AMC losing $4.6 billion in 2020 due to mandatory theater closures. In particular, large movie-going hotspots like New York City and Los Angeles remained closed for the majority of 2020 due to local government mandates - as both states were hit hard by the pandemic. However, New York City began reopening theaters on March 5 with 25% capacity. A week later, it was announced that Los Angeles would also allow theaters to reopen, also at 25% capacity.
As a result of the city lifting the closure mandate, AMC announced that they will be reopening theaters in Los Angeles on March 19 (via open next week "no matter what."
This news is certainly good for movie buffs, as the closures in NYC and LA were one of the main reasons so many tentpole films got delayed in 2020. However, it remains to be seen what effect this will have on the spread of COVID-19. Vaccine rollouts continue to grow, so, hopefully AMC Theatres will be able to thrive after reopening.
Source: Fox Business
