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    AMC's quarterly report is grim. It has an expense rate of about $600 million per quarter and has cash on hand of $417 million with revenue of $119 million for the quarter. It looks like unless a miracle happens, AMC will be kaput in about 3 months.

    From AMC: “As previously disclosed, in the absence of significant increases in attendance from current levels or the availability of significant additional sources of liquidity, at the existing cash burn rate, the Company anticipates that existing cash resources would be largely depleted by the end of 2020 or early 2021. Thereafter, to meet its obligations as they become due, the Company will require additional sources of liquidity and/or increases in attendance levels. The required amounts of additional liquidity will be material. Due to these factors, as previously disclosed, substantial doubt exists about the Company’s ability to continue as a going concern for a reasonable period of time.”


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    Senior Member ahalpert's Avatar
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    Bailout time


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    Yes, maybe FIAT will take them over and convert all AMC theaters into drive-in's. All they'll need is a ramp.


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    Quote Originally Posted by ahalpert View Post
    Bailout time
    That is like people blaming Covid for their lives. Truth is, a lot of people were complaining about their lives even before the pandemic.


    Basically, the theaters were failing before Covid. The virus was just the nail in the coffin. A bailout seems unnecessary, as new companies will take up the theater experience after things start to open up, and they will be able to start fresh. Movie theaters are going to go anywhere even without a bailout. Why prop up AMC, instead give those millions or billions to far more culturally and community centric theater experiences?


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    Quote Originally Posted by DLD View Post
    Yes, maybe FIAT will take them over and convert all AMC theaters into drive-in's. All they'll need is a ramp.
    Theaters with charging stations for electric vehicles would be a big hit in LA. Avoid rush hour traffic after work, decompress with a movie, and charge up your car.


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    Quote Originally Posted by James0b57 View Post
    That is like people blaming Covid for their lives. Truth is, a lot of people were complaining about their lives even before the pandemic.


    Basically, the theaters were failing before Covid. The virus was just the nail in the coffin. A bailout seems unnecessary, as new companies will take up the theater experience after things start to open up, and they will be able to start fresh. Movie theaters are going to go anywhere even without a bailout. Why prop up AMC, instead give those millions or billions to far more culturally and community centric theater experiences?
    Im not saying the government should give AMC a handsome profit. I just think that anyone who is being forced out of business (especially bars and restaurants) for the sake of saving the rest of us should be compensated for their lost business. After this, we can make sure that pandemic insurance is available and they can buy it or be on their own next time.

    AMC may not have been doing that well, but they werent at risk of going bankrupt this year. We bailed out the airlines. (Because politicians are frequent fliers.)


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    Bars and restaurants are also a turnover prone business, working on very small margins. Most of those that went under in the last half a year probably had a high probability of going under anyway.

    PS. On the other hand, my favorite Japanese/Chinese buffet was reopening on Tuesday after half a year out. I plan on going, with no small degree of trepidation. But I'll wait it out a little.


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    It also needs to be said that the modern (pre-Covid) theater chain business was inherently an unstable one, as it was created by a fiat from the US government. This ought not be confused with the pre-war/pre-TV system, when theaters were owned by the studios. The current system buckled under the onslaught of the VCR's but was bound to go down from the online entertainment sooner or later.

    The same goes for cable television too.


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    Hopefully towns and cities of all sizes will see the benefit of a small indie film cinema in their downtown. Luckily the local cinema center in my hometown is owned outright by the nonprofit due to a generous grant / donation 25 years ago. I do know many brewpubs and restaurants that are doing solid business. Whether this will be viewed as horrendous mistake I don’t know. They’ve been Open here since May. I know many that have increased their visits and tipping to ensure these places are open next year. If I had to predict I’d guess we will see more restaurant/movie houses coming to smaller cities where commercial rents are lower. I wouldn’t be surprised if three years from now we only have a quarter of today’s screens.


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    One of those bad news, really bad news, more really bad news .... some good news sequence.


    Consumer demand for high-speed internet surged last quarter at NBCUniversal parent Comcast even as theme park revenue plunged 80% in a mixed earnings report that reflected the ongoing pandemic. Theatrical revenue, for instance, plunged 95%, home entertainment sales surged nearly 50%.

    Peacock sign-ups hit 22 million, exceeding every internal engagement metric for the new streaming service — even without the Olympics or The Office — the company said Thursday. At last check — a media conference in mid-September — it had 15 million sign-ups, which was up 50% from the 10 million Comcast reported with its second quarter numbers in July.
    https://deadline.com/2020/10/comcast...ip-1234605515/


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