AMC Theatres, the world’s largest movie theater owner, said it plans to reopen most of its theaters next month, including a majority of its locations in the United States and Britain.
The company, which shuttered its more than 1,000 theaters worldwide in March amid the coronavirus pandemic, has been hard-hit by the shutdown. In its first-quarter earnings report Tuesday, AMC reported a net loss of more than $2 billion and said revenue had fallen by 22% to $941.5 million.
“We are generating effectively no revenue,” the company said last week, adding it had “substantial doubt” that it could survive in the long term if its theaters remain shut down.
State health officials will still need to greenlight the reopening of theaters, but AMC said it intends to open “almost all” its U.S. locations in July. The company did not provide an exact date but hopes to reopen theaters in time to showcase “Tenet,” a spy thriller directed by Christopher Nolan, which is scheduled for release on July 17; and “Mulan,” Disney’s live-action remake of the 1998 animated movie, which is slated to open on July 24.
Movie theaters in some states, including Georgia, Oklahoma, Texas and Tennessee, have been allowed to operate for weeks — while other states, including California, are planning to reopen movie halls in the coming weeks.
Two other major U.S. movie theater chains ― Regal and Cinemark ― have said they also plan to reopen by July. Cinemark said last week that it plans to reopen in four phases, beginning in mid-June. All U.S. Cinemark locations are slated to be reopened by July 10.
AMC said Tuesday that “many things can change between now and July,” but that it was taking steps to ensure the safety of moviegoers in the meantime.
Safety measures include recommending that patrons wear face coverings, limiting theater capacity and enhancing cleaning protocols.
“We are confident we are taking the necessary steps on a broad array of fronts to ensure AMC’s future success as we navigate these turbulent and uncertain times,” CEO Adam Aron said in a statement.