AMC “goes on offense” with plans to expand its
Premium Large Format (“PLF”), Extra Large Format (“XLF”) and Laser
at AMC footprint over the next four to seven years
AMC’s Go Plan also includes theatre renovations
and seating upgrades at AMC theatres in the United States and ODEON
Cinemas in Europe
AMC’s Go Plan positions AMC to thrive as the
box office recovery gains momentum
AMC Theatres® (NYSE:AMC), the largest theatrical exhibitor in
the United States and in the world, today announced AMC’s Go Plan,
an ambitious investment in the future of moviegoing at AMC. Through
AMC’s Go Plan, AMC expects to invest between $1 billion and $1.5
billion over the next four to seven years, greatly enhancing its
locations in the United States and Europe.
With AMC’s Go Plan, AMC will provide guests with an even greater
selection of premium experiences, immersive sight & sound
enhancements, more comfortable seating and upgraded theatres, as
well as other initiatives.
AMC’s Go Plan includes investing in some of AMC’s best and most
productive theatres. In addition to recent and current renovations
at AMC flagship locations like AMC Lincoln Square 13 & AMC
Empire 25 in New York, and AMC Burbank 16 in Los Angeles, AMC has a
long list of high-performing theatres that could receive
significant seating and other upgrades as part of AMC’s Go
Plan.
Similarly, for ODEON Cinemas in Europe, there are opportunities
to develop a meaningful number of additional Luxe Cinemas,
especially in the UK.
On the premium moviegoing front, AMC’s consumer data makes it
clear that moviegoers are increasingly seeking out premium large
format experiences. Through AMC’s Go Plan, AMC expects to greatly
expand its premium large format (PLF), and extra-large format (XLF)
offerings, as well as expand the number of Laser at AMC
auditoriums. This includes IMAX® with Laser at AMC, Dolby Cinema at
AMC, PRIME at AMC, and AMC’s new XLF format – XL at AMC.
The timing and extent of AMC’s Go plan will be calibrated
according to the box office recovery trajectory and AMC’s available
capital, liquidity levels, and leverage ratios. Components of the
plan include:
- Not so long ago, 42 of AMC’s 223 global IMAX locations offered
the superb IMAX with Laser product, including laser projection,
enhanced 12 channel sound system and significant recliner or plush
rocker seating upgrades. Through AMC’s Go Plan, the number of IMAX
deployments will increase, and IMAX with Laser could be installed
in more than two-thirds of our IMAX auditoriums.
- Through AMC’s Go Plan, the number of PRIME at AMC PLF houses
could increase from 31 to up to 100.
- The AMC Go Plan would also significantly increase the number of
Dolby Cinema at AMC locations.
- At the end of September, AMC had 2,137 auditoriums in the
United States that featured Laser at AMC. The Company expects to
double or triple that count over the next seven years.
Finally, AMC’s Go Plan also includes the expected roll out of
our newest initiative, XL at AMC, for 200-250 auditoriums, in
addition to the 68 XL auditoriums that we already have in Europe.
XL at AMC will be offered in auditoriums where the screen is at
least 40-feet wide. All XL at AMC auditoriums will feature 4K laser
projection on the biggest non-PLF screen in the building. Every XL
at AMC auditorium will receive a branded entry, and
easy-to-identify branding on the AMC website and mobile app.
AMC Chairman and CEO Adam Aron commented:
“With AMC’s Go Plan, AMC is officially going back on offense.
First and foremost, that means investing in the theatrical
experience in our movie theatres, both at AMC locations in the U.S.
and ODEON Cinemas in Europe. This Go Plan is AMC’s most aggressive,
forward-looking theatrical investment initiative this decade, and
will greatly enhance the moviegoing experience for millions of our
U.S. guests. And, of course, we will manage the timing of our Go
Plan investments consistent with the prudent management of our debt
levels, leverage, and liquidity.”
About AMC Entertainment Holdings, Inc.
AMC is the largest movie exhibition company in the United
States, the largest in Europe and the largest throughout the world
with approximately 900 theatres and 10,000 screens across the
globe. AMC has propelled innovation in the exhibition industry by:
deploying its Signature power-recliner seats; delivering enhanced
food and beverage choices; generating greater guest engagement
through its loyalty and subscription programs, website, and mobile
apps; offering premium large format experiences and playing a wide
variety of content including the latest Hollywood releases and
independent programming. In addition, in 2023 AMC launched AMC
Theatres Distribution with the highly successful releases of TAYLOR
SWIFT | THE ERAS TOUR and RENAISSANCE: A FILM BY BEYONCÉ. AMC
Theatres Distribution expects to release more concert films with
the world’s leading musical artists in the years ahead. For more
information, visit www.amctheatres.com.
Forward-Looking Statements
This communication includes “forward-looking statements” within
the meaning of the federal securities laws, including the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. In many cases, these forward-looking statements may be
identified by the use of words such as “will,” “may,” “could,”
“would,” “should,” “believes,” “expects,” “anticipates,”
“estimates,” “intends,” “indicates,” “projects,” “goals,”
“objectives,” “targets,” “predicts,” “plans,” “seeks,” and
variations of these words and similar expressions. Examples of
forward-looking statements include statements we make regarding our
expected revenue, net loss, capital expenditure, Adjusted EBITDA
and estimated cash and cash equivalents, the potential for
sustained growth, our cash generation potential, our financial
runway, the continued box office recovery as well as the future box
office outlook. Any forward-looking statement speaks only as of the
date on which it is made. These forward-looking statements may
include, among other things, statements related to AMC’s current
expectations regarding the performance of its business, financial
results, liquidity and capital resources, and the impact to its
business and financial condition of, and measures being taken in
response to, the COVID-19 virus, and are based on information
available at the time the statements are made and/or management’s
good faith belief as of that time with respect to future events,
and are subject to risks, trends, uncertainties and other facts
that could cause actual performance or results to differ materially
from those expressed in or suggested by the forward-looking
statements. These risks, trends, uncertainties and facts include,
but are not limited to: the sufficiency of AMC’s existing cash and
cash equivalents and available borrowing capacity; availability of
financing upon favorable terms or at all; AMC’s ability to obtain
additional liquidity, which if not realized or insufficient to
generate the material amounts of additional liquidity that will be
required unless it is able to achieve more normalized levels of
operating revenues, likely would result with AMC seeking an
in-court or out-of-court restructuring of its liabilities; the
effectiveness of the refinancing transactions completed in the
third quarter of 2024 to allow AMC to generate net positive
operating cash flow and long-term profitability to overcome
liquidity concerns; the impact of the COVID-19 virus on AMC, the
motion picture exhibition industry, and the economy in general;
increased use of alternative film delivery methods or other forms
of entertainment; the continued recovery of the North American and
international box office; AMC’s significant indebtedness, including
its borrowing capacity and its ability to meet its financial
maintenance and other covenants and limitations on AMC's ability to
take advantage of certain business opportunities imposed by such
covenants; shrinking exclusive theatrical release windows; the
seasonality of AMC’s revenue and working capital; intense
competition in the geographic areas in which AMC operates; risks
relating to impairment losses, including with respect to goodwill
and other intangibles, and theatre and other closure charges;
motion picture production and performance (including as a result of
production delays to the release of movies caused by labor
stoppages, including but not limited to the Writers Guild of
America strike and the Screen Actors Guild-American Federation of
Television and Radio Artists strike that occurred during 2023);
general and international economic, political, regulatory and other
risks, including but not limited to rising interest rates; AMC’s
lack of control over distributors of films; limitations on the
availability of capital, including on the authorized number of
Class A common stock; dilution of voting power through the issuance
of Class A common stock underlying the Exchangeable Notes and the
issuance of preferred stock; AMC’s ability to achieve expected
synergies, benefits and performance from its strategic initiatives;
AMC’s ability to refinance its indebtedness on favorable terms;
AMC’s ability to optimize its theatre circuit; AMC’s ability to
recognize interest deduction carryforwards, net operating loss
carryforwards, and other tax attributes to reduce future tax
liability; supply chain disruptions, labor shortages, increased
cost and inflation; and other factors discussed in the reports AMC
has filed with the SEC. Should one or more of these risks, trends,
uncertainties, or facts materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by the forward-looking
statements contained herein. Accordingly, we caution you against
relying on forward-looking statements, which speak only as of the
date they are made.
Forward-looking statements should not be read as a guarantee of
future performance or results and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved. For a detailed discussion of risks,
trends and uncertainties facing AMC, see the section entitled “Risk
Factors” and elsewhere in our most recent annual report on Form
10-K and quarterly report on Form 10-Q, as well as our other
filings with the SEC, copies of which may be obtained by visiting
our Investor Relations website at investor.amctheatres.com or the
SEC’s website at www.sec.gov.
AMC does not intend, and undertakes no duty, to update any
information contained herein to reflect future events or
circumstances, except as required by applicable law.
Category: Company Release
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107098160/en/
MEDIA CONTACT Ryan Noonan, (913) 213-2183
rnoonan@amctheatres.com
AMC Entertainment (NYSE:AMC)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
AMC Entertainment (NYSE:AMC)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024
