AMC, Regal investing $2.2B to upgrade movie theater experience

[LAUREN TAYLOR]

THE NEXT GREAT ATTRACTION COMING TO A THEATER NEAR YOU – AN “UPGRADED” THEATER.

THE EIGHT BIGGEST MOVIE THEATER CHAINS IN THE U.S. AND CANADA – INCLUDING AMC, REGAL, AND CINEMARK —  ANNOUNCING THEY WILL BE INVESTING 2 POINT 2 BILLION DOLLARS TO MAKE IMPROVEMENTS TO MODERNIZE THEIR THEATERS OVER THE NEXT THREE YEARS.

THESE THEATERS REPRESENT OVER 21 THOUSAND MOVIE SCREENS AND 67 PERCENT OF SALES AT THE BOX OFFICE.

THE NATIONAL ASSOCIATION OF THEATRE OWNERS SAYS THE FUNDS WILL BE USED FOR VARIOUS UPDATES INCLUDING – “ADDING THE LATEST LASER PROJECTION TECHNOLOGY AND IMMERSIVE SOUND SYSTEMS, INSTALLING MORE COMFORTABLE SEATING, ENHANCING FOOD AND BEVERAGE OFFERINGS, CREATING FAMILY ENTERTAINMENT OPTIONS SUCH AS ARCADES AND BOWLING, AND INVESTING IN CORE SITE ELEMENTS LIKE STATE-OF-THE-ART AIR CONDITIONING, LIGHTING, SIGNAGE AND CARPETING.”

IN A STATEMENT, THE ASSOCIATION’S PRESIDENT AND CEO MICHAEL O’LEARY SAYING

“There is no question that movie fans of all ages love heading to the local theatre to see great movies on the big screen. But the competition for consumers’ hard-earned dollars is fiercer than ever. Going to the theatre is an unparalleled entertainment experience, and exhibitors are dedicated to making every visit to their theatres memorable.  This investment reflects that commitment in a tangible way that every moviegoer will see and enjoy.”

AFTER FACING MULTIPLE CHALLENGES – FROM SHUTDOWNS DURING THE COVID-19 PANDEMIC TO A SLIM SLATE OF OFFERINGS DUE TO THE HOLLYWOOD STRIKES – AND SUMMER BOX OFFICE TOTALS TRAILING 13 PERCENT BEHIND LAST YEAR — THEATERS ARE LOOKING TO REINVIGORATE THEMSELVES WITH THESE UPGRADES TO KEEP MOVIEGOERS FEELING LIKE THE STAR OF THE SHOW.