AMC plans to open 140 more theaters this week, stock pops 12%

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AMC Entertainment Holdings Inc. announced Tuesday afternoon that it expects to open 140 theaters by Thursday as one of the first big movies to release to theaters since the start of the COVID-19 pandemic drives demand for more theaters to open. The company said that after it opens those planned theaters, it will have roughly 70% of its theater locations open, which is approximately 420 locations. The move comes after the highly anticipated Christopher Nolan-helmed film “Tenet” had a strong international showing in its first weekend of release, grossing more than $50 million. “The first two weekends of operations have exceeded our expectations in terms of guests returning to the movies and in terms of their feedback about our extensive AMC Safe & Clean policies and procedures,” AMC Chief Executive Adam Aron said in Tuesday’s news release. AMC stock jumped more than 12% in after-hours trading following the announcement. Shares have dropped more than 15% so far this year as the COVID-19 pandemic has kept theaters closed.
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