Effects of Coronavirus (COVID-19) On Entertainment & Tourism Industry

[RevFreako]

One person's facts is another's #fakenews. That's why politics can't be discussed without it turning into either fights or an echo chamber.

That's the problem. There's no "one person's facts." There's only one reality.

 

[fryoj]

That's the problem. There's no "one person's facts." There's only one reality.

Yeah, and your "reality" doesn't belong on this thread.

 

[RevFreako]

Yeah, and your "reality" doesn't belong on this thread.

I'm sorry to say it does. The governmental response to the pandemic is entirely germane to the discussion. You may not like the facts at hand, but they are nonetheless the facts at hand.

This thread is about the effects of COVID on entertainment and tourism, which includes sports. Your president carried out an absolutely laughable conference call with the owners of the major sports leagues. Vince McMahon, Lord help us, was part of that call. Trump's failures are now part of that landscape.

 

[MrBlonde]

Regardless of administration, we should try to avoid politics as much as possible, but it does show where the priority is regarding the response: the economy.

Saying the wish to maintain a normal schedule indicates the hope that when games begin, they hope that things could be approaching normal. However, they also hoped things would be done by Easter, and that's not happening either. Easiest solution if they wanted to keep games going would be to keep stadiums closed and allow people to catch the game from home.

 

[RevFreako]

Regardless of administration, we should try to avoid politics as much as possible, but it does show where the priority is regarding the response: the economy.

Saying the wish to maintain a normal schedule indicates the hope that when games begin, they hope that things could be approaching normal. However, they also hoped things would be done by Easter, and that's not happening either. Easiest solution if they wanted to keep games going would be to keep stadiums closed and allow people to catch the game from home.

Easiest solution would be to wait until it was safe to have gatherings again -- but just like after 9/11, we have to make a big show that we're not scared of "the enemy" -- except this time there's no enemy.

 

[Brian G.]

Pull up on the politics. End of story.

 

[RevFreako]

Pull up on the politics. End of story.

Now YOU I'll listen to. I'm still bruised and spongy from the last time you hit me.

 

[Nick]

To get back on topic...

The S&P Global doubts that AMC reopens in mid-June as their CEO predicted and has downgraded their credit rating from a 'B-' to 'CCC-'.

“We expect AMC Entertainment … theaters will remain closed beyond June due to the impact of the global coronavirus pandemic. We do not believe AMC has sufficient sources of liquidity to cover its expected negative cash flows past mid-summer, and we believe the company will likely breach”

S&P Global Cuts Cash-Strapped AMC Entertainment Credit Rating, Doubts Theaters Will Reopen In June

S&P Global said AMC Entertainment may run out of cash by mid-summer and, unlike CEO Adam Aron, doesn't think theaters will reopen in June.

deadline.com

 

[Jimmypancakes20]

Universal studios Hollywood is now saying that now they are hoping by the 19 they will reopening city walk and the theme park

 

[Nick]

Universal studios Hollywood is now saying that now they are hoping by the 19 they will reopening city walk and the theme park

That's not what the tweet says at all. Just that they're closed through the 19th at least and they are continuing to monitor the situation. The entire country is under a recommended no gatherings of 10 people or more through April 30th and California has a Stay-at-home order, so they can't just reopen whenever they want, anyway.

 

[ThemeParks4Life]

To get back on topic...

The S&P Global doubts that AMC reopens in mid-June as their CEO predicted and has downgraded their credit rating from a 'B-' to 'CCC-'.

“We expect AMC Entertainment … theaters will remain closed beyond June due to the impact of the global coronavirus pandemic. We do not believe AMC has sufficient sources of liquidity to cover its expected negative cash flows past mid-summer, and we believe the company will likely breach”

S&P Global Cuts Cash-Strapped AMC Entertainment Credit Rating, Doubts Theaters Will Reopen In June

S&P Global said AMC Entertainment may run out of cash by mid-summer and, unlike CEO Adam Aron, doesn't think theaters will reopen in June.

deadline.com

Yikes. As long as AMCs remain closed, new releases won't come out. They own about 15% of theaters that play wide releases and also have the widest non-IMAX PLF with Dolby (and that's not even including the IMAXs in their theaters). Studios will lose a significant amount from grosses without AMC, which is why some type of bailout will happen from studios or even rival chains.

 

[Nick]

Yikes. As long as AMCs remain closed, new releases won't come out. They own about 15% of theaters that play wide releases and also have the widest non-IMAX PLF with Dolby (and that's not even including the IMAXs in their theaters). Studios will lose a significant amount from grosses without AMC, which is why some type of bailout will happen from studios or even rival chains.

John Campea theorized that all of the studios may have to come together and pitch in in order to keep the theaters alive if the government doesn't step in. Because if all the theaters fall on such bad times that they don't have enough money to reopen, then what good is a $250M blockbuster movie? The studios need the theaters if they want to keep making money.

 

[MrBlonde]

John Campea theorized that all of the studios may have to come together and pitch in in order to keep the theaters alive if the government doesn't step in. Because if all the theaters fall on such bad times that they don't have enough money to reopen, then what good is a $250M blockbuster movie? The studios need the theaters if they want to keep making money.

With the relaxation of studio ownership of movie theaters, we might be going back to the old days of certain theaters only having certain films if they’re rescued by a studio or collective effort.

AMC is my local theater but it’s not like most of them were well taken care of during good times. From an investor standpoint they always have had a lot of debt, much through huge acquisitions. It’s a simple business and they financial engineered themselves into a mess because of such leverage.

 

[ThemeParks4Life]

With the relaxation of studio ownership of movie theaters, we might be going back to the old days of certain theaters only having certain films if they’re rescued by a studio or collective effort.

AMC is my local theater but it’s not like most of them were well taken care of during good times. From an investor standpoint they always have had a lot of debt, much through huge acquisitions. It’s a simple business and they financial engineered themselves into a mess because of such leverage.

There's a reason why concession prices are so high at the major chains compared to smaller chains and independent theaters. A medium popcorn+soda combo at AMC is nearly $15, but I can go to a regional chain and find that same combo for $8-9. Theaters obviously have to oversell concessions as they don't make much from ticket sales, but looking at how much they are at AMC/Regal vs smaller theaters is eye opening.

 

[Victoria]

Universal studios Hollywood is now saying that now they are hoping by the 19 they will reopening city walk and the theme park

That's not what it says.

This tweet is from March 24th.

 

[Scott W.]

A fire at a Florida airport destroyed more than 3,500 rental cars | CNN

A fire that spread through a grassy area of Southwest Florida International Airport has destroyed thousands of rental cars, fire department officials said.

edition.cnn.com

The reason I find this relevant and interesting is that most rental car companies have 75% - 90% of their cars out for rental at any one time and with nobody travelling and renting cars, they have to go some where.

I wonder if the parks would offer their car parks.

 

[Mad Dog]

A fire at a Florida airport destroyed more than 3,500 rental cars | CNN

A fire that spread through a grassy area of Southwest Florida International Airport has destroyed thousands of rental cars, fire department officials said.

edition.cnn.com

The reason I find this relevant and interesting is that most rental car companies have 75% - 90% of their cars out for rental at any one time and with nobody travelling and renting cars, they have to go some where.

I wonder if the parks would offer their car parks.

On a similar note, larger scale though. Greater Pittsburgh Airport, which is quite large since it was designed when it was a large hub before the 9/11 changes slashed it's role, is providing large portions of their space to 'park' planes for the major carriers that have decreased their flights. So, right now, it's a big parking lot for unused passanger planes.

 

[Parkscope Joe]

On a similar note, larger scale though. Greater Pittsburgh Airport, which is quite large since it was designed when it was a large hub before the 9/11 changes slashed it's role, is providing large portions of their space to 'park' planes for the major carriers that have decreased their flights. So, right now, it's a big parking lot for unused passanger planes.

Oh that explains a lot. My apartment looks west towards the airport and I see a ton of planes fly in still.

 

[Scott W.]

Oh that explains a lot. My apartment looks west towards the airport and I see a ton of planes fly in still.

Do you have a photo? I'd be interested to see that.

 

[Parkscope Joe]

Do you have a photo? I'd be interested to see that.

I don’t see the airport, I’m just facing towards it and see the westward flight paths. Airport is around 8 miles west of me.