Trump Financial Disclosure Reveals a Business Upended by the Coronavirus Pandemic
Even before the pandemic and the riot, the Trump presidency had complicated business for the…
Even before the pandemic and the riot, the Trump presidency had complicated business for the Trump brand.
For much of his term, the company was stuck in neutral as the family name was removed from several properties and potential new deals never emerged. Mr. Trump’s polarizing politics also appeared to create a red-blue divide, leaving his hotels in Democratic bastions like New York and Chicago struggling, while his golf club in North Carolina boomed.
One bright spot in 2020 was Mar-a-Lago, Mr. Trump’s private club in Florida and his intended new residence. Revenues at Mar-a-Lago rose from $21.4 million to $24.2 million, an increase of 13 percent. The company’s retail business also grew, more than doubling its revenues to nearly $2 million.
The Trump golf business saw mixed results. While many of the courses had losses of 10 percent or more, revenues rose at clubs in West Palm Beach, Fla., and another near Charlotte, N.C., as golf became a popular outdoor escape from the dangers of Covid-19.
But at Doral, Mr. Trump’s biggest revenue generator, revenues fell from $77.2 million in 2019 to $44.2 million, down nearly 43 percent.
Trump Turnberry, a golf club in Scotland, had a significant downturn last year. Revenue fell from $25.7 million to $9.8 million, about 62 percent, as Scottish authorities closed it because of the virus.
Some of the Trump Organization’s biggest declines came in its hotel business, as the virus halted travel and the company cut back on staff to stem its losses. The hotel in Washington, which the Trumps had considered selling before the pandemic, was particularly hard hit. The restaurant and the famed hotel lobby — long a gathering place for lobbyists, White House aides and other Trump supporters — have been closed for extended periods over the past year, and hotel occupancy is down significantly.
Mr. Trump reported assets worth at least $1.3 billion, down slightly from 2019.
He also reported receiving 10 gifts, including an Ultimate Fighting Championship belt, golf gear, a leather bomber jacket and a computer from Tim Cook, the chief executive of Apple, worth $5,999.
Eric Lipton contributed reporting.