AMC Entertainment Holdings Inc., the world’s largest movie theater chain, is reopening two of the Los Angeles area’s top-grossing theaters, which have been closed for more than a year.
announced Monday that it has entered into a long-term lease agreement with private real estate company Caruso, which owns the properties, for the 14-screen Grove Theater in the Grove Mall in Los Angeles and the 18-screen Americana at the Brand Theater in nearby Glendale, California
Both theaters were previously managed by Pacific Theaters, which announced in April that they, along with 15 other Pacific and ArcLight theaters nationwide, including Hollywood’s iconic Cinerama Dome, would not reopen. Cinemas have been closed since early 2020 due to the pandemic.
AMC said both theaters will reopen to moviegoers in August. Cinemas are just beginning to recover from devastating closures; AMC last week announced its best attendance weekend in 16 months, adding that eight of the top 10 busiest US theaters were run by AMC.
In 2018, the Grove was the second-highest grossing theater in the Los Angeles area, while the Americana was fifth, AMC said Monday.
AMC may not be done, claiming that it “remains in active discussions with other owners regarding other currently closed locations”.
“The Grove and The Americana at Brand theaters are among the most popular theaters in the greater Los Angeles area,” AMC chief executive Adam Aron said in a statement. “AMC is proud to develop in the cinema capital of the world. ”
AMC stocks have been volatile in recent months and have fallen 41% in the past month. Still, AMC is up more than 1,500% year-to-date, thanks to its meteoric rise and other memes stocks earlier this year.