AMC Entertainment Holdings Inc (NYSE: AMC) embraced its new “meme stock” status earlier this year after retailer investors pushed the stock from $2.0 to over $60 a share. None of the developments, however, have removed the company’s focus from its core cinema chain business.
CEO Aron lays out future strategy on CNBC’s “Squawk on the Street”
After reporting a narrower than expected quarterly loss, CEO Adam Aron said on CNBC’s “Squawk on the Street” this morning that “he is going on the offensive”. The chief executive laid out multiple strategies aimed at the future growth of its theatre business.
“We have $2 billion in liquidity. That’s plenty of capital to go on offence with. We will be adding somewhere between 5 to 10 very important theatres in the United States. Another example of playing offence is that we will get quite involved in the world of cryptocurrencies. We announced yesterday that we’re going to be accepting bitcoin as payment for online purchases (movie tickets and concessions),” he said.
What else is in the cards?
AMC Entertainment already signed the lease for two of LA’s highest-grossing cinemas last month; one at The Grove shopping complex and another at The Americana at Brand. The $2.0 billion liquidity, as per CEO Aron, will also help upgrade the existing network of U.S. theatres in terms of seating and amenities.
The world’s largest cinema chain also intends to screen more diverse content like pre-taped concerts and sports together with movies. On top of that, Aron hinted at a possibility to partner with GameStop and other related companies to host gaming events at its cinemas.
AMC Entertainment currently operates 593 movie theatres in the United States, all of which have been opened for the public as of the start of July. Internationally, it is now 95% operational. Shares of the company are close to 10% down on the intraday chart on Tuesday.
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