The American Dream Mall suffered an eye-watering $245 million loss last year as expenses nearly doubled, to $428 million, in 2022.
The 3.5 million-square-foot mall opened in 2019 but has been dealing with construction delays, pandemic-related closures, and store vacancies ever since. In 2022, revenue grew a mere 6%, to $183 million.The megamall is America’s largest by square footage and boasts an ice rink, ski slope, amusement park, mini-golf course, museums, and more.
Triple Five still also reportedly owes its lenders, led by JP Morgan Chase, a staggering $1.7 billion in construction financing loans, according to local news siteIn November, JPMorgan gave Triple Five — which also operates fellow megamalls, Minnesota’s Mall of America and Canada’s West Edmonton Mall– a four-year extension on the loan, setting a new maturity date of October 2026, the outlet reported.
The Canada-based shopping and entertainment complex company also missed an $8.8 million semi-annual interest payment to bondholders in August 2022, aThe mall, which opened five months before the pandemic struck, features more than 450 stores.Despite the American Dream Mall’s dismal financial state, its president and chief executive Don Ghermezian has remained positive throughout his minimal public statements.
When JP Morgan agreed to a repayment extension late last year, Ghermezian said: “We are pleased that our lenders … share in our vision and recognize Triple Five and American Dream’s successful and impactful contribution to the global retail and entertainment landscape.” “American Dream’s new flagship retail stores, first-to-market concepts, celebrity events, and one-of-a-kind entertainment and attractions will further solidify our position as revolutionaries in the industry.”
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