Trump’s Company Lost Nearly 40% In Revenue Last Year
Donald Trump’s company was hit hard by the coronavirus pandemic last year, with a financial disclosure report showing steep declines at several of the former president's flagship properties.
The report, released shortly after Trump left the White House to make way for the Biden administration on Wednesday, showed The Trump Organization experienced a 38% overall drop in revenue between 2019 and 2020, The New York Times reports. Overall, the company's revenue for 2020 and the first few days of January was $278M.
“There were places that due to government mandates we were not able to operate,” Eric Trump told the newspaper. “Those are places you are going to lose the season because of it.”
The biggest hit was at Trump’s hotel in Washington, D.C., which saw its revenue drop 68%. Revenue fell more than 40% at the Doral golf club outside Miami. However, at Mar-a-Lago, Trump’s private club in Florida, revenue jumped by 13%.
In Scotland, Trump Turnberry lost 62% in revenue after it was closed by the government. Overall, the former president has reported assets worth at least $1.3B, which was a small decline from 2019, per the Times.
A business reeling from the impact of the virus is just one of the issues Trump is facing as he transitions from U.S. leader to private citizen. After a deadly attack on the Capitol by a swarm of Trump supporters earlier this month, many sought to distance themselves from the Trump name.
Deutsche Bank and Signature Bank both said they will no longer lend to Trump or his businesses, while JLL withdrew from a partnership to sell Trump’s D.C. hotel. New York City moved to terminate its contracts with the company, and PGA of America announced the 2022 PGA Championship will not be played at Trump National Golf Club Bedminster in New Jersey. Trump is also facing an impeachment trial in the Senate, though the timing of such a trial is not yet clear.