AMC says their cash resources will be 'largely depleted' by the end of 2020 if reopened theaters don't attract bigger audiences and the release of movies such as No Time to Die keep getting pushed back

AMC Entertainment has revealed that its cash resources may be 'largely depleted' by the end of this year if its nearly 500 reopened US theaters don't attract bigger audiences as the releases of movies like No Time to Die keep getting pushed back. 

The company said Tuesday that its existing cash resources could run out by the end of 2020 or early 2021 due to the 'reduced movie slate for the fourth quarter'.

Movies like the new James Bond film, No Time to Die, starring Daniel Craig have recently been delayed until next year. 

For now, Warner Bros will keep the release of Wonder Woman 1984 starring Gal Gadot set for Christmas. The film was supposed to be released in June. 

AMC Entertainment (file image of a theater), the largest theater chain in the world, has revealed that its cash may be 'largely depleted' by the end of this year despite reopening nearly 500 theaters across the US

AMC Entertainment said Tuesday that its existing cash resources could run out by the end of 2020 or early 2021 due to the 'reduced movie slate for the fourth quarter'. No Time to Die is pushed back to April 2021, while Wonder Woman 1984 is still slated for a Christmas release

Craig has defended the decision to delay the anticipated film to April 2021.

'This thing is just bigger than all of us,' Craig said, while appearing on The Tonight Show With Jimmy Fallon, on October 5, celebrated as James Bond Day, commemorating the release date of the first Bond film 'Dr. No' in 1962.

'We just want people to go and see this movie in the right way, in a safe way,' Craig said. 

'Cinemas all around the world are closed at the moment. We want to release the movie at the same time all around the world, and this isn't the right time.'

'So, fingers crossed, April 2 is going to be our day,' Craig said.

Last week, Warner Bros said it was delaying the release of Dune and The Batman movies. 

AMC, which has opened 494 of its 600 US theaters, has also blamed the cash issue on 'the absence of significant increases in attendance from current levels', according to CNN.

As of October 9, the reopened theaters are operating at a capacity between 20 and 40 per cent. 

In the statement, AMC also said that 'certain competitors have decided to temporarily reclose their theaters in light of the ongoing pandemic and the reduced slate of movie releases, which may further exacerbate the trend'.

But the company says that most of its theaters in the US and Europe would remain open, with several movie releases lined up for October and November.

AMC, which has opened 494 of its 600 US theaters (file image), has also blamed the cash issue on 'the absence of significant increases in attendance from current levels'

As of October 9, the reopened theaters (pictured in Chicago) are operating at a capacity between 20% and 40%

AMC's rival Cineworld, the world's second-biggest cinema operator, said it would close all its screens in the US and Britain after studios delayed major releases.

Movie theaters across the world have been shuttered since mid-March when several countries imposed lockdowns and social distancing measures to curb the spread of the COVID-19 pandemic. The delay in releases was an added setback for the entertainment industry.

The reluctance of studios to go ahead with major releases led Cineworld to close all 536 Regal theaters in the US and its 127 Cineworld and Picturehouse theaters in the UK from October 8.

AMC said more than 80 per cent of its theaters in the US, more than 90 per cent of Odeon Cinemas Group theaters across Europe and all AMC Cinemas in the Middle East would remain open.

'Some of our best partners like Disney, with its much anticipated Soul, and Universal with The Croods: A New Age, have new movies scheduled for theatrical release over the next month and a half,' AMC Chief Executive Officer Adam Aron said.

Other upcoming releases include The War With Grandpa starring Robert De Niro and Yellow Rose this weekend and Let Him Go, Freaky and The Comeback Trail lined up for November.

AMC's shares went down 6.9 per cent early Tuesday at $3.80.