There are discussions going on with non-panto based producers about coming to an agreement with theatres regarding the way forward in 2021. It seems to fall into the ‘best interests of both parties’, so that theatres can remain open and producers have a lesser risk. I think this sounds like a good idea.
I do not know the finer details. It would appear that both parties would aim to break even to secure jobs etc.
In answering the initial question, I agree, the gamble is far too great.