AMC to Build Film Complex in Century City
AMC Entertainment, the nation’s third-largest motion picture exhibitor, said Friday that it will construct a 14-screen theater complex with a minimum of 3,750 seats at the Century City Shopping Center.
The theater complex, budgeted at about $5 million, is expected to be completed next year as part of a $25-million addition to the shopping center.
AMC’s announcement underscores a continuing race by major exhibitors to build new theaters in attractive markets. A primary motive is to gain larger market share, according to Martin Romm, a securities analyst for First Boston Corp. in New York. He noted that the industry leaders are increasing their theater screens by 5% to 8% annually.
Last December, Cineplex Odeon Corp. of Toronto agreed to build a 5,600-seat complex at Universal City for $8 million. It is scheduled to open in mid-1987.
In a prepared statement, AMC President Ron D. Leslie said he expects the Century City complex to become the “flagship” of AMC’s circuit, which boasts 978 screens in 185 theater complexes in 27 states.