A person walks previous the AMC Georgetown 14 Theatres in Washington, DC on June 3, 2021.
Mandel Ngan | AFP | Getty Photographs
AMC Leisure, the worlds largest cinema chain, is including two extra Los Angeles areas to its roster.
On Monday, the movie show chain mentioned it was taking on the leases of the 14-screen cinema on the Grove procuring advanced within the Fairfax neighborhood and the 18-screen location at Americana at Model in Glendale. Each areas had been previously operated by Pacific Theatres and are owned by actual property firm Caruso.
In April, Decurion, which owned the Pacific Theatre and ArcLight Cinema chains, mentioned it will not be reopening its 17 areas. AMC, which has collected greater than $1.6 billion in money from inventory gross sales, had beforehand disclosed that it was a number of of Decurion’s previous leases, in search of areas that had robust ticket gross sales earlier than the pandemic.
In 2018, The Grove theater was the second-highest grossing cinema and the Americana was the fifth-highest grossing cinema within the Los Angeles space. AMC is predicted to reopen these theaters in August.
“These two theaters every are positioned in world-class way of life facilities providing the very best in retail, eating and leisure choices,” AMC CEO Adam Aron mentioned in an announcement Monday. “Every was conceived and is run by Caruso, one of many largest and most admired privately-held actual property corporations in the USA.”
Increasing AMC’s footprint has all the time been on the coronary heart of Aron’s technique. Aron acquired Carmike, Odeon and Nordic shortly after taking the position of CEO in 2015.
Shares of the corporate had been unchanged after the closing bell Monday, however are down greater than 40% during the last month. The worth of the corporate’s inventory has been reduce in half from its peak of $72.62, which was hit in early June of this 12 months. The wild swings got here because the inventory was swept into the Reddit investing craze together with different “meme” shares like Recreation Cease and Mattress Bathtub and Past.