American Dream still not opening amid reports of missed payments

EAST RUTHERFORD — The owners of American Dream appear to be struggling with finances on one of their other mega-malls, as Bloomberg reported that the Mall of America has missed its third $7 million mortgage payment in a row.

Triple Five Group pledged 49% of its equity interests in both West Edmonton Mall and Mall of America as collateral to finance American Dream.

The 3 million-square-foot property at the Meadowlands had only seen a few attractions, including the Nickelodeon Universe theme park, the ice skating rink and candy department store, IT'SUGAR, open before the pandemic.

American Dreams Public Relations Director Dana McHugh confirmed that a blood drive with the American Red Cross took place June 10 at the ice rink facility in the complex.

McHugh said as of Wednesday there were no updates on American Dream opening, including the launch of its Dreamsworks water park and "Big Snow" ski slope, both indoors.

Additional job listings were posted to the American Dream website last week, including full-time positions for senior tenant coordinator, waterpark maintenance supervisor, ride attractions supervisor and ride maintenance water park technician.

American Dream also has been expected to feature a blacklight mini golf course, Sea Life Aquarium, a 300-foot Observation Wheel, a Legoland Discovery Center and more than 400 shops, services and amenities, according to its website.

At least one of the tenants is being sued by American Dreams, which accuses Dons Bogam of not taking steps toward its eventual opening.

As reported by NJ.com, the lawsuit in Superior Court in Bergen County was filed this month against the Manhattan-based Korean barbecue restaurant group.

There are three Dons Bogam locations in New York City, according to the restaurant website.

Another tenant backed out as GNC Holdings announced Wednesday as it was filing for Chapter 11 bankruptcy protection and closing 1,200 stores, including the one planned for American Dream.

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