Breaking News
Cinemark and AMC Plan to Remain Open Amid COVID-19 Pandemic
Even with the ongoing COVID-19 pandemic, Cinemark and AMC say they do not plan to shut down.
According to Fox Business, these two companies reiterated that they will remain open after Cineworld, “the second-largest chain in the U.S., announced over the weekend that it’s closing all of its Regal Cinemas locations in the United States due to a lack of new releases to market around as well as low turnout for the films that it can show.”
On Tuesday, both Cinemark and AMC said that 80% of their U.S. locations currently operate to serve the public. They also said these locations will remain as such.
Movie theaters are finding new ways to earn money during the pandemic. According to CNBC, AMC in particular “has been challenged by the more than $4.75 billion in debt it amassed before the crisis from outfitting its theaters with luxury seating and from buying competitors such as Carmike and Odeon.” Nonetheless, the company “was able to close a debt deal in July to make itself solvent through 2021.”
Cinemark is leaning towards private theater rentals to boost income. Renting a theater used to cost $250 to $500 before the pandemic. Now, rentals are at $99 to $175.
“Cinemark’s 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 company said in a statement.
Up Next: