Trump reveals extent of pandemic damage to his business empire

Revenue from his Washington and Las Vegas hotels down by more than half amid closures

Revenue from the Trump International Hotel (left) in Washington fell to US$15.1 million (S$20 million) from US$40.5 million a year earlier, according to Mr Donald Trump's last financial disclosure form as US president.
Revenue from the Trump International Hotel (above) in Washington fell to US$15.1 million (S$20 million) from US$40.5 million a year earlier, according to Mr Donald Trump's last financial disclosure form as US president.PHOTO: NYTIMES

NEW YORK • Former United States president Donald Trump's empire has been hit hard by coronavirus closures, with revenue from his Washington and Las Vegas hotels down by more than half.

In his last financial disclosure form as president, Mr Trump detailed the damage the pandemic has wrought, at a time when many tourism businesses are suffering from a lack of travellers.

As president, the real-estate magnate resisted policies to slow the pandemic through mask-wearing, and insisted it remained safe for people to travel domestically.

Revenue from the Trump International Hotel in Washington, which he had been trying to sell, fell to US$15.1 million (S$20 million) from US$40.5 million a year earlier, according to the disclosure posted on Wednesday.

In Vegas, hotel-related sales were down to US$9.2 million from US$23.3 million.

Another important property of Mr Trump's, the Trump National Doral Golf Club in Miami, also saw revenues drop to US$44 million from US$77 million a year earlier.

His golf courses in Britain and Ireland saw revenue drop by roughly two-thirds, part of a 27 per cent overall decline in golfing revenue from the prior year.

Mr Trump's total income fell to between US$273 million and US$308 million, according to the form, which covers 2020 and the first 20 days of this year.

In his first financial disclosure in 2017, Mr Trump reported making more than US$528.9 million over 151/2 months, including his first three months as president.

One bright spot in Mr Trump's empire is his Mar-a-Lago club in Florida, where the former president returned on Wednesday after his final day in the White House.

Revenue for the resort hit US$24.2 million, up from US$21.4 million a year earlier, according to the financial disclosure.

It is one of Mr Trump's few properties that seems unaffected by the pandemic. He also reported an uptick in online retail sales year over year, up to US$1.96 million from US$930,869 in 2019.

However, in-store sales at Trump Tower in New York City fell because of forced closures - down to US$166,064 from $849,313.

In total, Mr Trump valued the assets from his businesses at between US$1.3 billion and US$1.7 billion.

The form also details more than US$40,000 in gifts Mr Trump accepted in his last year in office, including freebies from executives at Boeing, Apple and Ford Motor.

Mr Trump is worth US$2.5 billion, down about US$500 million from when he took office, according to the Bloomberg Billionaires Index.

His buildings are saddled with more than US$1 billion in debt, most of it coming due in the next three years and more than a third of it personally guaranteed.

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A version of this article appeared in the print edition of The Straits Times on January 22, 2021, with the headline 'Trump reveals extent of pandemic damage to his business empire'. Subscribe