AMC Theatres Announces $2.17 Billion Net Loss in First Quarter Due to Pandemic, Hopes to Reopen for Tenet in July

During a first quarter earnings report this week (via CNN), movie theater chain AMC announced this week a plan to reopen its 1,000 theaters across the globe starting next month (July). Previously, AMC was forced to close all of its locations on March 17 due to the global coronavirus pandemic.

The company said in a statement, “The company is looking forward to welcoming guests to its theaters as soon as it is safe and wise to do so, as well as being permissible under local, state /provincial and federal guidelines.” As of now, AMC did not provide set dates for the theater reopenings.

In terms of the damage caused by the coronavirus closures, the company reported a net loss in the range of $2.17 billion in its first quarter, accounting for a 22 percent loss in revenue to $941.5 million, compared to $1.2 billion in the same quarter of last year.

AMC CEO Adam Aron stated on the news, “These are truly unprecedented times. After starting the year with two solid months of revenue growth compared to last year, in mid-March we were forced to pivot the entire company to respond to the effects of the pandemic.” Aaron added that the “the safety and well-being of our guests and associates” remain AMC’s top priorities.

AMC hopes to reopen theaters in time for the scheduled July 17 release of Warner Bros.’ new Christopher Nola film, Tenet. Disney’s live-action remake of Mulan is currently scheduled for a July 24 release. However, AMC noted that “many things can change between now and July.” The plan for AMC is to reopen safely around COVID-19.