Home World news Filings reveal how pandemic devastated Trump’s businesses | Donald Trump News

Filings reveal how pandemic devastated Trump’s businesses | Donald Trump News



As US president, Trump, who owns hotels, golf courses and casinos, has resisted policies to slow the surge in COVID-19 cases through wearing masks.

Donald Trump’s empire has been hit hard by the coronavirus shutdowns, as revenues at his Washington and Las Vegas hotels have more than halved.

In his latest financial disclosure form as president, Trump detailed the damage caused by the pandemic, at a time when many tourism businesses are suffering from a shortage of travelers. As president, the real estate mogul resisted policies aimed at slowing the pandemic by wearing masks, and insisted it remained safe for people to travel to the country.

Revenues from the Trump Hotel in Washington, which he had tried to sell, fell to $ 15.1 million from $ 40.5 million a year earlier, according to the disclosure released Wednesday. In Vegas, hotel-related sales fell from $ 23.3 million to $ 9.2 million. Another major Trump property, the Doral Golf Resort in Miami, also saw revenue drop to $ 44 million from $ 77 million a year earlier.

In the UK and Ireland, revenues from its golf courses have fallen by around two-thirds, part of an overall 27% drop in golf revenues from the previous year.

Trump’s total income fell to between $ 273 million and $ 308 million, according to the form, which covers 2020 and the first 20 days of 2021. In his first financial disclosure in 2017, Trump said he earned more than 528, $ 9 million over 15 and a half months, including his first three months as president.

A bright spot in Trump’s empire is his Mar-a-Lago club in Florida, where the ex-president returned on Wednesday after his last day in the White House. Revenue rose to $ 24.2 million, from $ 21.4 million a year earlier, according to the financial disclosure.

It is one of the few properties of Trump that does not appear to be affected by the pandemic. Just a few weeks ago, the Palm Beach spot hosted a New Years Eve party attended by Donald Trump Jr., Eric Trump, and Rudy Giuliani, with Vanilla Ice performing in front of a seemingly large crowd. part without mask.

The Trump International Hotel in Washington, DC (Bloomberg)

Trump also reported an increase in online retail sales year over year, up to $ 1.96 million from $ 930,869 in 2019. However, in-store sales at Trump Tower in New York City fell due to the forced shutdowns – from $ 849,313 to $ 166,064.

In total, Trump valued the assets of his companies between $ 1.3 billion and $ 1.7 billion. The disclosures are not accurate – federal officials value their assets and income in wide ranges, and the maximum value is “over $ 50 million.” Trump had 22 assets he listed in that range, including his Mar-a-Lago resort and the Trump International Hotel in Washington.

The form also details more than $ 40,000 in gifts that Trump accepted during his last year in office, including gifts from executives of Boeing Co., Apple Inc. and Ford Motor Co.

Trump is worth $ 2.5 billion, down about $ 500 million since taking office, according to the Bloomberg Billionaires Index. Its buildings are burdened with more than $ 1 billion in debt, most of which falls due within the next three years and more than a third is personally guaranteed.

Its ability to refinance debt may be more limited after this month’s deadly riot on Capitol Hill.

Deutsche Bank AG, its longtime financier, has said it will no longer do business with the former president. Firms such as Cushman & Wakefield Plc, a broker for 40 Wall St., and PGA of America, are also distancing themselves, as New York City wants to end contracts with family business Trump, including a carousel and two ice rinks in the center. Bronx Park and Golf Course.




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