- AMC announced it will be reopening more cinemas this week. These are the details.
AMC Entertainment Holdings (NYSE: AMC) — the largest U.S. theater chain in the United States — announced it is expecting to reopen about a dozen more locations in the state of New York later this week. And the company is planning to have over 530 theaters open in the United States by the end of the month. The stock price of AMC is trading at more than 18% as of 10:17 AM ET today.
This news comes on the heels of New York Governor Andrew Cuomo announcing over the weekend that movie theaters outside of NYC can be reflowed to reopen on October 23 following months of closures due to the COVID-19 pandemic. One of the challenges that AMC will be continuing to deal with is the delays in blockbuster movie releases. A number of smaller movie theaters have permanently closed due to these setbacks.
More than 80% of AMC’s theaters across the country are expected to remain open as there are several new films slated to be released later in the fall. Last week, AMC CEO Adam Aron indicated that the movie theater company may have to raise additional capital to stay afloat.
Below is a video interview of Aron speaking with CNBC this morning:
