AMC Entertainment CEO in addition to President Adam Aron said investors from the company don’t need to pay much attention to how the market moves.
“As for our stock, you know, sometimes investors are just wrong,” Aron told CNBC on “Power Lunch” on Thursday.
“I think there’s a lot of money to be made because I personally think This specific will be a buying opportunity for AMC,” said Aron, who calls himself a bull.
Shares of AMC Theatres are down 35 percent year to date, compared with competitors IMAX in addition to Cinemark, which are both down 14 percent from the same period.
however Aron, who has also served as CEO of Starwood Hotels in addition to Resorts Worldwide, pointed out some successes for the company from the last year, including the opening of a fresh cinema in Riyadh, Saudi Arabia, last month. of which will be the country’s first movie theater since they were banned 37 years ago.
Aron said the cinema has been “jam-packed” since opening night, when the first show sold out in fewer than 15 minutes. however he said of which’s only because “people didn’t know how to buy our tickets. The next day we sold out in 45 seconds.”
With the growing demand for movies in Saudi Arabia, Aron said AMC was going to add “a lot” of theaters from the country over the next three to all 5 years.
In April, Aron told CNBC of which AMC plans to open up to 40 cinemas in 15 cities around Saudi Arabia. By 2030, the country will have a total of 50-100 cinemas in approximately 25 cities.
The CEO said once the plan will be carried out AMC will have 50 percent market share in Saudi Arabia. Business from the country will account for 5 to 10 percent of AMC’s revenue in addition to profit generation.
“AMC will be booming at the moment,” Aron said on Thursday, with customers hitting the box office in record numbers recently.
“We’ve been setting record after record after record,” he said. “Since September of 2017, we’ve been roaring hot.”
He anticipates May will be one of the biggest months in movie history, with releases such as the fresh “Star Wars” movie, “Solo,” opening on Friday in addition to additional anticipated films coming.
“We’ve got big movies of which have had people flock to our theaters recently,” Aron said. “in addition to we’ve got big movies over the next two months.”