PREIT's Plymouth mall sells $87M lottery ticket
Ron Rubin's PREIT will get $100,000 from selling a winning ticket in this month's multi-state Powerball lottery. Too bad PREIT didn't buy the ticket: The prize is $87 million, greater than PREIT's total profit since 2005.
The Pennsylvania Lottery says the Plymouth Meeting Mall, one of seven area malls owned by Ron Rubin's Pennsylvania Real Estate Investment Trust, which wants to go into the casino business in Center City, sold one of two jackpot-winning tickets for the $174.4 million Feb. 28 Powerball multi-state lottery drawing, worth $87.2 million in annual payments, or $46.6 million in cash, minus 25% federal tax.
Too bad PREIT didn't buy the winning ticket -- it's more than the company's total profits for the past three years. The mall will get a $100,000 vendor's payment, however. The money "will stay with the property," which is nearing the end of a big renovation, said mall marketing director Melonie Messina. The other winning ticket was sold in nearby Delaware.