We’d like to remind you that AMC Entertainment was THIS CLOSE to filing for bankruptcy last year. Seriously, it was a very near thing for the company. But now…they’ve bought themselves a parcel of land in Nevada, with literal gold and silver in them thar hills.
AMC Entertainment has purchased a 22% stake in The Hycroft Mining Holding Corp., who owns the Hycroft Mine in Nevada, for $27.9 million.
“To state the obvious, one would not normally think that a movie theater company’s core competency includes gold or silver mining,” AMC Chairman and CEO Adam Aron said of the purchase.
“Our strategic investment being announced today is the result of our having identified a company in an unrelated industry that appears to be just like AMC of a year ago,” he continued. “It, too, has rock-solid assets, but for a variety of reasons, it has been facing a severe and immediate liquidity issue. Its share price has been knocked low as a result. We are confident that our involvement can greatly help it to surmount its challenges — to its benefit, and to ours.”
This just seems like a really strange flex for a company who’s shares are down 50%. And also started charging more for select movie tickets, like “The Batman.” But hell, maybe they’ll use the mine to film future projects, who knows.