Amusement mall's need for another US$1 billion leaves analysts bemused

New York

A US$1.1 billion bond offering to help complete construction of the American Dream mall in the New Jersey Meadowlands went forward last week, nine months after the sale was originally planned.

In the story of the mall's creation, the delay was a minor speed bump. Thirteen years after it was announced, the project is on its third developer and is being built in the face of growing doubts about the viability of shopping malls and retail stores across the country. The associated-risks section of the bond offering runs to 38 pages.