the American dream the mall is about to get a little louder.
entertainment company nation live has signed a multi-year partnership with the mega-mall in Rutherford, NJ, to book concerts and live events in the space, the companies announced Wednesday.
“We see great potential here at American Dream to showcase a diverse lineup of entertainment options designed to enhance the customer experience and attract new audiences to the entertainment and retail hub,” Geoff GordonNortheast region president for Live Nation, said in a statement.
The first batch of concerts begins on May 7 with a performance by the rapper Ludacris, and understand JI June 17, Two friends June 18, Lil Tjay July 22, Shek West August 13 and band maid October 30.
“Partnering with Live Nation takes our ownership to a new level,” Don GhermezianCEO of American Dream Owner Triple 5, said in a statement. “The impact and value provided by Live Nation as our content provider gives artists another unique platform to inspire their fans.”
In addition to the Live Nation partnership, the 3.1 million square foot American Dream at the end of 2021 has signed a 20,000 square foot lease with the recently relaunched “R” Us Toy to open its first new standalone store since bankruptcy in 2017 and a 40,000 square foot deal with the Skip Barber Racing School to open its first indoor karting academy.
The $5.7 billion American Dream took nearly two decades to build, but finally opened in October 2019, months before the pandemic hit the United States.
The mall reopened in October 2020 and has seen a steady increase in the number of buyers. However, the mall has become mired in debt – it recently hired legal and financial advisers to help it reduce its debt by 3 billion dollars — and struggled to make bond payments.
In February, American Dream almost emptied his reserve account to make a bond payment of $9.3 million, leaving just $820 in the fund, Bloomberg reported.
The mall posted revenue of $82.5 million from October to December 2021, the most recent figures available, down slightly from the $83 million it had pulled in over the past three previous months, according to public obligation documents.
Nicholas Rizzi can be reached at [email protected].