Trump’s business was crumbling before the Capitol riot even made his brand toxic



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Posted on Wednesday as he left the White House, Trump’s final financial disclosure as president reveals a steep drop in income at some of his flagship properties in 2020 and the first 20 days of this year. Sales at the Trump International Hotel Washington fell 63% from 2019 to $ 15.1 million, while revenue fell 62% to $ 9.8 million at the Scottish Turnberry Golf Resort.
Revenues at one of the former president’s largest businesses, the Trump National Doral Golf Resort near Miami, fell to $ 44.2 million from $ 77.2 million in 2019. Trump has mortgages on the property totaling between $ 55 million and $ 75 million, according to the document. Deutsche Bank loans mature in 2023.

Federal officials are allowed to disclose their income and the value of their assets within 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 decreased by 37%.

Hotels and other hospitality companies, which form a substantial part of Trump’s business empire, have been hit particularly hard during the pandemic, with travelers staying at home and governments imposing lockdowns. In Scotland, for example, Trump Turnberry has been forced to shut down due to government restrictions aimed at containing the spread of the coronavirus.

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There were some bright spots for the Trump organization. Income was fairly stable at its golf courses in Charlotte, North Carolina, Philadelphia, and Hudson Valley in New York. Sales at the Mar-a-Lago complex in Palm Beach, Fla., Where Trump returned after leaving the White House on Wednesday, fell from $ 21.4 million to $ 24.2 million. (He transferred his permanent residence to the Florida property of Trump Tower in New York City in 2019 and spent hundreds of days golfing on courses he owned during his presidency.)

Still, there are major questions on the president’s business after his supporters vandalized the Capitol earlier this month in a brazen assault that left five people dead and sparked a major corporate backlash.

Twitter (TWTR) and Facebook (FB) banned Trump indefinitely, taking away his biggest megaphones. Stripe no longer processes credit card payments for its campaign organization, Shopify has stopped operating online stores for the Trump organization and the campaign, and the PGA has announced it is removing a major golf tournament from its course from Bedminister, New Jersey.
New York City is seeking to end its trade relationship with the Trump organization. That would prevent Trump from continuing to operate multiple recreation sites, including the Wollman Ice Rink in Central Park, which generated $ 4.5 million in revenue in 2020, according to the financial disclosure.
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German Bank (DB) decided not to do business with Trump anymore, a source told CNN Business earlier this month. In addition to mortgages on the Doral property, Germany’s largest bank also provided loans for the Trump International Hotel and Tower in Chicago and the company’s hotel in Washington.

The Trump Organization owes Deutsche Bank around $ 340 million in the coming years, the source said. It’s unclear which other banks, if any, will want to lend money to the Trump Organization.

New York state criminal investigators looking into Trump’s business practices have subpoenaed the bank over its lending relationship with the Trump organization. At the end of last month, the two Deutsche Bank private bankers who worked most closely with Trump resigned their positions.

Signature Bank has said in the aftermath of the attack on Capitol Hill that it has started shutting down Trump’s personal accounts. The former president has a checking account with the bank, according to his financial information.

The Trump Organization did not immediately respond to a request for comment Thursday.

– Matt Egan and Chris Isidore contributed reporting.

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