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Wed Jun 3, 2020, 02:52 PM

AMC Theatres has 'substantial doubt' it can remain in business

Source: CNN

By Frank Pallotta,

New York (CNN Business)AMC Theatres, the world's biggest movie theater chain, said on Wednesday that it has "substantial doubt" it can remain in business after closing locations across the globe during the coronavirus pandemic.

The theater chain, which closed its theaters earlier this year, expects to have lost between $2.1 billion and $2.4 billion in the first quarter.

The company also said that its revenue fell to $941.5 million, which was down roughly 22% from $1.2 billion in the same quarter last year. This quarter, the situation has gotten substantially worse.

"We are generating effectively no revenue," the company said in a regulatory filing Wednesday.

Read more: https://www.cnn.com/2020/06/03/media/amc-theatres-business-coronavirus/index.html

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Reply AMC Theatres has 'substantial doubt' it can remain in business (Original post)
Omaha Steve Jun 3 OP
Brainfodder Jun 3 #1
csziggy Jun 3 #8
yankee87 Jun 3 #2
bucolic_frolic Jun 3 #3
thesquanderer Jun 3 #6
Blue_playwright Jun 3 #7
Dopers_Greed Jun 3 #4
ArizonaLib Jun 3 #12
hlthe2b Jun 3 #5
FBaggins Jun 3 #17
PoindexterOglethorpe Jun 3 #9
Skittles Jun 3 #24
Raine Jun 3 #10
Roc2020 Jun 3 #11
Initech Jun 3 #15
cstanleytech Jun 3 #13
Crowman2009 Jun 3 #14
EarthFirst Jun 3 #16
mac56 Jun 3 #18
zentrum Jun 3 #19
Crowman2009 Jun 3 #22
Rebl2 Jun 3 #20
TexasBushwhacker Jun 3 #21
Xolodno Jun 3 #23

Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 02:58 PM

1. Movie Theaters, ya had a good run.

But FUCK OFF on your concession prices!

Made me smuggle in candy, HOW DARE YOU!



I prefer my blu-rays anyway!

No waiting, no ignorance, no missing anything!

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Response to Brainfodder (Reply #1)

Wed Jun 3, 2020, 03:29 PM

8. I hate the sound levels in theaters - even with earplugs they are deafening.

Besides, at home I can pause the movie for a restroom or snack break. At my age, that is very important. My seats are more comfortable and the cat can join me.

The final point in favor of watching movies at home - if I fall asleep during the movie, my snoring doesn't bother anyone but my husband.

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Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 02:59 PM

2. So much Winning

Everyone knew 45 would be a disaster, but it's worse than I could have ever imagined. Putin is smiling at how well his puppet has destroyed America.

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Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 03:00 PM

3. There's as much consolidation in theaters

as in shoes, supermarkets, and power equipment. Remember Cineplex Odeon.

The money in movies is in the movies. Theater chains are merely supposed to provide a venue for Hollywood to make money. Cineplex' job was to grow space as fast as possible. Seems to me the CEO was a brother-in-law or some relative of a movie exec. Not sure shareholders were very well rewarded.

And the movies? I'll get piled on here, but highbrow patrons usually do. They've created genres. The same talent rotates through one picture after another. I'd be tired of them if I ever went to see them in the first place.

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Response to bucolic_frolic (Reply #3)

Wed Jun 3, 2020, 03:22 PM

6. re: "The same talent rotates through one picture after another"

That's not new. Hollywood was built on keeping box-office talent under contract and putting them into one picture after another.

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Response to bucolic_frolic (Reply #3)

Wed Jun 3, 2020, 03:25 PM

7. I worked in a theatre as a kid...

We made nothing from ticket sales. Zilch. Between renting the films, paying delivery fees, etc. nada. And some movie companies wanted a cut of concessions for certain films and restricted specials or coupons.

Concessions is how they stay open and pay their team. Itís ridiculous.

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Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 03:00 PM

4. Their stock is still somehow going up

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Response to Dopers_Greed (Reply #4)

Wed Jun 3, 2020, 04:58 PM

12. Speculation might be on the side of unloading debt in chapter 11

Unload the debt, new profits go to stockholders, stock buybacks, etc. Before Reagan/Bush personal interest on credit card debt, etc. was deductible.

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Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 03:02 PM

5. I don't get why those theaters with enormous parking lots could not have develped a

"drive-in" business to at least help carry them over. Obviously if the theater adjoins residential areas, that might not work, but it might have helped a bit...

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Response to hlthe2b (Reply #5)

Wed Jun 3, 2020, 06:27 PM

17. No product to sell

Production companies aren't going to release their blockbusters if they can't get the audiences that fund them. Only a small number of mega-theaters might theoretically be able to convert to a drive-in model (and at significant expense)... and that small number could never generate the hundreds of millions of dollars in ticket sales that would be needed.

And with no movies being released... nobody would show up.

Just checked. "The Wretched" has been the #1 film for over a month now...

... and has yet to make its first million in ticket sales (cumulative).

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Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 04:07 PM

9. I will be very sorry if movie theaters don't eventually reopen.

Some movies are just better seen on the big screen.

I do suspect that at least one independently owned theater, the Jean Cocteau in Santa Fe, will remain in business.


It's owned by George RR Martin. Deep pockets.

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Response to PoindexterOglethorpe (Reply #9)

Wed Jun 3, 2020, 10:39 PM

24. I absoutely agree

I love seeing movies on the big screen.

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Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 04:24 PM

10. They were already becoming extinct before

the pandemic, so many people have home theaters and prefer not to go out just to see a movie.

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Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 04:42 PM

11. Movie theaters are going the way

of the blockbuster rental store. Some movies are definitely better seeing at the theater. But asking people to risk their life for the experience probably a bridge too far.

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Response to Roc2020 (Reply #11)

Wed Jun 3, 2020, 05:44 PM

15. Someday this POS virus is no longer going to be a thing.

And then we will be able to live the experience again. Argh, coronavirus is the fucking worst.

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Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 05:38 PM

13. It's been pretty clear that the future for movies is online and not with the theaters.

Is it sad? Yes however things change when new technology is invented and this is part of that.

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Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 05:41 PM

14. Oh noes! I'm gonna miss those chain multiplex theaters!

I'm gonna miss that meth addict popcorn fart smell, the extremely loud volume of the IMAX 3-D, the babies making loud noises during the movie, and the man who kept mumbling oh god, oh god, oh god... throughout the whole movie.

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Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 05:50 PM

16. Seems that a fledgling company would be wise not to eliminate its available content...

Recently AMC announced that they would no longer carry Universal Pictures films due to a spat with Disney over allowing their first run films to run on their streaming platform and in theaters.

AMC decided that it was not in their best interest to allow this decision; seems foolish now.

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Response to EarthFirst (Reply #16)

Wed Jun 3, 2020, 06:37 PM

18. Universal or Fox?

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Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 07:29 PM

19. Good. Now the Indy theaters

Öcan undo some of the damage done my AMC.

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Response to zentrum (Reply #19)

Wed Jun 3, 2020, 10:29 PM

22. +1

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Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 07:51 PM

20. Maybe it will

bring back more drive-in theaters?

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Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 09:51 PM

21. AMC Theaters have been going down ever since a Chinese

mega-corporation (The Wanda Group) bought a major stake (38%). Another 28% is owned by a private equity group. The theaters are poorly staffed and maintained. Shit, one of the AMCs in Houston had an outbreak of bedbugs!

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Response to Omaha Steve (Original post)

Wed Jun 3, 2020, 10:37 PM

23. They have been going down slowly for awhile. Virus just kind of sped it up.

My last experience with Star War - The Rise of Skywalker, one of those you want to see with the big screen, IMAX and sound. Got there 30 minutes before it started and mind you, start time that includes all the previews, commercials, etc. Pick up our tickets we bought online and decide, "hey, we seldom go to the movies anymore, lets a get a popcorn and soda to share".

Got in line....all the lines were about the same, just five groups ahead of us. Twenty five minutes later we were the third group and one of them got tired of waiting and left. Looked and my jaw hit the floor. The person behind the concession was doing each order for each person one at a time. So she asked, one person in a party of three what they wanted for a drink....filled it, then asked what size popcorn, filled it, did they want anything else...filled it. Then went to the next person. I looked at the rest of the lines, they hadn't moved much either.

Asked my wife, "screw it?" She said, "yeap". Told the guy behind us good luck, we've been waiting twenty five minutes. Got to our seats, good seats...and were promptly crammed in by other people all around us. After the movie, had a nice late lunch at a nice Indian Restaurant.
=================

If concessions is their money maker, then they should shit sure make sure it move fast as possible. It's not like they are competing with 7-11 on quality of food.

I suspect, many will go under due to a business plan that doesn't work anymore. People will still want to see movies on the big screen for certain movies. Who knows, maybe the studios will buy them out. They get to control the prices, experience, etc. for the blockbusters that people come in droves to see. Nor will they be limited to the "90-120" minute rule.

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