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Pandemic hits Trump business hard

Donald Trump is resuming a family business devastated by closures and restrictions caused by the coronavirus pandemic and whose revenues plummeted more than 40% at his golf property in Doral, his hotel in Washington and his two resorts in Scotland.

The information on Trump’s finances revealed while leaving the White House was just the latest bad news for his financial empire after banks, real estate agencies and golf organizations cut ties with his company after Trump encouraged a mob of his followers to storm the Capitol in Washington.

The disclosure revealed that the company faces a large debt of more than 300 million dollars, much of which it is obliged to pay over the next four years, and a small positive: Revenues at its Mar-a-Lago resort. in Palm Beach, Florida, they increased by several million dollars.

Eric Trump, who along with Donald Trump Jr. has run the Trump Organization for the past four years, insisted to The Associated Press in an interview Thursday that the financial disclosure does not provide the full picture. He considered the debt “negligible” and the company’s outlook bright, especially its resorts and golf courses.

“The golf business has never been so strong. We received hundreds and hundreds of new members, “he said, adding that earnings are in the” tens of millions. ”

Hinting at the possibility of creating new businesses in the post-presidential era, Eric Trump mentioned possible deals in which Trump’s name would be used on a product or building for a fee, a business that has previously generated tens of millions of dollars.

“The opportunities are endless,” said Erioc Trump, although he declined to give details.

The year-over-year report presented to federal ethics officials shows only revenue figures, not earnings, but the blow to Trump’s businesses appears to be widespread.

The Doral National Golf Club, on the outskirts of Miami and its largest source of income among all the family’s golf properties, had $ 44.2 million in revenue, a drop of $ 33 million compared to 2019.

The Trump International Hotel in Washington, which came to be frequented by lobbyists and diplomats before its operations were downsized last year, generated just $ 15.1 million in revenue, a decline of more than 60% compared to the figures of a year before.

The Turnberry club in Scotland had a revenue of less than $ 10 million, a plunge of more than 60%. Income at the family’s golf club in Aberdeen also fell roughly in the same proportion.

Trump’s Mar-a-Lago club in Palm Beach, Florida, where Trump arrived on Wednesday. reported a 10% increase in revenue, of $ 24.2 million.