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While city officials and developers have hinted at the possibility of a multiplex theater to be located in the all but vacant Rainbow Centre Mall, movie industry sources say there are already too many movie theaters in Niagara County and agree that such a development would be highly unlikely.
Just last week, General Cinema, which recently closed the Summit Park 6 Cinema at the Summit Park Mall and the Thruway Mall Cinema in Cheektowaga, filed for bankruptcy protection in Newton, Mass. Company officials blamed the move on an oversaturated market after posting a $10.1 million third-quarter loss.
City Administrator Al Joseph and Joseph Weinburg of the Cordish Co., which owns the mall, both have mentioned the possibility of a movie theater at the facility, which closed Sept. 30. The theaters would become part of an "entertainment" complex at the mall, they said.
To date, no specific plans for this rebirth have been forthcoming, although it has been widely speculated developers hope the former mall will become the location of the city's first casino, if and when legalized gambling ever comes to Niagara Falls.
Movie industry analysts state there are currently about 25 percent too many movie screens in Niagara County. Ike Erlichman, a Tonawanda-based movie booker, said there is no need for a new theater here.
"I wouldn't want to be building a theater today," he said. "I think there's going to be an awful shake-up (in the industry)."