What: The mega shopping complex located in New Jersey missed another USD 8.8 million debt payment after initially missing an August 1st deadline last year.

Why it is important: The mall developers and operators are scrambling to reimagine the traditional enclosed shopping center but have continuously had a string of bad luck.

According to a notice to bondholders from US Bank Trust Co., American Dream had insufficient funds to make a payment on its USD 8.8 million loan.

The massive shopping complex is trying to reimagine the traditional shopping center as they diversify by introducing non-retail tenants and putting an emphasis on entertainment and over-the-top experiences.

However, the mall has seen a string of bad luck as they shut down due to the pandemic shortly after opening years behind schedule, and the next year a three-alarm fire kept the ski slope out of service for weeks. The mall lost USD 60 million in 2021.

American Dream misses another USD 8.8 million loan payment