As U.S. President, Trump, who owns hotels, golf courses, and casinos, defied policies to slow the rise in COVID-19 cases by wearing masks.
Donald Trump’s empire has been badly hit by coronavirus shutdowns, and revenues from its Washington and Las Vegas hotels have fallen by more than half.
In his final financial disclosure form as President, Trump described the damage the pandemic has wreaked at a time when many tourism companies are suffering from a shortage of travelers. As president, the real estate tycoon defied politics to slow the pandemic by wearing masks and insisted it was safe for people to travel domestically.
Revenue from the Trump Hotel in Washington, which he tried to sell, fell to $ 15.1 million from $ 40.5 million last year. In Vegas, hotel-related revenue decreased from $ 23.3 million to $ 9.2 million. Another major Trump property, the Doral Golf Resort in Miami, also saw sales decline from $ 77 million a year ago to $ 44 million.
In the UK and Ireland, golf course revenues fell by around two thirds, representing a 27% year-over-year decline in golf revenues.
Trump’s total income fell to $ 273 million to $ 308 million, according to the form, which covers 2020 and the first 20 days of 2021. 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 at the White House. Revenues were $ 24.2 million compared to $ 21.4 million in the previous year.
It’s one of the few traits of Trump that doesn’t appear to have been affected by the pandemic. Just a few weeks ago there was a New Year’s Eve party on the Palm Beach spot, attended by Donald Trump Jr., Eric Trump and Rudy Giuliani. Vanilla Ice performed in front of a crowd that appeared largely maskless.
The Trump International Hotel in Washington, DC (Bloomberg)
Trump also saw online retail sales jump year-over-year to $ 1.96 million from $ 930,869 in 2019. However, in-store sales at Trump Tower in New York City declined – from $ 849,313 – from $ 849,313 due to forced closings Dollars to $ 166,064.
Overall, Trump valued the assets of his companies at $ 1.3 to $ 1.7 billion. The figures are inaccurate – federal officials put the value of their wealth and income on a wide range, and the peak is “over $ 50 million.” Trump had 22 assets that he listed in this area, including his Mar-a-Lago resort and the Trump International Hotel in Washington.
The form also includes details of over $ 40,000 worth of gifts Trump accepted during his senior year in office, including freebies from executives at Boeing Co., Apple Inc., and Ford Motor Co.
According to the Bloomberg Billionaires Index, Trump is worth $ 2.5 billion, down around $ 500 million from when he took office. Its buildings are burdened with more than $ 1 billion in debt, most of which is due over the next three years and more than a third are personally guaranteed.
His ability to refinance the debt could be more limited after the deadly riot in the U.S. Capitol this month.
Deutsche Bank AG, his long-time financier, has announced that it will no longer do business with the former president. Firms like Cushman & Wakefield Plc, a broker for 40 Wall Street, and PGA of America are also distanceing themselves, while New York City seeks to end contracts with family business Trump, including a carousel and two ice rinks in Central Park and a Bronx golf course.
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