”I often compare movie theaters to theme parks. But theme parks control their own destiny,“ says B. Riley FBR analyst Eric Wold
Theater chains AMC Entertainment and Cinemark Holdings have recently shown how the continued shutdowns amid the coronavirus pandemic have impacted their businesses. Both financially and operationally, however, things are about to look a lot worse.
AMC on Tuesday reported a loss of $2.2 billion for the first quarter, the three months ending on March 31. Cinemark reported a loss of $59.6 million for the same period. Both said COVID-19 had a significant impact on their financial results for the quarter, although that’s nothing compared to what’s to come when they report second-quarter results, which will include April through June.