Here's When Moorestown Mall's Entertainment Complex Could Open, Despite PREIT Turmoil

MOORESTOWN, NJ — Despite internal doubts about its parent company's future, plans to develop a massive entertainment center at Moorestown Mall continue to progress.

The envisioned entertainment center — featuring Go Kart racing, bowling, laser tag and more — has an anticipated opening in early 2025, according to a spokesperson for the Pennsylvania Real Estate Investment Trust (PREIT), which owns the mall.

On Election Day, Moorestown residents voted 2-to-1 in favor of a ballot question to move the proposed family-entertainment center forward. But PREIT, which has long struggled financially, faces a critical juncture in securing its own future.

PREIT has about $1.1 billion in debt payments due Dec. 10 that it cannot afford, according to its filing submitted Tuesday to the U.S. Securities and Exchange Commission (SEC). The Philadelphia-based corporation is working with lenders to develop a restructuring plan. But if that doesn't materialize, PREIT has "substantial doubt" about the company's ability to operate within a year, the SEC filing says.

• Read more: NJ Malls' Owner Faces Immediate Peril With $1.1B In Debt Payments Due

The company, which also owns Cherry Hill Mall, doesn't expect any service interruptions during restructuring negotiations or during any potential transactions.

As it stands, the entertainment center will go in the vacant mall building that once housed Lord & Taylor, which closed in 2019. The amusement venue would occupy the entire two-floor, 120,000-square-foot building and "could expand a bit," according to a PREIT spokesperson.

PREIT hasn't announced which business will operate the venue, but the company hopes to reveal more information soon.

The planned complex will be "unlike anything else in the region," according to PREIT. Activities will include arcade games, escape rooms, virtual-reality games and a range of dining options.

To move the plan forward, PREIT backed a local referendum to rescind Moorestown's longtime ban on "games of chance," such as arcade games. After collecting enough signatures to get a ballot question, 67.2 percent of township voters opted for the project to move forward during the November election.

"We are thrilled to be able to take the next step in transforming Moorestown Mall into an all-encompassing community hub complete with fun for everyone," PREIT CEO Joe Coradino said in a statement after the vote. "We look forward to sharing more details about this exciting venue in the coming weeks. This result is another step in furthering the township's economic growth, providing job opportunities, and boosting tax revenue, and we are thankful to Mayor (Nicole) Gillespie for her support."