Have you gone out to a movie theater recently? We just hit one at the Woodfield AMC 20. Twenty theaters, a massive concession area and the place looks like a dump. By dump, I mean the bathrooms remind me of a service station in some backwater Kentucky town and
the actual movie theaters looked like they were last cleaned 2 weeks back by Gomer Pile.
So what gives? Part of the problem is these guys have been getting their ass kicked since the pandemic. In June of 2021, AMC stock was trading at $230/share. Today 2 1/2 half years later, just over $7.
The box office is coming back but the investing community isn't buying it, even though the theater chain recently swung to profitability.
Meanwhile, the major 6 movie studios have cut their annual movie production since the heady days of the mid-2000s. Independent studios are trying to pick up the slack.
Will they pull out of this slump? So long as AMC can't keep its common areas from looking like an NYC slum (hire some competent people) I don't expect great things in their future.
More cowbell:
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