Trump's golf clubs and hotels suffered huge revenue drops in 2020, some by as much as 63%, according to a financial disclosure released hours after he left the White House
Getty
- Revenues at former President Donald Trump's hotels and golf clubs suffered during the coronavirus pandemic.
- Revenues at the Trump International Hotel in Washington fell 63% in 2020 compared to 2019, a financial disclosure released Wednesday revealed.
- Most Trump golf clubs saw revenues fall by more than 10%, and revenues at Trump Turnberry in Scotland dropped by about 62%.
- Visit Business Insider's homepage for more stories.
Former President Donald Trump's business empire suffered huge drops in revenue as the pandemic devastated the hospitality industry, a financial disclosure report released hours after he left the White House on Wednesday revealed.
The report, which covers 2020 and the first 20 days of 2021, showed that revenue from the Trump International Hotel in Washington, DC, fell 63% from $40.5 million in 2019 to $15.1 million in the period covered by the disclosure. In 2018, Trump made $40.8 million from the hotel, which is down the street from the White House, financial records released in May 2019 showed.
As the virus stunted travel and people stayed at home, hotel-related sales in Vegas - where he owns the Trump International Hotel Las Vegas - also slipped from $23.3 million in 2019 to $9.2 million, the 79-page report said.
Read more: How Silicon Valley banished Donald Trump in 48 hours
It wasn't just his hotels that suffered. Most of Trump's golf clubs have faced losses of 10% or more: The Doral Golf Resort in Miami fell from $77.2 million in revenue in 2019 to $44.2 million, down almost 43%, the report revealed.
Revenues from Trump's golf club in Scotland, Trump Turnberry, dropped around 62%, from $25.7 million to $9.8 million, as Scottish authorities closed the club due to coronavirus restrictions.
In the UK and Ireland, revenue at Trump's golf courses fell by about 27% from the previous year.
"There were places that due to government mandates we were not able to operate," Eric Trump, the former president's son who helps him run the business, told the New York Times on Wednesday. "Those are places you are going to lose the season because of it."
One part of Trump's business empire that was unhurt by the pandemic was Mar-a-Lago, his private club in Florida and his future home. Revenues at the club grew from $21.4 million in 2019 to $24.2 million, an increase of 13%, the report stated.
Trump's retail business more than doubled its revenues, from $930,869 in 2019 to $1.96 million, according to the report.
The report showed that Trump's overall income from his business empire fell to between $273 million and $308 million. In 2018, he made at least $434 million, and in 2017 he earned between $597 million and $668 million.
Trump also reported receiving 10 gifts, including the first Apple Mac Pro, worth $5,999, from the tech giant's CEO Tim Cook, a leather bomber jacket from the executive chairman of Ford Motor Company, Bill Ford, an Ultimate Fighting Championship belt, and golf gear.
from Business Insider https://ift.tt/3qBBZjB
No comments