AMC Entertainment AMC and IMAX Corporation IMAX announced record-breaking box office returns over the Labor Day holiday weekend due primarily to the Walt Disney Co.’s DIS “Shang-Chi and the Legend of the Ten Rings.”
The AMC Experience: As both the latest installment in the Marvel Cinematic Universe and the only new film to premiere in a nationwide release over the weekend, “Shang-Chi and the Legend of the Ten Rings” dominated the U.S. box office with $71.4 million in its first three days in theaters.
AMC reported more than 2 million people came to its U.S. theaters during the Labor Day weekend, which it measured from Sept. 2 through Sept. 6. The company added this figure surpassed the 2019 Labor Day weekend and marked its highest attendance since its venues reopened after the start of the coronavirus pandemic.
Although the company declined to add a dollar figure to its weekend tally, AMC Chairman and CEO Adam Aron acknowledged the Disney release was the prime reason for its strong attendance numbers.
“We congratulate our friends and partners at Disney on their incredible theatrical success with ‘Shang-Chi and the Legend of the 10 Rings’ and we happily hail ‘Shang-Chi’ as the new Labor Day box office record holder,” he said.
The IMAX Experience: IMAX, which measured the Labor Day weekend from Sept. 3 through Sept. 6, reported $13.6 million in its global cinema network, adding it was the best global September and Labor Day weekend opening in its history. The company credited “Shang-Chi” with $8.5 million across 399 U.S. screens and $5.1 million from 391 screens in 66 countries.
While the global box office on “Shang-Chi” didn't include China, which has yet to grant permission for a domestic release, the company raked in $8.7 million from the Chinese premiere of another Disney title, “Free Guy.”
Rich Gelfond, CEO of IMAX, took a thinly-veiled swipe at Disney for its earlier insistence on simultaneously releasing its new films in both theaters and on its Disney+ streaming service.
“Exclusive theatrical releases continue to see bigger openings, better holds, and have now launched two new blockbuster franchises in the past month that fans will enjoy across screens for years to come,” he said.
Price Action: AMC shares are up 5% to $46.20 at publicaiton time; IMAX shares are 2.5% to $15.62; Cinemark Holdings, Inc CNK shares are up about 3% to $17.54.
Photo: Simu Liu in “Shang-Chi and the Legend of the Ten Rings.” Photo courtesy of Disney.
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