(New York) Donald Trump once again dwells on a family business ravaged by closures and restrictions amid a pandemic as revenues have fallen by more than 40% at his Doral golf property, his hotel in Washington and its two Scottish resorts over the past year.
Posted on January 21, 2021 at 7:09 p.m.
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Mr Trump’s 2020 financial disclosure unveiled as he stepped down as President this week was just the latest bad news for his financial empire after banks, real estate brokers and golf organizations announced that they were cutting ties with his company following the storming of the Capitol this month by his political supporters.
The disclosure showed significant debt of over $ 300 million within the company, much of which is due to be repaid over the next four years, and one major bright spot: revenues from its Mar-a-Lago complex in Palm Beach, Florida, his new post-presidency home, increased by a few million dollars.
Eric Trump, who along with Donald Trump Jr. has led the Trump Organization for the past four years, told The Associated Press in an interview Thursday that the disclosure did not tell the whole story, calling the debt “negligible” and the company’s bright outlook, especially in its golf resorts and courses.
“The golf industry has never been stronger. We have welcomed hundreds and hundreds of new members, ”he said, adding that the profits were“ in the tens of millions ”.
Hinting at possible new ventures in the post-presidential era, Eric Trump raised the prospect of a wave of new licensing deals whereby the Trump name is put on a product or building for a fee, an avenue which has generated tens of millions for the organization in the past.
“The opportunities are endless,” he said, declining to give details.
The disclosure report filed annually with federal ethics officials shows only revenue numbers, not profits, but the blow to Donald Trump’s affairs appears to be widespread.
The National Doral Golf Club outside of Miami, its largest money maker among family golf properties, reported $ 44.2 million in revenue, down $ 33 million from 2019 The Trump International Hotel in Washington, buzzing with lobbyists and diplomats ahead of last year’s downsizing, generated just $ 15.1 million in revenue, down more than 60% from the previous year .
The Turnberry club in Scotland grossed less than 10million, down more than 60%. The income of the family golf club in Aberdeen fell roughly in the same proportion.
The Mar-a-Lago, the Palm Beach club where Donald Trump arrived on Wednesday, saw its income increase by 10% to 24.2 million. Revenue at another nearby golf club and a club in Charlotte, North Carolina, also rose, up about 5% to $ 13 million each.
Broken links
In total, Donald Trump’s extensive portfolio of hotels, resorts, office buildings, licensing agreements and other assets generated at least $ 278 million for 2020 and the first weeks of the new year, in down by more than a third from a low of around 450 million in 2019.
Financial losses from ties severed by former clients and business partners with the Trump family are uncertain, but they could be substantial. The PGA of America has canceled a championship tournament at Donald Trump’s Bedminster Club in New Jersey, and several banks have said they will no longer lend to the company.
In addition, New York City has said it will cancel various contracts with the company, including those relating to the administration of ice rinks and a golf club in the Bronx.
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