"Top Gun: Maverick" posted the best Memorial Day weekend domestic box office performance in history and AMC Entertainment Holdings Inc AMC CEO Adam Aron believes the numbers might be even higher than current estimates.
"I actually think that when Paramount releases numbers today, they'll be higher than what you've seen in the press reports," Aron said Tuesday on CNBC's "Squawk Box."
According to several reports, the movie has generated more than $156 million in the box office in just the first four days since its release. The domestic box office saw an estimated 122% increase year-over-year compared to the 2021 Memorial Day weekend.
More than 3.3 million people watched "Top Gun: Maverick" at an AMC Theatre globally and more than 5 million people attended movies at AMC Theatres over the weekend, up from about 2.6 million year-over-year.
"This is 2.5 times the biggest Tom Cruise movie ever. We're just euphoric," Aron said.
What's even more exciting is what's ahead for the movie theater chain, he said: "It's going to be a big, big summer in our opinion and then it just continues all the way to Christmas."
Highly anticipated films scheduled to debut in 2022 include "Jurassic: World Dominion," "Lightyear," "Minions: The Rise Of Gru," and "Thor: Love And Thunder."
"When Hollywood makes movies and releases them in theaters that people want to see, they are coming out in huge numbers to enjoy our theaters, so we're excited, we're confident and we know that we're on a path to recovery," Aron said.
AMC Price Action: AMC Entertainment has traded between $9.70 and $72.62 over a 52-week period.
The stock was up 0.069% at $14.43 at press time, according to data from Benzinga Pro.
Photo: Courtesy Paramount
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
