American Dream in cash crunch after $9.3 million debt payment

Triple Five’s mega-mall in the New Jersey Meadowlands may be finding itself in the swamps financially after making a bond payment.

A securities filing held that the company used $9.3 million from a reserve account to make the payment on $290 million of debt, leaving the account with a balance of just $820, according to a report from CNBC.

In 2010, Triple Five purchased the Mills Corporation’s uncompleted Xanadu project in East Rutherford, N.J. and has weathered several crises in trying to open all phases of the 3 million sq. ft. project. In the fall of 2019, it opened its Big Snow ski slope and Nickelodeon amusement park, but the outbreak of the pandemic in the spring of 2020 forced it to lock its doors. Long-planned retail openings were delayed, and its expansive luxury retail wing, The Avenue, just opened in July 2021.

In March 2021, Triple Five pledged 9% of its equity stakes in Mall of America and the West Edmonton Mall in Canada as collateral for American Dream.

In response to the current filing, American Dream released a statement saying that it is “extremely pleased with the early success of its retail and entertainment tenants” and that it will be going ahead with plans to open more than 100 new retail, entertainment, and restaurant concepts.

It recently opened a 300-ft. observation wheel overlooking the New York skyline and announced the signing of a lease for a new entertainment and restaurant concept from Hasbro.