How do you know it'll be a new theater? Have you seen permits for it? Was there an announcement? I don't think so.
While I haven't seen anything, I doubt it'll be another theater. They already have one (Gearworks) that sits vacant most of the year. No sense in having two theaters vacant most of the year.
And while I'm not a contractor, I can imagine either: removing all that concrete is a separate job, and/or they may have a way to repurpose them into whatever it is they're planning to build.
Since I'm throwing out ideas with no substance, I had my own thought (backed up by very little, but I still find interesting)... but it could be cool if the old Laughing Dragon/Four Winds Steakhouse building that's still sitting unused at the top of the hill, far above this site, could become a queue or station for a new attraction. Highly unlikely, I know (it is a bit far off from the Golden Bear plaza), but not necessarily impossible depending on what was going in. We do know for a fact that there were construction marks that did appear on the pavement all around the building many months ago.