{"id":132753,"date":"2021-07-19T22:37:27","date_gmt":"2021-07-19T22:37:27","guid":{"rendered":"https:\/\/precoinnews.com\/?p=132753"},"modified":"2021-07-19T22:37:27","modified_gmt":"2021-07-19T22:37:27","slug":"amc-signs-deal-to-lease-the-grove-and-americana-two-of-los-angeles-top-grossing-cinemas","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/amc-signs-deal-to-lease-the-grove-and-americana-two-of-los-angeles-top-grossing-cinemas\/","title":{"rendered":"AMC signs deal to lease The Grove and Americana, two of Los Angeles&#x27; top-grossing cinemas"},"content":{"rendered":"<ul>\n<li>AMC is taking over the leases of cinemas at The Grove shopping complex and the Americana at Brand, two of Los Angeles&#x27; most lucrative theater locations.<\/li>\n<li>Both locations were formerly operated by Pacific Theatres.<\/li>\n<li>AMC is expected to reopen these theaters in August.<\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>AMC<\/span><\/li>\n<\/ul>\n<p>AMC Entertainment, the worlds largest cinema chain, is adding two more Los Angeles locations to its roster.<\/p>\n<p>On Monday, the company said it was taking over the leases of the 14-screen cinema at The Grove shopping complex in the Fairfax neighborhood and the 18-screen location at Americana at Brand in Glendale. Both locations were formerly operated by Pacific Theatres and are owned by real estate company Caruso.<\/p>\n<p>In April, Decurion, which owned the Pacific Theatre and ArcLight Cinema chains, said it would not be reopening its 17 locations. AMC, which has collected more than $1.6 billion in cash from stock sales, had previously disclosed that it was looking at several of Decurion&#x27;s old leases, looking for locations that had strong ticket sales before the coronavirus pandemic.<\/p>\n<p>In 2018, The Grove theater was the second-highest grossing cinema and the Americana was the fifth-highest grossing cinema in the Los Angeles area. AMC is expected to reopen these theaters in August.<\/p>\n<p>&quot;These two theaters each are located in world-class lifestyle centers offering the best in retail, dining and entertainment options,&quot; AMC CEO Adam Aron said in a statement Monday. &quot;Each was conceived and is run by Caruso, one of the largest and most admired privately-held real estate companies in the United States.&quot;<\/p>\n<p>Expanding AMC&#x27;s footprint has always been at the heart of Aron&#x27;s strategy. Aron acquired Carmike, Odeon and Nordic shortly after taking the role of CEO in 2015.<\/p>\n<p>Shares of the company were down modestly after the closing bell Monday, but are down more than 40% over the last month. The price of the company&#x27;s stock has been cut in half from its peak of $72.62, which was hit in early June of this year. The wild swings came as the name was swept into the Reddit investing craze along with other &quot;meme&quot; stocks like GameStop and Bed Bath &amp; Beyond.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/07\/19\/amc-signs-deal-to-lease-the-grove-and-americana.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>AMC is taking over the leases of<\/p>\n","protected":false},"author":3,"featured_media":132752,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AMC signs deal to lease The Grove and Americana, two of Los Angeles&#x27; top-grossing cinemas - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/amc-signs-deal-to-lease-the-grove-and-americana-two-of-los-angeles-top-grossing-cinemas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AMC signs deal to lease The Grove and Americana, two of Los Angeles&#x27; 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