Published on Wednesday as he left the White House, Trump’s final financial disclosure as president reveals a sharp decline in revenue for some of his properties in 2020 and the first 20 days of this year. Sales at Trump International Hotel Washington fell 63% compared to 2019 to $ 15.1 million, while revenue fell 62% to $ 9.8 million at the Scottish golf resort Turnberry.
Revenue from one of the former president’s biggest businesses, the Trump National Doral golf resort near Miami, fell from $ 77.2 million in 2019 to $ 44.2 million. Trump has mortgages on the property between $ 55 million and $ 75 million, according to the document. Deutsche Bank loans are due in 2023.
Federal employees are allowed to disclose their income and the value of their assets over wide ranges. Overall, Trump reported 2020 revenue of $ 278 million to $ 313 million, down from $ 445 million to $ 483 million in 2019. Based on the midpoint of these ranges, revenue fell 37%.
Hotels and other hospitality companies, which form a substantial part of Trump’s business empire, were hit particularly hard during the pandemic, as travelers stay at home and governments impose blockades. In Scotland, for example, Trump Turnberry was forced to close because of government restrictions designed to curb the spread of the coronavirus.
There were some good points for the Trump Organization. Revenue was quite stable on its golf courses in Charlotte, North Carolina, Philadelphia and Hudson Valley in New York. Sales at the Mar-a-Lago resort in Palm Beach, Florida, where Trump returned after leaving the White House on Wednesday, increased from $ 21.4 million to $ 24.2 million. (He transferred his permanent residence to the Florida property of Trump Tower in New York in 2019, and spent hundreds of days playing golf on courses he owned during his presidency.)
Still, there are big questions about the president’s business after his supporters vandalized Capitol earlier this month in a blatant attack that left five people dead and sparked a major corporate backlash.
Twitter (TWTR) and Facebook (FB) banned Trump indefinitely, taking out his biggest megaphones. Stripe is no longer processing credit card payments for his campaign organization, Shopify has stopped operating online stores for the Trump Organization and the campaign, and the PGA announced it was organizing a major golf tournament on its Bedminister, New Jersey course. .
New York City is trying to end its business relations with the Trump Organization. This would prevent Trump from continuing to operate several recreational locations, including the Wollman ice skating rink in Central Park, which generated $ 4.5 million in revenue in 2020, according to the financial disclosure.
German bank (DB) decided not to do any more business with Trump, a source told CNN Business earlier this month. In addition to the mortgages owned by Doral, Germany’s largest bank also provided loans to the Trump International Hotel and Tower in Chicago and the company’s hotel in Washington.
The Trump Organization owes Deutsche Bank approximately $ 340 million over the next few years, the source said. It is not clear whether other banks will want to lend money to the Trump Organization.
New York state criminal investigators investigating Trump’s business practices have subpoenaed the bank about its lending relationship with the Trump Organization. At the end of last month, the two Deutsche Bank private bankers who worked more closely with Trump resigned from their positions.
Signature Bank said after the attack on Capitol that it began to close Trump’s personal accounts. The former president has a checking account at the bank, according to his financial disclosure.
The Trump Organization did not immediately respond to a request for comment on Thursday.
– Matt Egan and Chris Isidore contributed reporting.
.Source
Related
