Bow Tie Cinemas sells 5 theaters in state to AMC Entertainment
Bow Tie Cinemas is selling five of its Connecticut theaters to industry giant AMC Entertainment, after spending millions of dollars to reinvigorate the venues with new seating, food service and other perks in the years leading up to the COVID-19 pandemic.
AMC will take over Stamford’s Ultimate Majestic 6 & BTX and Ultimate Landmark 9 theaters; the Ultimate Royale 6 and Ultimate Regent 8 in Norwalk; and the Ultimate Marquis 16 & BTX in Trumbull.
The deal does not include Bow Tie’s Criterion Cinemas in New Haven. Bow Tie is also selling to AMC theaters it operates in Saratoga Springs, N.Y., and Annapolis, Md.
Bow Tie had closed cinemas in Greenwich, New Canaan and Wilton.
The Ridgefield-based nonprofit Prospector Theater committed to taking over the Wilton location in February 2020, but has yet to move ahead with those plans.
Bow Tie lists offices in Ridgefield and New York City, with the company dating to the golden age of vaudeville at the turn of the 20th century.
The deal gives AMC nine Connecticut theaters among some 950 in its total portfolio, with the company running AMC Danbury 16, AMC Southington 12, AMC Classic Lisbon 12 and AMC Plainville 20. Last month, the company closed AMC Classic Bloomfield 8.
AMC CEO Adam Aron gave no indication that a Bow Tie deal was in the works during a March conference call with investment analysts, but suggested the company was seeking additional venues. Aron previously led Starwood Hotels & Resorts, which was one of Stamford’s largest employers prior to its 2016 sale to Marriott International.
After losing $4.6 billion in the pandemic year of 2020, AMC trimmed its losses to $1.3 billion last year.
“We have cash — there are theaters that I believe we can acquire very inexpensively,” Aron said in March. “If we can grow by bringing in high-quality theaters in strong markets into our fleet inexpensively, that’s a great opportunity for us. Beyond that though, there is no specific company that we are yet ready to acquire.”
Joe Masher, chief operating officer of Bow Tie, did not specify any single reason for the decision to divest the Connecticut theaters in response to a Hearst Connecticut Media request for comment. Masher said the company plans to acquire other theaters, but he did not provide further details.
Masher added that Bow Tie is developing a chain of what he called “luxury entertainment centers” with activities ranging from eateries and beer gardens to ax-throwing lanes, mini golf and other amusements.
Aron indicated last month AMC is considering a similar expansion beyond its core movie theaters.
“It’s intriguing to diversify our business away from the pure movie theater industry — to diversify our risk and yet capitalize on our knowledge of things like food and beverage, entertainment, selling tickets to things, running buildings that are far apart from each other, dealing with landlords with hundreds and hundreds of leases,” Aron said in March. “There is an opportunity to change this company’s fortunes greatly as we look ahead.”