Trump resort revenue sank as pandemic spread –financial disclosure

Some of former President Donald Trump’s most high-profile hospitality assets took a revenue hit last year as COVID-19 lockdowns hurt business, according to a financial disclosure filed on Wednesday, January 20, his final day in office.

For example, the Trump International Hotel in Washington, DC, brought in $15.1 million in revenue in 2020 and the first 3 weeks of 2021, according to Trump’s disclosure. That is down 62.7% from 2019, according to his 2019 disclosure.

The circumstances were similar at Trump property in Las Vegas, which saw revenues decline 60.5% to $9.2 million and at his Florida golf course, Trump National Doral, revenue down 42.7% to $44.2 million.

A rare bright spot was Trump’s Mar-a-Lago club in Palm Beach, Florida, where he is expected to spend most of his time post presidency. Revenue at that property, which Trump frequently used to host political allies and foreign dignitaries, climbed 13% year-on-year to reach $24.2 million.

The regular financial disclosures Trump was required to file as president offer one of the fullest glimpses into the billionaire businessman’s finances, as Trump steadfastly refused to release his tax returns, despite it being common practice for prior presidents.

His final disclosure spanned 79 pages and detailed everything from his varied property holdings to how much he received in pension payments as a member of the Screen Actors Guild. It also included a number of gifts Trump received as president, including an Ultimate Fight Championship belt, valued at $650, from Colby Covington, a Trump-friendly fighter.

It also details a number of sizable liabilities owed by Trump’s businesses, including 5 separate lines of credit worth at least $50 million apiece. Most of the debt disclosed by Trump is due to mature within the next 4 years. – Rappler.com