AMC and Cinemark vow to remain open despite delays of major films

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AMC and Cinemark, two of the country’s biggest movie theater chains, said Tuesday that they have no plans to dim their screens again, even as Hollywood studios continue to delay their biggest movies amid the pandemic.

Early Tuesday, both chains said that 80 percent of their US-based locations are open to the public and will remain so in spite of challenges linked to the coronavirus.

Shares of AMC were up around 1.5 percent Tuesday, while Cinemark shares rose more than 6 percent.

Over the weekend, rival Cineworld decided to temporarily close 536 Regal cinemas in the US and 127 Cineworld and Picturehouse venues in the UK. The chain cited the delay of the new James Bond flick for its decision, as the majority of blockbusters slated for 2020 have been pushed into next year. 

There are 500 fewer theaters open in the US since the pandemic began, as movie houses in major markets like New York and Los Angeles remain closed. In markets where theaters are open, those businesses are constricted by social distancing rules, which has drastically reduced the number of tickets a venue can sell.

Despite those headwinds, AMC Chief Executive Adam Aron painted an upbeat picture.

“Some of our best partners like Disney, with its much anticipated “Soul”, and Universal with “The Croods: A New Age”, have new movies scheduled for theatrical release over the next month and a half,”  Aron said.

Other upcoming releases include “The War With Grandpa” starring Robert De Niro and “Yellow Rose” this weekend and “Let Him Go,” “Freaky” and “The Comeback Trail” lined up for November.

Cinemark echoed AMC’s bullish decision to keep its doors open Tuesday morning, telling The Hollywood Reporter that its “reopening plan” was “designed with multiple contingencies in place to ensure we are able to be nimble and react as needed to this ever-changing environment.”

The chain added: “We do not currently have plans to close our US theatres and are continuing to align with demand, including reducing operating hours and days while we await new studio content to encourage theatrical moviegoing.”

AMC, which has about 1,000 theaters, and Cinemark, which owns 525 cinemas, reopened their doors in late August, after they closed their doors in mid-March as part of nationwide mandated coronavirus closures.

A Global Asset Management Seoul Korea Magazine

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