Dive Brief:
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The American Dream mall, a sprawling experience-rich shopping center near the Meadowlands in New Jersey, lost close to $60 million last year, according to a draft filing with the Municipal Securities Rulemaking Board.
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The company collected almost $50 million in rent and close to $100 million from its attractions, among other revenue sources, but incurred more than $230 million in expenses, per the filing.
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As of April 1, including space it operates itself, the mall is 80% leased, according to another filing. Adding in leases under negotiation brings that up to 85% leased, per the filing.
Dive Insight:
The opening of the 3 million-square-foot American Dream, which was delayed for years before and after Canadian real estate developer Triple Five took it over, finally opened in October 2019 — mere months before the pandemic shut down normal life, including malls.
Many people are back to shopping at brick-and-mortar stores and opting for the kinds of experiences offered by American Dream, though the ongoing pandemic continues to affect consumer behavior, supply chains and the economy. The mall had its own particular challenges during last year's recovery, which was made possible by vaccines against COVID-19: Shortly after announcing a new luxury wing, the complex was reportedly hit by a three-alarm fire that has kept its "Big Snow" indoor ski slope shuttered for months. The company expects that attraction to reopen this May, on Memorial Day weekend, according to its social media posts.
Owner Triple Five Group last year put up equity in other holdings, including Mall of America, as collateral after defaulting on debt. The pandemic has also meant a reprieve of sorts for the company, which said in its MSRB filing that American Dream "received a waiver from our lender due to Covid" and is in the process of completing its audit.
