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AMC rents out theaters for $ 99 amid pandemic recovery plans



AMC locations across the United States rent out entire theaters to moviegoers starting at $ 99.

Groups of up to 20 people can enjoy a private user experience. The price for rent goes up to $ 349 depending on the film chosen by the group and the theater location, AMC says on their website.

Currently, 34 movies are offered in rental packages. Older releases start at $ 99 plus tax, while newer movies start at $ 1

49.

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AMC Theaters offers individuals rooms for rent to customers as a help plan for coronavirus (AMC)

There are several additions that also increase the price for groups, AMC described on their frequently asked questions. Popcorn and other snacks are not included, but can be purchased using snack coupons, as the theaters are now cashless.

You can also bring your own food for a $ 250 catering fee. On condition, AMC does not allow people to bring treats that they are already selling or that require a “heating element.”

Should you wish to greet your group with a microphone, there will be an additional charge of $ 100.

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AMCAMC ENTERTAINMENT HOLDINGS INC

The latest initiative comes as the theater company tries to recover from the hit it took from shutdown amid the coronavirus pandemic.

To reserve a room, fill out their online form with your movie selection, advanced date and time you want to attend.

The option is available in a majority of states, although New York, Alaska and Hawaii are among the states that do not offer rentals, per capita. AMC’s reservation website.

AMC Entertainment Holdings Inc. are under pressure to compensate for the loss of sales after they closed in March due to the coronavirus pandemic.

The cinema giant has reopened 494 of its 598 American theaters, but attendance has fallen by approx. 85% on the same theater basis from the same period last year since the reopening began, AMC said Tuesday. With the company’s current cash burn rate, reserves would be depleted by the end of this year or early next year, the Kansas-based company said.

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Shares in AMC have fallen nearly 48% so far this year.

When governments enforced boundaries for indoor businesses and people avoided large gatherings, the coronavirus pandemic destroyed chaos in theaters when it arrived at the U.S. AMC temporarily closed its U.S. theaters in mid-March.

The AMC Theater presence has dropped by 85% since last year (AP Photo / Keith Srakocic)

AMC is investigating raising funds through debt or equity financing, asset sales and joint venture agreements with business partners. The company said it has already raised approx. $ 37.8 million through an offering of nine million shares in the market. In September, AMC launched efforts to raise $ 180 million in equity.

Since the reopening began in August, seating at AMC theaters in the United States has been limited to between 20% and 40% of capacity due to public health measures.

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The U.S. theaters that AMC has not yet opened, including locations in New York and California, were among the highest performing and accounted for 23% of the company’s 2019 U.S. revenue.

Several movie watchers have since turned to streaming services like Netflix, Disney +, Hulu, HBO for content.


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