AMC indicators deal to rent The Grove and Americana, two of Los Angeles’ top-grossing cinemas
A person walks previous the AMC Georgetown 14 Theatres in Washington, DC on June 3, 2021.
Mandel Ngan | AFP | Getty Images
AMC Entertainment, the worlds greatest cinema chain, is including two extra Los Angeles places to its roster.
On Monday, the corporate mentioned it was once taking up the rentals of the 14-screen cinema at The Grove buying groceries complicated within the Fairfax group and the 18-screen location at Americana at Brand in Glendale. Both places had been previously operated via Pacific Theatres and are owned via actual property corporate Caruso.
In April, Decurion, which owned the Pacific Theatre and ArcLight Cinema chains, mentioned it will no longer be reopening its 17 places. AMC, which has amassed greater than $1.6 billion in money from inventory gross sales, had in the past disclosed that it was once having a look at a number of of Decurion’s previous rentals, on the lookout for places that had sturdy price tag gross sales ahead of the coronavirus pandemic.
In 2018, The Grove theater was once the second-highest grossing cinema and the Americana was once the fifth-highest grossing cinema within the Los Angeles space. AMC is predicted to reopen those theaters in August.
“These two theaters each are located in world-class lifestyle centers offering the best in retail, dining and entertainment options,” AMC CEO Adam Aron mentioned in a remark Monday. “Each was conceived and is run by Caruso, one of the largest and most admired privately-held real estate companies in the United States.”
Expanding AMC’s footprint has at all times been on the middle of Aron’s technique. Aron bought Carmike, Odeon and Nordic in a while after taking the position of CEO in 2015.
Shares of the corporate had been down modestly after the ultimate bell Monday, however are down greater than 40% over the past month. The value of the corporate’s inventory has been reduce in part from its height of $72.62, which was once hit in early June of this 12 months. The wild swings got here because the identify was once swept into the Reddit making an investment craze along side different “meme” shares like GameStop and Bed Bath & Beyond.