Cirque du Soleil CEO Daniel Lamarre told CNBC on Tuesday that the circus company is waiting “for the beginning of 2021” for the return of its shows, after a suspension powered by coronavirus.
“The good news is that our entire cast and crew in Las Vegas lives there, so we hope we can open Vegas first because the artists are ready, so within a couple of weeks of training and rehearsal, a show can get back to normal, “Lamarre said in” Squawk on the Street. ”
Lamarre, whose comments came a day after Cirque du Soleil filed for bankruptcy, said the company’s return to Orlando shows will also benefit from a local cast and crew.
“It will be more difficult for touring shows because we cannot open touring shows unless all airlines are working on a regular schedule and all borders around the world are reopened, because when we do a touring show we do a tour in 450 cities around the world, “he said.
Cirque du Soleil and the large-scale live entertainment industry have faced dire consequences from the Covid-19 crisis, with the virus outbreak that led to the cancellation of shows. On Monday, the New York City Broadway League announced that it suspended the shows for the rest of 2020.
Lamarre said it will probably take Montreal-based Cirque “a good two years” to return to pre-pandemic profitability levels. But he said Cirque needs about 40% of its seats to be covered to reach breakeven, which means “with social distancing, if we could operate at 50% of our capacity, we would start to make a little profit.” .
“So we hope we can open some shows before that, but again to really get back to the level of profitability we had before the crisis, we need full capacity,” Lamarre said. He added that for any show during the health crisis, the company would take the guests’ temperatures upon arrival at the theater and have a mandatory mask policy.
Cirque du Soleil cut nearly 3,500 employees as part of its creditor protection filing. The employees had previously been fired.
Lamarre said he believes the initial purchase plan that Cirque has agreed with existing shareholders helps solidify the company’s long-term presence, although he noted that other offers could be made in the coming weeks.
“Obviously, they would have to come up with an offer that is better for the company’s future, better for our employees,” he said, noting that current shareholders could match that offer. “So today I can guarantee that the future of Cirque du Soleil is assured, and when normality returns, all of our shows will progressively return.”
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