After exiting the White House on Wednesday, Trump’s final financial revelations as president revealed some of his marquee assets in 2020 and a steep decline in revenue in the first 20 days of this year. Sales at Trump International Hotel Washington declined 63% to $ 15.1 million compared to 2019, while revenue at Scottish golf resort Turnberry fell 62% to $ 9.8 million.
According to the document, Trump National Doral near Miami at Trump National Doral Resort, one of the former president’s biggest businesses, fell from $ 77.2 million to $ 77.2 million. Trump has mortgages of assets totaling between $ 55 million and $ 75 million. The loan from Deutsche Bank matured in 2023.
Federal authorities are allowed to disclose their income and the value of their assets over a wide range. Overall, Trump reported revenue of $ 278 million to $ 313 million, down from $ 445 million to $ 483 million In 2019. Based on the midpoint of those limits, revenue declined 37%.
Hotels and other hospitality companies, which make up a large part of Trump’s business empire, have become particularly difficult during the epidemic as travelers stay indoors and governments impose lockdowns. In Scotland for example, Trump Turnberry has been forced to close due to government restrictions designed to stop the spread of coronovirus.
There were some bright spots for the Trump Organization. Revenue at its golf courses in Charlotte, North Carolina, Philadelphia and the Hudson Valley of New York was fairly stable. Sales at the Mar-a-Lago resort in Palm Beach, Florida, where Trump returned after leaving the White House on Wednesday, increased from $ 21.4 million to $ 24.2 million. (He moved his permanent residence from Trump Tower in New York to Florida property in 2019, and spent hundreds of days golfing at courses he owned during his presidency.)
Still, there are major questions about the president’s business as his supporters vandalized in the Capitol earlier this month in a barbaric attack that killed five people and sparked a major corporate fight.
Twitter ()TWTR) And Facebook ()American Plan) Banned Trump indefinitely, removing his biggest megaphone. Stripe is no longer processing credit card payments for its campaign organization, Truffi stopped operating the online store for the Trump Organization, and the campaign and PGA announced that it would pull a major golf tournament from its Bedminster, New Jersey It has been, of course.
New York City is seeking to end its business relationship with the Trump Organization. According to the financial disclosure, Trump will have to stop operating several recreational venues in Central Park, including the Volman Ice Skating Rink, which generates $ 4.5 million in revenue in 2020.
Deutsche Bank ()Database) Told CNN Business earlier this month that it has decided not to do business with Trump. In addition to the mortgage on the Doral property, Germany’s largest bank has also provided loans for the Trump International Hotel and Tower in Chicago and the company’s hotel in Washington.
The source said that the Trump Organization owes Deutsche Bank about $ 340 million over the coming years. It is unclear what other banks would like to lend money to the Trump Organization, if any.
New York State criminal investigators looking into Trump’s business practices deemed the bank about its lending relationship with the Trump Organization. Late last month two private bankers at Deutsche Bank who worked most closely with Trump resigned from their posts.
Signature Bank said after the attack on the Capitol that it had started closing Trump’s personal accounts. The former president has a checking account with the bank, according to his financial statement.
The Trump Organization did not immediately respond to a request for comment on Thursday.
– Matt Egan and Chris Isidore contributed reporting.