AMC theaters will no longer show Universal movies

Discussion in 'Visual Arts' started by Ghostworld, Apr 28, 2020.

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  1. Deuce66

    Deuce66 Senior Member

    Location:
    Canada
    Feel the pain.

    AMC reveals its latest financials as it looks to reopen its U.S. circuit after completing a debt restructuring that injects $300 million of new cash into the company.

    Cinema giant AMC Entertainment Holdings on Thursday posted second-quarter financial results as it looks to reopen its theaters and survive the coronavirus pandemic after a debt restructuring.

    The extent of the COVID-19 hit taken so far by the largest U.S. cinema chain was underlined by overall revenues tumbling to $18.9 million, compared to a year-earlier $1.5 billion. Wall Street analysts forecast year-on-year revenues of $11.9 million at the end of the latest quarter.

    AMC's U.S. theater circuit was closed down for the entire second quarter. The international movie theaters resumed limited operations in early June. AMC had restarted at 37 theaters in nine countries as of June 30.

    The largest U.S. movie theater chain said it aimed to have around two-thirds of its domestic circuit open in August, ahead of the opening of Christopher Nolan's Tenet on September 3, and "essentially all international theaters should reopen" this month.

    AMC recorded a loss of $5.44 per share, compared to a year-earlier 8 cents per-share profit. That latest performance missed a consensus Wall Street estimate for a $4.27 per-share loss.

    The second quarter overall loss was $561.2 million, compared to a year-earlier profit of $49.4 million.

    AMC Entertainment recently completed a debt restructuring with most of its bondholders representing $2.6 billion in subordinated debt to receive $300 million in new cash and ease worries about a possible bankruptcy protection filing.

    "The result of all these actions during the quarter combined with this successful debt restructuring extends our ability, if need be, to weather a hypothetical suspension of all our theatre operations globally into 2021," AMC Entertainment CEO Adam Aron said in a statement.

    But the debt restructure still hasn't dented Wall Street skepticism about AMC's ability to weather the pandemic. "AMC still has the highest risk profile within our coverage universe of exhibition related companies, even after its debt restructuring deal," Eric Handler, an analyst at MKM Partners, said in an Aug. 4 investors note.

    AMC's recovery has been complicated by major Hollywood studios continuing to push back theatrical releases for their tentpoles, which forced AMC to delay its circuit reopening to this month.

    “It should be no surprise to anyone that with our operations shut the world over, and almost no revenues coming in the door, this was the most challenging quarter in the 100-year history of AMC. That is why the progress the entire AMC team made since the second quarter began is all the more important and impressive in working to achieve three key priorities: to dramatically reduce operating and capital expenditures, to strengthen our liquidity position and to set plans in motion for the successful reopening of our theatres as soon as it would be wise to do so," Aron said in a statement.

    The AMC boss also touched on a controversial agreement with Universal Studios to send theatrical movies more speedily into homes. "AMC is an innovator and we are embracing change that we are confident will be financially beneficial for AMC shareholders," Aron added.
     
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  2. MikaelaArsenault

    MikaelaArsenault Forum Resident

    Location:
    New Hampshire
  3. Chris DeVoe

    Chris DeVoe RIP Vickie Mapes Williams (aka Equipoise)

  4. brownie61

    brownie61 Forum Resident

    I renewed my Stubs Premiere yesterday - for $5 instead of the normal $15. They’ve added 8 free months onto my membership that should have expired last month, so for $5 I’m a member until March 2022. It was a no brainer to renew it even if I don’t use it much. Still no sign of theaters reopening any time soon around here. Although now that I’m going back to teaching in a classroom, I guess I can no longer look at going to the movies as a risky activity.
     
  5. Oatsdad

    Oatsdad Oat, Biscuits, Abbie & Mitzi: Best Dogs Ever

    Location:
    Alexandria VA

    Maybe I'm just a dope and I'm reading this wrong... but it sure looks to me like about 50% of the seating is available in this auditorium, which is (obviously) more than the 30% they claim.

    And that the "distancing" still could allow entire rows to fill, so you could have strangers elbow to elbow with you:

    [​IMG]
     
    MikaelaArsenault likes this.
  6. OldSoul

    OldSoul Don't you hear the wind blowin'?

    Location:
    NYC
    Yeah, that's pretty stupid.
     
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  7. brownie61

    brownie61 Forum Resident

    From the AMC website:
    “In auditoriums with traditional seating, every other row is blocked off for your safety. In auditoriums with wide AMC Signature Recliners, there is already enough space between rows to allow for social distancing. In all auditoriums, please leave an empty seat between yourself and other guests.

    Once you’re in the auditorium, if you are uncomfortable in your reserved seat, feel free to move to another socially distant seat after the movie starts, or see an associate for assistance or a refund.“

    Personally, I don’t think one empty seat is far enough away, even with the big recliner seats.
     
  8. Pizza

    Pizza With extra pepperoni

    Location:
    USA
    It’s like social distancing on the honor system. There’s already folks who don’t care about masks. They’ll be people who won’t care if they sit next to you.
     
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  9. alexpop

    alexpop Power pop + other bad habits....

    Lethal weapons ie people that don’t wear masks sitting in close proximity, er.. no thanks.
     
  10. SandAndGlass

    SandAndGlass Twilight Forum Resident

    I have only been in the one AMC theater that was close to the motel that I operated in Fort Lauderdale, so I don't know what the other theaters with the large recliner seats are like.

    This particular theater is only one of two AMC Dine-In theaters in the State of Florida, the other being at Disney in Orlando.

    But these recliners are together in pairs with about two feet between the pairs. These chairs recline so that your legs are straight out in front of you.

    Because they serve food, they still allow a couple of additional feet before the row in front of you, so that the servers can get by when taking orders or delivering food.

    With this type of seating, the space is naturally limited as far as the number of seats in the auditorium in the first place.

    I have never seen so much available space in any auditorium to begin with.

    If this is not enough space, then I don't think it would be easily beaten anywhere.

    Another important factor in an auditorium is the volume of the three dimensional space in the room.

    This volume of space, coupled with upgraded ventilation, should provide the maximum protection that would be available in an inside venue (other than a sports arena).

    I would have thought that in many states, that there would be both classroom and distance learning options available for parents that did not elect to have their children return to the classroom.

    With that option in place, I would have thought that older faculity members and those who have other predisposed conditions, would have the option to continue with remote learning.
     
  11. brownie61

    brownie61 Forum Resident

    The non dine in theaters have all the seats in the same row lined up next to each other, just like in a normal theater. There is no space between them. Space between rows is very wide, probably the same as what you are familiar with.

    This isn't the right thread to discuss this topic, so I'll be brief.

    Yes, parents have that option. They also have an elaborate scheme to cut the classes in half and have each half attend on different days.


    It is so much more complicated than that. Teachers have to do remote teaching and live teaching at the same time, from their classroom. There is no option for me to work from home. If you are old enough and/or have a qualifying medical condition (I don't meet either of those standards), you can get an unpaid leave of absence.
     
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  12. SandAndGlass

    SandAndGlass Twilight Forum Resident

  13. Oatsdad

    Oatsdad Oat, Biscuits, Abbie & Mitzi: Best Dogs Ever

    Location:
    Alexandria VA
    They shouldn't leave it up to patrons to enforce distancing. Seems stupid that the app can't block seats on either side of those that've been purchased...
     
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  14. hvbias

    hvbias Midrange magic

    Location:
    Northeast
    And AMC are saying there is no need for any empty seats (far less than 6 feet) between people in the recliner style theaters which is absurd. I hope this goes terribly for them so we can be one step closer to moving towards an immediate direct to home release method for new movies. Or let Bezos pick up some of these future abandoned cinemas for pennies and revolutionize this old fashioned industry.
     
    Shawn likes this.
  15. brownie61

    brownie61 Forum Resident

    Where are they saying that? In the quote I copied from their website:

    “In all auditoriums, please leave an empty seat between yourself and other guests.“

    :confused:
     
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  16. hvbias

    hvbias Midrange magic

    Location:
    Northeast
    Sorry, I shouldn't be posting while driving :hide: (just joking)
     
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  17. Oatsdad

    Oatsdad Oat, Biscuits, Abbie & Mitzi: Best Dogs Ever

    Location:
    Alexandria VA
    Yeah, the AMC post means they didn't need to close any rows of seats, not that there was enough distance between seats in the recliner auditoriums.

    Can't blame you for the confusion - it's not especially clear!
     
  18. brownie61

    brownie61 Forum Resident

    One of my local AMC theaters is reopening this weekend. It turns out they are in fact only blocking off one seat between parties for the theaters with the recliner seats. (I looked at the seat bookings for a showing of Tenet.). This puts unrelated parties two feet at most from each other. Based on this, I won’t be going back any time soon.

    I also sadly learned today that the most important art house theater in the area, in fact the only one that was left, is not reopening. So now Montclair, NJ, a town with its own film festival, no longer has a theater.

    Sad times for movie fans when there are no real options.
     
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  19. SandAndGlass

    SandAndGlass Twilight Forum Resident

    They may need to rethink this strategy.

    From posts in the Tenent thread, the theaters have been mostly empty with only a few people on the entire theaters.

    They may find that more space will be necessary between viewers if they intend to lure audiences back into the theaters.

    When a tentpole movie with a $250M production budget is not bringing in large audiences, they will need to up their game, if they expect to draw people back in.

    As the cold and flu season kicks of in another month or so, I think their window of opportunity is small and shrinking.
     
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  20. Deuce66

    Deuce66 Senior Member

    Location:
    Canada
    Apparently in countries that are currently in winter they are finding that the rates of regular flu infection have dropped dramatically due to masks/social distancing/sanitizing.
     
  21. uphoria6

    uphoria6 Senior Member

    Location:
    Ont. Canada
    I'm a huge fan of streaming new releases and I hope that becomes a viable future for first run films. I'm sorry I do love the cinema in a theatre but I find the romance of the modern multiplex just doesn't work for me anymore. People largely not paying attention, badly lit screens, too loud sound and now with COVID...I dunno. My modest home theatre in the basement is the perfect place for me to watch a film. If Tenet was available via an on demand platform I would be there in a heartbeat. Ditto for the new Bond. The family wants to watch Mulan so that is probably on tap soon. 34 bucks isn't horrible to pay to watch a film. A night out at the movies is easily double that
     
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  22. Deuce66

    Deuce66 Senior Member

    Location:
    Canada
    Wait a few months and get it on rental for 1/3 the first run streaming price. That's the problem I have with this new streaming model, the cost is obscene. Mulan at $29.99 is ridiculous and I hope it bombs.
     
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  23. Oatsdad

    Oatsdad Oat, Biscuits, Abbie & Mitzi: Best Dogs Ever

    Location:
    Alexandria VA
    That's not accurate. The recliners are big enough that they take up a good 3 feet across - and it's about 3.5 including the big recliner armrests.

    Yes, it'd be nice if they blocked off two seats on each side, but at least AMC's blocking seats in front/behind (for non-recliner auditoriums).

    Regal just blocks 1 seat on either side but not in front/behind...
     
  24. tomhayes

    tomhayes Senior Member

    Location:
    San Diego, Ca
    Tenret's sold out at our local AMC Dolby for the next 4 days. The theater seems like it'll be at least 50% fool - uhh- I mean full.
     
  25. brownie61

    brownie61 Forum Resident

    Whether 2 feet or 3.5 feet, that's not far enough away from someone I don't know who quite probably will have their mask off at some point.

    At this point, I wouldn't even get that close to someone I know for two hours, now that I spend all day in a high school.
     
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