The American Dream owner is selling a 49 per cent stake in its other mega malls, Mall of America in Minnesota and the West Edmonton Mall in Canada.
The news come following Triple Five Group defaulting on a loan for American Dream, the group’s latest retailtainment experience that offers attractions, theme parks, cinemas and a multitude of F&B offerings. The retail and entertainment complex was forced to temporarily close in March 2020 just five months after opening.
Kurt Hagen, Senior Vice President of Development for Triple Five confirmed that the group was facing a ‘very significant cash flow crisis’ and also commented: “Not opening and not being able to generate any cash for six months created some very significant problems. It would have been much better if American Dream had burned down or a hurricane had hit it, financially.”
Investors including JP Morgan and Goldman Sachs will receive 49 per cent of the profits coming from both Mall of America and the West Edmonton Mall when Triple Five Group returns to profitability. According to Hagen, American Dream’s entertainment offerings will result in the mall’s financial recovery.
