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Kansas City, Mo. (May 27, 2010) - AMC Entertainment Inc. (AMC), one of the world's largest theatrical exhibition and entertainment companies, announces today that its wholly owned subsidiary, American Multi-Cinema, Inc., will not exercise its option to extend the lease for AMC The Grand 24, currently held by EPT Down REIT II Inc., a subsidiary of Entertainment Properties Trust (EPT).
This marks the end of an era, as AMC The Grand 24 was the first megaplex - a theatre with 14 auditoriums or more and stadium seating - ever built in the United States in 1995.
"It's disappointing that we have not come to terms on a historical, and to us, a somewhat sentimental property," said Gerry Lopez, AMC's chief executive officer and president. "But in our opinion, the proposal advanced by EPT is simply untenable. We continue to negotiate with EPT on several other properties and will see where those discussions take us."
The EPT lease contains a notice deadline of May 31, 2010 to exercise its renewal option. Because AMC elected not to exercise its option to renew the lease, it will now expire on Nov. 30, 2010. AMC will vacate the premises and remove its equipment prior to this date.
"Throughout the past 15 years at AMC The Grand 24, we made history and developed many friends in the community" said Mark McDonald, AMC's executive vice president of global development. "We will miss them."
About AMC Entertainment Inc.
Headquartered in Kansas City, Mo., AMC Entertainment Inc. is one of the world's largest theatrical exhibition and entertainment companies. With a history of industry leadership and innovation dating back to 1920, the company today serves hundreds of millions of guests annually through interests in 380 theatres with 5,325 screens in five countries. www.amctheatres.com
Cautionary Statement for Purposes of the "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
Statements in this release that are not historical facts or information are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Such forward-looking statements are based on management's reasonable current assumptions and expectations. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance or achievement of AMC to be materially different from any future results expressed or implied by such forward-looking statements, and there can be no assurance that actual results will not differ materially from management's expectations.
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