videoShares of AMC and Cineworld are soaring in after-hours trading as the movie theater chains are set to reopen locations nationwide in time for the release of Warner Brother’s upcoming film “Tenet” this weekend.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 7.17 | +1.10 | +18.20% |
| CNNWF | CINEWORLD GROUP PLC | 0.84 | -0.05 | -5.62% |
AMC Theaters, whose shares have surged more than 9% in after-hours trading Tuesday, announced it will welcome moviegoers back to 70% of its theaters by Sept. 4.
The vast majority of the approximately 420 locations will reopen on Sept. 3, the same day as the release of “Tenet.” In addition, guests can enjoy other new summer titles including “The New Mutants,” “Unhinged,” “Words on Bathroom Walls” and “The Personal History of David Copperfield.”
AMC will also offer guests an array of $5 food and beverage treats, including regular popcorn, regular Coca-Cola Freestyle drinks and KidsPacks, through the end of October, while AMC Stubs members will earn double points on all ticket and food & drink purchases.
A spokesperson for Regal Cinemas did not immediately return FOX Business’s request for comment.
The following day, AMC expects its first California theatres to reopen, when it resumes operations at seven theatres in and around San Diego. AMC plans to make announcements about additional markets in California, New Jersey and other areas of the country in the coming weeks, once theatres are authorized to open by state and local officials.
AMC reopened the doors of some of its theaters on August 20, selling 15-cent tickets to celebrate 100 years of operation and to kick off its return after being shuttered by the coronavirus pandemic.
People head to the entrance under the giant marquis at the AMC theatre when it re-opened for the first time since shutting down at the start of the COVID-19 pandemic, Thursday, Aug. 20, 2020, in West Homestead, Pa. (AP Photo/Keith Srakocic)
AMC’s CEO and president Adam Aron said in Tuesday’s press release that the first two weekends of operation “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.”
The theater chain uses a wide variety of safety measures to curb the spread of the virus, including frequent cleanings in partnership with Clorox, limited capacity for social distancing purposes, contactless ticketing, the requirement of masks for employees and audience members, no cash accepted at concessions, no refills on popcorn or drinks and several hand sanitizer stations.
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Meanwhile, Deadline is reporting that Regal Cinemas, the Cineworld-owned theater chain, will have theater locations in New Jersey, Maryland, Alaska and some cities in California reopened in time for this weekend’s release of the Christopher Nolan movie as well.
Starting Wednesday at 5 p.m., Regal will reportedly be reopening their theaters in San Diego, two locations around El Dorado County and one in Sonora, Calif. It will also open three in Anchorage, Alaska. On Friday, the movie chain will also reopen its New Jersey locations and 11 locations in Maryland.
Cineworld’s stock rose 1.5% in after-hours trading on the news.