New Jersey Mega Mall Yields Big Win to Bondholders Chasing Risk
- Las Vegas-inspired amusement mall is about 60 percent complete
- High-yield muni bonds are outperforming investment grade
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A year ago, about $1.1 billion of tax-exempt bonds were sold to finish the American Dream complex in New Jersey’s Meadowlands, a project that’s a bet the so-called death of the shopping mall can be countered with attractions like an ice skating rink, roller coasters and a six-acre indoor waterpark.
Most of the work won’t be done until next March. But the development is already delivering big profits to investors.