AMC Announces Theaters Will Reopen Next Month

It has been several months since people have loaded up on popcorn at the concession stand and sat in a crowded a movie theater to watch a film.

This changes next month as AMC has announced it will reopen theaters globally in July.

AMC Entertainment said it expects to reopen its theaters globally in July after shutting them down in mid-March due to the Covid-19 pandemic.

The world’s largest movie theater operator says it expects to run with limited capacity and blocked seating to maintain safety at its theaters.

AMC revealed the update in their earnings call last week. In the first quarter, AMC’s total revenue fell nearly 22% to $941.5 million, missing analysts’ estimates of $851.4 million, according to Refinitiv data. The company’s net loss had also widened to $2.18 billion.

The company plans to reopen almost all its U.S. and U.K. theaters in time to showcase Christopher Nolan’s “Tenet,” slated for release on July 17, and Disney’s “Mulan” on July 24.

Sony also recently announced it would release the Selena Gomez-led romantic comedy “The Broken Hearts Gallery” on July 10.

AMC, which also operates Odeon Cinemas, had reopened some theaters in Norway earlier this month.
“Even though those three theaters were limited in ticket sales to 25% of seat capacity, we sold 83% of our available seats this past weekend,” Adam Aron, CEO of AMC, said.

According to Aron, the company also saw strong sales of food and beverages, he said.

“We remain cautious on the company’s outlook as well as that of the industry ahead of theater re-openings in the coming weeks—with continued focus on how receptive consumers are to returning to theaters, how robust the film slate remains, and the level of impact from attendance restrictions,” Eric Wold, analyst at B. Riley FBR Research remarked last week.

Disclaimer: We have no position in AMC Entertainment Holdings Inc. (NYSE: AMC) and have not been compensated for this article.