AMC Theaters Stocks climbs 22% as New York sites reopen this Friday

The film industry received some potential good news this weekend. Governor Andrew Cuomo announced that some cinemas would be authorized to reopen on October 23, with a greatly reduced capacity. As a result, AMC Theaters saw their stock prices skyrocket, which is good news for the chain as it is on the verge of bankruptcy.

AMC announced the reopening of 12 theaters in the New York City area later this week following the weekend’s announcement. While New York theaters will remain closed, it will open up one of the largest movie markets in the world, albeit with heavy restrictions, for the first time in months. As a result, the company’s share price jumped more than 20%. AMC CEO Adam Aron had this to say.

“Reopening theaters across the country is essential for the theater industry and the entire entertainment ecosystem. It has become clear that movie studios are unwilling to release blockbuster products until key major markets are opened up. the right direction for our entire industry as theaters begin to reopen across New York State. ”

In New York, theaters outside New York will be able to open at 25% of their capacity. No more than 50 people will be allowed in front of each cinema screen. Theaters in certain counties outside of New York City that do not meet state requirements cannot reopen. Theaters will be subject to guidelines and application rigorous state. Andrew Cuomo had this to say about it this weekend.

“We have reached 160,000 tests in one day, which is a record number and the highest we have ever achieved. When you do this level of testing, you go down to the block level. And then when you start to see a cluster, you oversample into that cluster, so you get even more data. Starting October 23, theaters outside of New York City will be allowed to reopen at 25% capacity with a maximum of 50 people per screen. This is outside of New York. in areas that have infection rates below 2 percent over an average of 14 days and that do not have cluster areas. ”

Some of the requirements for theaters will be masks at all times except when eating or drinking. Allocated seats will be required in all theaters. Social distancing between parties is also necessary at all times. Theaters will also need to recruit additional staff to control occupancy, traffic and seating. Improved filtration, ventilation and air purification standards are also required of theaters planning to resume operations.

AMC Theaters plans to open 530 of its 600 locations in the United States by the end of the month. Despite this, the company recently warned that it was running out of money and could be cash-strapped in early 2021. Without a big increase in revenue, it faces a major financial risk. The chain has also recently started renting private theaters, which has worked well for Cinemark and the Alamo Drafthouse in recent weeks. This news has already been reported by The Wrap.

Subjects: Movie theaters

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