AMC ‘Quite Optimistic’ About Film Slate for Q4 and 2023, Says CEO
A nearly 10% plunge in AMC Entertainment’s stock price Thursday sparked CEO Adam Aron to declare his confidence in the theater chain’s future, after Cineworld, the financially imperiled British-based cinema chain, said it anticipates lower than expected box office admissions…
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through November due to a lack of blockbuster films. “At AMC, as we have publicly disclosed previously, the film slate in the third quarter of 2022 is expected to be relatively weak,” said Aron, after the markets closed. “However, we continue to be quite optimistic about the increasing demand for our portfolio of movie theaters in the fourth quarter of 2022 and calendar year 2023.” Cineworld, which owns Regal theaters in the U.S., is second to AMC as the world’s largest cinema chain owner. The AMC stock closed 7.3% lower Friday at $18.02. Cineworld shares crashed nearly 49% Friday on reports the company was on the brink of bankruptcy.