News Summary
Mark Russo, the court-appointed receiver for Providence Place Mall, is on the hunt for a new management company for the mall’s Showcase Cinemas. Following National Amusements’ decision to not renew its lease, Russo has filed a motion to terminate the lease early and is optimistic about revitalizing the mall. The cinema has been a significant revenue contributor, but the property faces challenges due to changing consumer habits and financial difficulties. A hearing on the motion is scheduled soon.
Providence – The court-appointed receiver for Providence Place Mall, Mark Russo, is actively seeking a new company to take over the operation of the mall’s 16-screen Showcase Cinemas following National Amusements’ decision not to renew its lease, which will end on January 31, 2026. Russo filed a motion in Providence County Superior Court on September 19, seeking to terminate the lease early and find a replacement operator for the cinema. A hearing on this motion is scheduled for 3 p.m. this Friday in Providence County Superior Court.
This decision comes as part of a broader strategy to revitalize Providence Place Mall, which has faced significant challenges due to shifts in shopping habits and the departure of key retailers. The mall has been under court-appointed receivership since October 2024 after lenders claimed they were owed $259 million from a mortgage loan taken out in 2011 by Brookfield Properties.
Since taking on the role of receiver, Russo has implemented various changes to improve the mall’s condition, including hiring a new management company and investing in infrastructure repairs. In July 2025, he received approval to begin marketing the mall for sale, with intentions to list it by September. However, the property has not yet been publicly listed by the brokerage firm Jones Lang LaSalle.
Despite the impending loss of Showcase Cinemas, Russo remains optimistic about the prospects for revitalization and potential sales, expressing confidence that the cinema space will continue to be a viable entertainment option. The motion Russo filed also includes a provision to retain the equipment and furniture from the theater while granting National Amusements the right to reimbursement at fair market value.
National Amusements has operated the Showcase Cinemas in downtown Providence since 2003 and acquired an adjacent IMAX Theater in 2008. As of January 2024, the cinema accounted for roughly 9.8% of Providence Place Mall’s annual rent, making it the second-largest revenue contributor for the mall, following Boscov’s.
Providence Place Mall, which opened its doors in 1999, has experienced financial difficulties, including a dramatic decline in value from an appraisal of $558 million in 2011 to just $240 million in May 2021. The COVID-19 pandemic has further exacerbated these troubles, as mall attendance has dropped significantly, with a recent survey indicating that three-quarters of adults now prefer streaming services for watching new releases over going to theaters.
The financial landscape for the mall has also shifted, as the state of Rhode Island completed its final payment of $73 million on construction bonds in 2019. Additionally, the tax benefits associated with the mall’s agreement with the city of Providence are set to expire in 2028.
As the situation continues to develop, the search for a new operator for Showcase Cinemas signifies a critical step in the ongoing efforts to revitalize Providence Place Mall and adapt to the evolving consumer landscape.
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Additional Resources
- WPRI: That’s All Folks? Showcase Cinemas to Exit Providence Place Mall, Seeks Replacement
- Providence Journal: Showcase Cinemas to Exit Providence Place Mall, Replacement Sought
- Turn to 10: Roll the Credits on Providence Place as New Chain Seeks to Replace Showcase Cinemas
- Boston Globe: Providence Place Mall Seeks New Cinema Operator
- Wikipedia: Providence, Rhode Island
Author: STAFF HERE PROVIDENCE WRITER
PROVIDENCE STAFF WRITER The PROVIDENCE STAFF WRITER represents the experienced team at HEREProvidence.com, your go-to source for actionable local news and information in Providence, Providence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as WaterFire, Rhode Island International Film Festival, and Rhode Island Comic Con. Our coverage extends to key organizations like the Greater Providence Chamber of Commerce and Providence Warwick Convention & Visitors Bureau, plus leading businesses in finance and manufacturing that power the local economy such as Citizens Financial Group and Textron. As part of the broader HERE network, we provide comprehensive, credible insights into Rhode Island's dynamic landscape.
