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.
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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
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