the staff of the Ridgewood blog
East Rutherford NJ, American Dream, the sprawling retail and entertainment complex in the Meadowlands, reported a significant increase in its first-quarter earnings for 2024, according to public filings. The 3 million-square-foot mall in East Rutherford, owned by Canadian developer Triple Five, generated nearly $148 million in gross sales from January to March, encompassing revenue from retail, attractions, entertainment, dining, and parking.
This marks a notable improvement compared to the same period in 2023, when the mall earned $116 million — a 27% increase year-over-year. Despite a slowdown in sales during the last three months of 2023, these figures were still better than the 2022 holiday shopping season.
Diverse Attractions Driving Growth
American Dream, which opened in 2019 just before the COVID-19 pandemic, boasts a variety of attractions that draw visitors year-round. These include an indoor amusement park with roller coasters, an indoor water park, a 300-foot Ferris wheel, indoor miniature golf, ice skating, and the only year-round indoor ski and snowboard park in North America. Additionally, the mall features over 200 stores, including flagship locations for Toys R Us and Babies R Us, and more than 50 dining options ranging from fast-casual to sit-down restaurants.
The mall also hosts specialty stores selling collectible brands like Bandai Namco and Miniso, alongside high-end retailers like Balenciaga. In June, American Dream will welcome the 41,500-square-foot Gameroom by Hasbro, the first-ever gaming center from the company behind popular brands like Dungeons & Dragons, G.I. Joe, Transformers, My Little Pony, and Nerf.
Financial and Legal Challenges
Despite its recent success, American Dream has faced a series of financial and legal hurdles. The concept of a megamall in the Meadowlands dates back to the 1990s, with construction beginning in 2004. However, the project, initially known as Xanadu, was stalled by the Great Recession and remained an incomplete eyesore for years.
The mall has also been plagued by several incidents, including a fire at the indoor ski slope that led to a prolonged closure, a decorative helicopter falling from the ceiling at the water park injuring four patrons, and a bomb threat on Black Friday last year. These setbacks have contributed to financial losses, which quadrupled from $60 million to $245 million in just one year, according to a securities filing released in September 2023.
Ongoing Disputes and Litigation
Local officials have raised concerns about the mall’s failure to make payments to surrounding towns. The mall has argued that it is not obligated to make these payments because it is not fully leased and therefore not technically fully open. As of March 31, 2024, the mall was 86% leased. East Rutherford Mayor Jeffrey Lahullier expressed doubts about whether the mall would ever reach 100% occupancy, leading the borough to sue the mall and its owners over missed payments.
American Dream has faced numerous lawsuits over injuries and unpaid debts. In February, two lenders who financed the mall’s construction sued the owners for $389 million over an alleged contract breach. According to Marc Pfeiffer, assistant director at Rutgers University’s Bloustein Local Government Research Center, these legal battles and delays in payment have allowed the mall owners to renegotiate terms more favorably.
Looking Ahead
Despite these challenges, the boost in first-quarter earnings for 2024 is a positive sign for American Dream. As the mall continues to expand its attractions and offerings, it aims to overcome its financial and legal difficulties, striving to become a premier destination for shopping and entertainment in the region.
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I’ll never, ever go there. Just too much to comprehend, meaning I won’t even try. Probably my loss, but I don’t care.