AMC Theatres moving headquarters across state line to Kansas
3:06 PM, Sep 14, 2011
6:36 PM, Sep 14, 2011
KANSAS CITY, Mo. -
AMC Theatres will move its corporate headquarters from downtown Kansas City, Mo., into Johnson County, Kan.
AMC has been headquartered in Kansas City, Mo., since its founding in 1920.
But CEO Gerry Lopez said, "A move was inevitable."
State incentives lured AMC across the state line to Kansas.
The movie giant has decided to move its world headquarters to Leawood, Kan. The new headquarters will be at Park Place, next to Town Center Plaza, at the southeast corner of 117th and Nall.
The State of Kansas reportedly offered about $45 million in incentives.
Gov. Sam Brownback said, "We are competing with states around the country, AMC has a long tradition of supporting the metro."
Meanwhile, the state legislature in Missouri is meeting Wednesday to discuss incentives to keep businesses in the state.
AMC has been headquartered in Kansas City since its inception, when actors Maurice, Edward and Barney Dubinsky purchased the Regent Theatre in 1920 and named their company Durwood.
According to its website, the privately-held company now has interests in 360 theatres in 31 states, the District of Columbia and four other countries. It employs about 17,900 full and part-time associates.
However, the economic downturn has hurt the major Kansas City-based company.
AMC Entertainment reported that it has ended its fiscal year with a $123 million loss due to shrinking audiences and rising costs.
AMC also said that CEO Gerry Lopez received compensation valued by the company at $2.6 million; 44 percent higher than a year earlier.
AMC's world headquarters will be completed in 2013.
Stay with NBC Action News and NBCActionNews.com for more on this developing story.