A financial disclosure report filed shortly after former President Donald Trump left office Wednesday has revealed the scope of losses faced by the Trump Organization in 2020.
At the company’s Trump National Doral Golf Club outside of Miami, revenue fell 40 percent, according to the New York Times. At its Washington, D.C., hotel, revenue fell 63 percent. Overall, the company’s revenue was down 38 percent last year.
“There were places that due to government mandates we were not able to operate,” Eric Trump told the publication in an interview, insisting the company was in a stable position. “Those are places you are going to lose the season because of it.”
There was, however, one outlier: Mar-a-Lago, the Trump Organization’s club in Palm Beach, Florida, saw a revenue increase of 13 percent, from $21.4 million to $24.2 million.
With Donald Trump no longer in office, the company has a bumpy road ahead, particularly after the former president encouraged insurrectionists to storm the U.S. Capitol, a move that alienated several allies and sank his approval rating.
Trump’s company has more than $300 million in loans that will come due in the next few years, and several businesses have recently cut ties with the business in the wake of the Jan. 6 riot.
Last month, New York Mayor Bill de Blasio announced the city would terminate its contracts with the Trump Organization. However, some of the air was taken out of the declaration when Politico revealed that three of the four contracts were already set to expire in April. The Trump Organization said it is owed $30 million and will fight the cancelations in court.
[NYT] — Sylvia Varnham O’Regan