AMC Entertainment has acquired The Grove Theatre and The Americana at Brand Theatre. AMC will begin to welcome its new guests in the Los Angeles area in the weeks to come. A big congratulations to AMC Entertainment for this massive move.
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According to Business Wire, AMC Entertainment had reached a leasing agreement with Caruso, one of the largest and most admired privately held real estate companies in the United States.
AMC Entertainment opens new theaters in August
The Grove Theatre is a 14-screen theatre located in Los Angeles, California. The Americana at Brand Theatre is an 18-screen theatre located in Glendale California. They were formerly operated by Pacific Theatres and are owned by Caruso real estate. AMC is expected to reopen the theatres some time in August of this year.
They have been closed for more than a year due to the COVID-19 pandemic. These two theaters ranked in the top 5 highest grossing movie theaters in Los Angeles with The Grove landing #2, and The Americana landing #5.
In terms of fundamentals, these news should get retail investors excited. The company we’re invest in is doing very well and we should be ecstatic for them. Yes, our play is the short squeeze but Adam Aron has been very resilient and the company has my respect.
Adam Aron comments on the agreement
““The Grove and The Americana at Brand theatres are among the most successful theatres in the greater Los Angeles area, and we look forward to delivering the high-quality experience for guests visiting these theatres that AMC is known for in the Los Angeles area and nationally. AMC is proud to be expanding in the movie-making capital of the world. And we are eager to get started as soon as possible, showcasing for our guests at these two theatres the exciting lineup of movies scheduled throughout the rest of 2021.””
Adam aron, cEO and president of Amc entertainment
Nothing can replace the movie-going experience
“Nothing can replace the movie-going experience. Even with the advancement of technology bringing content to us in the comfort of our homes, going to the movies remains an important part of our lives because nothing can ever replace the shared experience of being in a movie theater. Simply put, some movies are made to be enjoyed together,” said Rick Caruso, Founder and CEO of Caruso.
Rick Caruso is an American billionaire businessman. Not only is he the founder and CEO of Caruso real estate, but he was once president of the Los Angeles Police Commission as well.
Caruso then goes on to say, “We are excited to partner with AMC – the best management team in the business with a laser focus on the guest experience. AMC has the largest footprint of theaters in the world, giving them global authority on innovation. As we look ahead to reopening, we are confident that we will continue to see audiences at our movie theaters creating cherished memories for years to come. Los Angeles, welcome back to the movies!”
AMC Entertainment has also been in the talks with other landlords regarding opening other closed theaters as well. Adam Aron is going on the offense and this will mean very good business opportunities for AMC Entertainment in the long-term.
I’m confident that under AMC Entertainment’s operation, these two theaters are going to provide more value to the American people.
Read: AMC stock is primed to bounce back up: MOASS
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