A male strolls past the AMC Georgetown 14 Theatres in Washington, DC on June 3, 2021.
Mandel Ngan | AFP | Getty Images
AMC Entertainment, the worlds biggest movie theater chain, is including 2 more Los Angeles areas to its lineup.
On Monday, the cinema chain stated it was taking control of the leases of the 14-screen movie theater at the Grove mall in the Fairfax community and the 18-screen place at Americana at Brand in Glendale. Both areas were previously run by Pacific Theatres and are owned by realty business Caruso.
In April, Decurion, which owned the Pacific Theatre and ArcLight Cinema chains, stated it would not be resuming its 17 areas. AMC, which has actually gathered more than $1.6 billion in money from stock sales, had actually formerly divulged that it was taking a look at numerous of Decurion’s old leases, trying to find areas that had strong ticket sales prior to the pandemic.
In 2018, The Grove theater was the second-highest earning movie theater and the Americana was the fifth-highest earning movie theater in the Los Angeles location. AMC is anticipated to resume these theaters in August.
“These two theaters each are located in world-class lifestyle centers offering the best in retail, dining and entertainment options,” AMC CEO Adam Aron stated in a declaration Monday. “Each was conceived and is run by Caruso, one of the largest and most admired privately-held real estate companies in the United States.”
Expanding AMC’s footprint has actually constantly been at the heart of Aron’s technique. Aron obtained Carmike, Odeon and Nordic quickly after playing CEO in 2015.
Shares of the business were the same after the closing bell Monday, however are down more than 40% over the last month. The cost of the business’s stock has actually been halved from its peak of $72.62, which was struck in early June of this year. The wild swings came as the stock was swept into the Reddit investing fad in addition to other “meme” stocks like Game Stop and Bed Bath and Beyond.
