AMC Theaters announced this week that they will rent out entire theaters to patrons starting at $99, hoping to entice customers that have stayed away due to COVID-19.
Moviegoers will be able to rent a theater for up to 20 people on AMC's website. The price becomes more expensive with more people, with a party of 20 costing $349. Customers can choose from a list of 34 films, including classics such as "Jurassic Park" that start at the $99 price, or newer films for $149. Food and drinks are not included, but for $250, customers can bring their own food to the theater.
The move comes amid news that the Kansas-based theater chain – the largest in the U.S. – has posted a 91% loss in the third quarter of 2020 and is now facing bankruptcy. Overall revenue for the entire year is down 73%. Despite having 494 of its 598 U.S. theaters now open, attendance is still down 85%.
The rental plan is an attempt for the company to remain solvent after it announced that it would be out of cash by the end of the year.
🔦 Rival company Regal Theaters announced earlier this month that it would be closing all of its 536 U.S. theaters, putting 40,000 employees on furlough.