AMC Breaks New Weekend High Record in 4 Years
AMC Entertainment (NYSE:AMC) has broken a new weekend high record in 4 years as “Barbenheimer” produces results bigger than expected.
“Barbie” ended up with $162 million in its first weekend of release, above Sunday’s already record-breaking estimate of $155 million. The Warner Bros. film, starring Margot Robbie declined just 9% from Saturday to bring in $43.7 million on Sunday.
Those ticket sales rank as the biggest opening weekend of the year, besting “The Super Mario Bros. Movie” ($146 million).
“Barbie” also marks the biggest debut ever for a film directed by a woman, overtaking Anna Boden and Ryan Fleck’s 2019 blockbuster “Captain Marvel” ($153 million), says Variety.
“Oppenheimer,” also beat expectations with $82.4 million, slightly higher than Sunday’s huge $80.5 million projection.
At the international box office, Oppenheimer added $98 million for a global tally of $180 million.
“The box office powered to its fourth-biggest weekend in history with over $300 million industrywide.
The top three weekends of all time were led by the debuts of sequels in massive franchises — 2019’s “Avengers: Endgame” ($402 million collectively), 2018’s “Avengers: Infinity War” ($314 million collectively) and 2015’s “Star Wars: The Force Awakens” ($313 million collectively),” says Variety.
Shares of the world’s largest movie theatre company, AMC Entertainment, have risen more than +33% on Monday.
Here’s an official statement from the CEO.
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AMC CEO on Biggest Weekend in 4 Years
“It sure feels fabulous to see that our theatres are packed.
“Barbenheimer” caused the busiest weekend at AMC in 4 years, both in the U.S. and in Europe.
In the U.S., Saturday single day numbers were the 5th highest ticket revenues and 2nd highest food & beverage revenues in AMC’s entire 103-year history.
These are such hopeful signs for our eventual recovery in the years ahead.
BUT, we should not let ourselves be confused by the euphoria arising from this weekend’s huge box office numbers.
Moviegoing in 2023 still will be well below 2019 pre-Covid levels.
The writers and actors strikes create uncertainty ahead.
And cash is very tight.
We still will have to manage our company with all of our smarts and all of our skill to get to the promised land,” said the CEO in a statement.
This past weekend, Adam Aron addressed shareholders in a very important letter.
“If we are unable to raise equity capital, the risk materially increases of AMC conceivably running out of cash in 2024 or 2025, or of AMC being unable to satisfactorily refinance and stretch out the maturity of some of our debt (which is required of us beginning as early as 2024.)
In my view, the wisest way to defeat that short thesis is to take bankruptcy risk off the table, to the extent possible.”
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Also Read: AMC CEO Suggests Reverse Split is Crucial for Company’s Survival
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