TRUMP’S BUSINESS CRASHING BEFORE JAN. 6 RIOT MADE HIS BRAND TOXIC
Donald Trump's businesses generated nearly 40% less revenue last year as the coronavirus pandemic slammed the hotel industry, putting the former president under financial pressure even before corporate partners and banks ditched him in the wake of the January 6, 2020 insurrection at the US Capitol.
Posted on Wednesday as he left the White House, Trump's final financial disclosure as president reveals a steep decline in revenue at some of his marquee properties in 2020 and the first 20 days of this year.
Sales at the Trump International Hotel Washington plummeted by 63% compared with 2019 to $15.1 million, while revenue fell 62% to $9.8 million at Scottish golf resort Turnberry, Charles Riley reported for CNN Business.
Revenue at one of the former president's biggest businesses, the Trump National Doral golf resort near Miami, declined to $44.2 million from $77.2 million in 2019.
Trump has mortgages on the property totaling between $55 million and $75 million, according to the document. The loans from Deutsche Bank mature in 2023.
Federal officials are allowed to disclose their income and the value of their assets in broad ranges.
Overall, Trump reported revenue for 2020 of $278 million to $313 million, down from $445 million to $483 million in 2019. Based on the midpoint of those ranges, revenue fell by 37%.
Hotels and other hospitality companies, which form a substantial part of Trump's business empire, have been hit especially hard during the pandemic as travelers stay home and governments impose lockdowns.
In Scotland, for example, Trump Turnberry has been forced to close because of government restrictions designed to contain the spread of the coronavirus.
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