business
The theater is scheduled to open in the spring.
AMC Entertainment has purchased the former ArcLight Cinemas at The Hub on Causeway. Suzanne Kreiter / Boston Globe
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AMC Entertainment acquired the former ArcLight Cinemas premises on Causeway Street after they closed in 2020 as part of the COVID-19 pandemic shutdown.
The acquisition was announced in an AMC press release last week as the company reported gross profits of $162 million since the launch of its AMC Preferred Equity Stock earlier this year.
In a statement, Adam Aron, chairman and CEO of AMC Entertainment, said the company is using the money to pay down debt and acquire new theaters.
“AMC has reduced debt for the third time this year, most recently by repurchasing debt at a significant discount of 61 percent, and is in a position to consider various opportunities to add theaters to our fleet, including just the successful backup of the attractive former ArcLight Boston for AMC. ‘ said Aaron.
The 13-hall theater at The Hub on Causeway is essentially “brand new,” according to AMC. The space opened in December 2019 and closed just three months later when the pandemic hit, not to be reopened.
ArcLight, the Los Angeles cinema company, announced in April 2021 that none of its locations would reopen after determining they had “no viable way forward.”
The company was best known for providing a premium cinematic experience, pioneering amenities like reclining seats, high-end concessions and reserved seating since its launch in 2002.
AMC currently operates two theaters in Boston: one downtown off Boston Common at Tremont Street and another at South Bay Center in Dorchester. The company also has offices throughout the greater Boston area, including Assembly Row in Somerville.
The announcement of the acquisition comes months after the Alamo Drafthouse Cinema announced in July that it would be opening its first-ever New England location in the space previously occupied by the ShowPlace Icon Theater at 60 Seaport Blvd.
Much like ArcLight, ShowPlace ICON said in March 2021 that it would not reopen after being closed during the pandemic, just three years after it opened its doors.
A spokesman for AMC told The Boston Globe that the company’s Causeway Street location is expected to open by spring 2023.
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