This is one of those industries that will be impacted for quite some time and is clouded by uncertainty. Theatre attendance was already on the decline leading into COVID-19, it may take years for attendance to full rebound.
Keep in mind that in a gradual re-opening, theatres and recreation centres will not be opening at full capacity right off the bat. It won't be until the final stages of the 'return to normalcy' programs that theatres will be fully operational. Then there is the uncertainty of how many will want to sit beside strangers in a packed movie theatre - same issue airlines are currently struggling with. Next quarterly results will not be pretty.
As for their run-up, it was fueled by one reason only - Cineworld made an offer to acquire Cineplex at $34.00 per share. Unfortunately, Cineworld is dealing with their own issues and the consensus is that the deal will not materialize. Despite this, Cineworld keeps on saying they intend to move forward with the deal, but it seems unlikely given what's happened recently.
If the deal goes through, then Cineplex is a steal at these prices. If not, then it is likely to be a slow climb given the uncertainties.
Mat