The project in New Jersey, just across the bridge from Manhattan, was nine years in the making, and patterned on the West Edmonton Mall and the Mall of America in Minneapolis, the other two well-known destinations owned by the wealthy Ghermezian family of Edmonton.

Now an October 1 reopening is planned, but it comes amid financial turmoil.

In order to help finance American Dream, the family's company, Triple Five Group, mortgaged both West Edmonton Mall and Mall of America.

According to Trepp LLP, a data company that tracks commercial mortgages, Triple Five has missed payments on the $1.4 billion US Mall of America loan since March.

The status of finances at West Edmonton Mall aren't clear. .

They are "extremely busy" with the new October 1 grand opening plan for American Dream, according to a spokesperson.

The launch of American Dream was planned to happen in stages, and a few of the attractions did indeed open in the fall of 2019.

But even before the economic catastrophe of the pandemic, there was plenty of skepticism about the wisdom of opening the new mall amid a climate marked by multiple major retailers seeking bankruptcy protection or liquidating assets.  Besides, there are already more than enough malls in the state, according to Jeff Tittel of the New Jersey chapter of environmental group Sierra Club.

He says there's no way American Dream will solve the financial predicament for all three of the Ghermezians' properties. .

In the late 1990s, they spent four years battling a lawsuit brought by the Alberta Treasury Board and emerged triumphant. And before West Edmonton Mall and Mall of America were built, there was doubt either of those venues would ever work.

He believes profitability at American Dream will be a struggle, but he says he has no doubt the Ghermezians will stay the course. "I don't think that all of the sudden they're going to say all is lost and just hand the keys back."

Some in the industry believe that only the Ghermezians have the experience to run unique destinations such as American Dream, West Edmonton Mall and Mall of America, with their distinctive mix of retail and theme park attractions