Sydney-siders rejoice because the beloved George St Event Cinemas is definitely *not* closing down, despite false reports circulating earlier this week.

Event Cinemas George St have taken to Facebook to address the rumours, quashing fears that the iconic inner-city movie theatre would be shutting their doors for good.

“It’s been reported in the media that our cinema at George Street is closing, however this is incorrect – there are no plans to close,” the Facebook post read.

In even more exciting news, they’ve actually used the coronavirus-fuelled lockdown to upgrade their V-Max theatres (you know, the really fancy ones).

The V-Max theatres now come complete with “daybeds, luxury seating and full recliners” as well as “a new marketplace candy bar” with contactless, self-serve technology to keep up with social distancing measures moving forward.

The announcement comes after the Sydney Morning Herald reported a $690 million project for a “270-metre, 507-unit residential building” that will “house a childcare facility, shops, a separate boutique cinema and 347-car parking lot,” was approved by the Central Sydney Planning Committee.

The Event Cinema is the last movie theatre left on George St’s iconic cinema entertainment strip, which included a Crystal Palace Theatre, Regent Theatre, Victory Theatre and a Hoyts Cinema during its prime in the 1900s.

Following the reported demolition announcement, one fan of the beloved cinema even went so far as to start a Change.Org campaign to save the theatre, which has received 341 signatures so far.

Event Hospitality and Entertainment CEO Jane Hastings previously told SMH that “there are no plans at this stage to close the George Street cinemas.” However, it is unclear if or how the cinemas will be impacted by the proposed development.

At this stage, our beloved George St cinema looks to remain open in some capacity moving forward, so get ready to stuff your face with a choc top and ~way~ too much popcorn as soon as isolation is over.