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American Dream reports nearly $60 million in losses in...

American Dream reports nearly $60 million in losses in 2021


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EAST RUTHERFORD — The American Dream mall reported nearly $60 million in losses in 2021 as it was beset by a pandemic, a destructive fire and delays in opening some stores and attractions.

Bloomberg News first reported on the unaudited financial report filed by Meadowlands Joint Venture LLC.

The 3 million-square-foot retail giant and amusement center is home to big-name brands, an indoor ski slope, an amusement park and a water park. It brought in $173 million in revenue in 2021, mainly from attractions and rent, and tallied $232.4 million in expenses, according to the 2021 report.

American Dream Meadowlands was first unveiled as a concept in 1991. The project was reimagined, stalled and renamed numerous times over the three decades. Today it is owned by Canadian conglomerate Triple Five Group, which also owns the massive Mall of America in Minnesota and the Edmonton Mall in Canada. Triple Five put up a 49% stake in both malls to secure a $1.7 billion construction loan for American Dream in 2017.

American Dream was in the early stages of opening when the pandemic hit in March 2020. Then in September, a fire shut the Big Snow ski slope, and the attraction has yet to reopen. Big Snow’s Instagram account indicates that it will be open for Memorial Day weekend

The mall expects to attract 40 million visitors annually and Triple Five Group is seeking a four-year extension to repay the $1.7 billion in construction financing, according to Bloomberg News

Last year, the mall drew in roughly $305 million in sales, or 15% of the $2 billion that a 2017 forecast projected it would bring in during its first year of operations.

In addition to the construction loans, the mall has nearly $290 million of sales-tax-supported municipal bonds and $800 million of municipal debt backed by payments in lieu of property taxes. 

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 As of April 1, the mall was 80% leased, according to a separate filing. The mall reported $2.6 billion in total liabilities and about $500 million in equity.

Last month, American Dream unveiled its newest attraction, the Dream Wheel, an observation wheel that takes guests on a 30-minute ride with sweeping views of the Meadowlands, the Hudson River and the Manhattan skyline in the distance. 

Jessie Gomez is a local reporter for DailyRecord.com and NorthJersey.com. For unlimited access to the most important news from your local community, please subscribe or activate your digital account today.

Email: [email protected]

Twitter: @jessiereport 

Source: Asbury Park

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