The pre-release of a major film like Hamilton on Disney+ also stands as a portent. Landmark Theaters last year played such Netflix films as Roma and The Irishman. Another inevitability: More streamers will be booked at plexes. The number of theaters overall has fallen from 7,200 to 5,500 in the last 20 years with sharper declines now forecast.ĪMC, the world’s largest exhibitor, owned by China’s Wanda Group, acknowledged this week that its debt and 97% decline in quarterly earnings “raised substantial doubt about our ability to continue as a going concern for a reasonable period of time.” AMC hopes the government’s bailout fund will help it restructure its $5.3 billion debt.Įxhibitors know that reduced capacity will be a fact of life once surviving theaters finally open.
Major companies like Regal and Cinemark started closing locations in recent months. The theater business already was limping due to mounting debt and high fixed costs. The obstacle course is familiar by now: The riots, the virus, the economy. Both had warily announced July openings, but will they actually appear by summer’s end? Two movies - Tenet from Warnerīros and Mulan from Disney - have become the symbols of recovery. S&P Downgrades AMC Entertainment, Calling New Debt Swap 'Tantamount To Default'
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