AMC is bridging the revenue gap by renting out its theaters for private viewing parties. You can book an entire theater room for you and up to 20 guests so you don’t have to worry about getting germs from strangers. And it’s not outrageously priced either – reservations for one of their “AMC Safe & Clean” auditoriums start at just $99. Social distancing and masks are still required unless actively eating or drinking.
Of course, there are always additional amenities you can add on. For instance, bringing in outside food will cost you an extra $250, and a microphone set up so you can welcome your guests or MC the event will run you another $100. Older films like Toy Story, Goldfinger, or American Sniper start at $99 plus tax, while newer releases like Tenet and Let Him Go cost between $149 and $349 before tax.
AMC is the latest theater chain to offer private screenings amid the ongoing pandemic. This is an attempt to bring in some extra revenue during a time when regular movie attendance and movie releases are at an unprecedented low. Earlier this year, AMC Theaters reported the chain expects to run out of money by the end of the year.
AMC says it “believes its cash burn to date is in line with the Prior Update. However, given the reduced movie slate for the fourth quarter, in the absence of significant increases in attendance from current levels or incremental sources of liquidity, at the existing cash burn rate, the Company anticipates that existing cash resources would be largely depleted by the end of 2020 or early 2021. Thereafter, to meet its obligations as they become due, the Company will require additional sources of liquidity or increases in attendance levels. The required amounts of additional liquidity are expected to be material.”
Earlier this summer, AMC raised close to $40 million by selling shares and announced a major debt restructuring plan as well, but so far it hasn’t been enough to solve all the theater chain’s financial problems.
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