entertainment to you, our loyal customers.”
The MovieTowne founder also said, although ticket sales have increased, they are not yet back to pre-COVID-19 levels.
“We have improved but it’s still around 50 per cent of what it used to be pre-COVID. We haven’t been able to achieve levels before COVID...and of course added now is the crime issue.
According to a post on the Trinifans platform, the last time MovieTowne increased its prices was in 2012 when the price of a 2D movie ticket for an adult increased from $45 to $50.
In the Companies Registry return for MovieTowne Holdings Ltd, Derek Chin is listed as holding 8,000 ordinary shares, through a limited liability company called Daching Holdings. Five members of the Abraham family, led by the patriach Ernesto, hold 6,600 shares. Pierpont Scott and Winfield Scott Jnr, listed as directors of William H Scott Ltd, each hold 2,700 shares.
The directors of Movieowne Holdings Ltd are Derek Chin, Ernesto Abraham, Winfield Scott Jnr, Pierpont Scott and Haydn-John Gadsby.
The Companies Registry filing is stamped July 27, 2022.
