The Island in St Annes opened again earlier this summer after an absence of almost two years.
It is now under the ownership of PDJ Management, run by West Midlands-based businessman Paul Jervis.
Mr Jervis said: “We are very pleased with how it has progressed, business is picking up by the day.
“It was a slow opening, but it is meeting our expectations and hopes.”
The cinema re-launched with the last Harry Potter film – The Deathly Hallows – in 3D on July 22.
Mr Jervis said the cinema had some “great new films” and was able to bill the latest releases.
And he said new developments were in the pipeline.
“I’m probably talking about digital projection and the rest of the complex assigned very soon,” he said.
“It is all coming on board just as we hoped.”
The Island complex closed in 2009 after its previous owners closed its three screen cinemas, bowling alley, amusement arcade and restaurant.