MoneyControl.com
New Jersey’s American Dream Mall is still waiting to fully open
When the mall reopened for business Oct. 1, Lisa Washburn, an analyst for Municipal Market Analytics, took a research trip to see what the first back-to-business day looked like. The crowds were sparse, she said, and many stores had more workers than customers. (She bought $14 worth of gummy bears at the IT’SUGAR candy store.)
The development sits on state land and was able to obtain tax-free debt financing through a series of bonds that could carry risks to investors.
Washburn said there was very little transparency into the mall’s finances for bond investors to look at so it was difficult to obtain an accurate picture of its situation.
“The disclosure is very poor,” she said.