Throughout 2020 and the initial part of 2021, incomes across the Trump Organization plummeted according to newly available financial disclosure forms that the ex-president was required to file at the end of his presidency. Compared to the previous year’s numbers, revenue fell by a whopping 63 percent at Trump’s D.C. hotel alone, while in south Florida, the revenue at Trump’s Doral golf course fell by over 40 percent. Across the company as a whole, revenue fell by nearly 38 percent, sitting at some $278 million.
NEW: Trump is returning to a business in distress. New financial docs show revenue at key Trump properties dropped by 50% last yr, thanks to covid.
And that was before the Capitol attack, which drove away partners, vendors and customers.https://t.co/5Yu1LwOVwa
— David Fahrenthold (@Fahrenthold) January 21, 2021
Trump Turnberry, a golf course that the ex-president owns in Scotland, also suffered major losses, as revenue fell by about 62 percent, sinking from $25.7 million to $9.8 million. These losses, of course, corresponded to a period of global slowdowns for the hospitality industry amidst the COVID-19 pandemic, and the public revelation of these numbers could, in theory, help explain the Trump team’s fervent opposition to so-called lockdowns. The now former president had a literal financial stake in the issue, because he maintained his financial stake in his businesses throughout his entire presidency, although he transferred executive control to interests including his two adult sons, Donald Jr. and Eric.
Across 2020, revenue did rise in two areas of the Trump business — Mar-a-Lago and Trumpstore.com, a marketplace for assorted items with Trump’s name on them. At Mar-a-Lago, which is Trump’s Florida resort and where he’s now spending his time in the immediate aftermath of his presidency, revenue increased by 12 percent, while the revenue from Trumpstore.com doubled, hitting some $1.9 million. In other words, there are apparently a lot of Trump supporters who were willing to fork over cash in order to have items like t-shirts that have the ex-president’s name on them.
As described in a new report from The New York Times, the Trump family business is facing $300 million in debt that’s coming due within a few years, and it’s not exactly clear how the company might deal with this debt. In the wake of the recent violent rioting at the U.S. Capitol by Trump supporters, institutions including three banks moved to cut ties — although at least a couple of those moving to distance themselves from Trump are still owed by the former president. Still, even the PGA Tour parent organization scrapped plans to hold the 2022 edition of a golf championship at one of Trump’s properties. If that plan had gone forward, the event likely would have provided a financial boon to Trump’s business.