AMC Theatres Set to Reopen All Theaters Soon Despite Financial Troubles. Nearly a week after Cinemark Theaters announced they will be reopening soon it seems AMC Theatres is now ready to share their re-opening plans for the Summer of 2020.
According to journalist Ashley Carter from Orlando’s Spectrum News 13, AMC Theatres plans to open in time to feature Christopher Nolan’s Tenet (scheduled release: July 17, 2020) and Disney’s live-action Mulan (scheduled release: July 24, 2020).
— Ashley Carter (@AshleyLCarter1) June 9, 2020
Recently, AMC Theatres held a regulatory meeting and stated how they are generating effectively no revenue. It was said in the meeting that the movie theater company had a cash balance of $718.3 million as of April 2020. An AMC representative stated the following:
“We believe we have the cash resources to reopen our theatres and resume our operations this summer or later. Our liquidity needs thereafter will depend, among other things, on the timing of a full resumption of operations, the timing of movie releases and our ability to generate revenues.”
The biggest challenge for the company is continued delay of theatrical releases. Highly anticipated films such as Mulan, Black Widow, and more have been pushed back due to health concerns during the pandemic. Things were looking dire for the company, but it seems the most popular movie theater chain may see new ownership in the near future after it was revealed Amazon.com has taken a heavy interest in the company.
This would explain why AMC Theatres is comfortable re-opening their doors sooner than expected. If a deal was struck between AMC and Amazon this would afford some much needed time for AMC to recoup losses hovering around the $2.18 billion mark from the previous quarter.
A formal re-opening date has yet to be announced, but new guidelines are expected to be announced very soon on how AMC Theatres plans to address issues such as face masks, audience attendance, and cleaning procedures.
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Featured Photo Credit: Disney/AMC Theatres