Chinese cinema chain operator Wanda Film Holding is pushing ahead with its plans to build between 50 and 70 new movie theaters by the end of the year. The company, which is controlled by Chinese billionaire Wang Jianling, is banking on the return of moviegoers amid the lifting of shelter-in-place orders and lockdowns nationwide to offset its losses during the first quarter of the year.

The plan to further expand its footprint in China comes as the government pushes to reopen the country's economy. The State Council announced last week that it will be allowing entertainment centers across the nation to resume operations after more than 100 days of being shut down. Apart from being great news to Wanda Film, the reopening of entertainment centers is also great news for the country's $9 billion film industry, which had been struggling to stay afloat amid the crisis.

Wanda Film executive president, Liu Xiaobin, acknowledged during the company's investors call during the weekend that the sector had been heavily affected by the pandemic. However, Liu stressed that the effects are only temporary and that company is still committed to its goals of taking a bigger market share in the coming quarters.

The addition of the 50 to 70 new movie theaters is part of the company's wider plan to add at least 162 new cinemas over the next three years. Last year, the company managed to add 73 new movie houses to its continually growing network.

During its latest conference call, Wanda Film stated that it is looking forward to reopening its 656 cinemas across mainland China. The closure of the company's theaters, which are located in 230 major Chinese cities and provinces, resulted in losses of more than 599 million yuan for its first quarter this year. Liu assured stakeholders that crisis is over and the company should be able to take advantage of new opportunities brought about by the reshuffle in the industry.

Wanda Film's theaters, along with other cinemas and theme parks, were ordered to shut down in January. The strict measures, which were imposed to mitigate the spread of the coronavirus pandemic, resulted in an estimated 30 billion yuan loss for the nation's film industry, according to the National Film Administration.

Despite being allowed to reopen its theaters, Wanda Film will likely still struggle to get back to normal levels given that most customers will likely want to distance themselves from places where people gather in crowds. According to a survey conducted by Maoyan Entertainment, around 46 percent of moviegoers have said that they are still not willing to go to cinemas because of the risks involved.