AMC Entertainment Holdings desperately wants theaters to reopen in the United States, but with New York and California not budging from their lockdowns, and major studios shying away from releasing their tentpole blockbusters, things are getting more and more tragic by the day for the theater chain.
On Thursday, AMC posted a staggering number for their second-quarter financial losses, to the extent where things now feel undeniably morose for the survival of this chain. The COVID-19 hit the largest U.S. cinema chain has taken thus far has had its revenues tumbling to $18.9 million, compared to the $1.5 billion a year earlier.
Despite resuming operations in early June, albeit in very limited capacities, with no new movies to screen, AMC couldn’t muster up much of a profit at its 37 currently opened locations, which resulted in a second-quarter loss of over $561.2 million, compared to a year earlier, when it had profits of $49.4 million.
What the future holds for the theater chain is all up in the air, but not even the promise of Christopher Nolan’s “Tenet” being released on September 3rd in the U.S. would make a difference (and we still don’t even know if that release will happen), alas, It seems as though it’s going to take a full reopening of the entire movie industry to get things rolling again for AMC.
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