Trump business revenues plunged during pandemic, final disclosure reveals – NBC News

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Former President Donald Trump’s business empire lost significant revenue during the pandemic, as the virus and the failed response to it cost his own interests money, according to a financial disclosure document released after he left office Wednesday.

Most of his core golf and hotel properties saw steep declines as the virus and lockdown restrictions kept consumers home and suspended discretionary travel.

Compared to his disclosure from the year prior, revenues at the Trump National Doral Miami golf course in Florida declined from $77 million to $44 million. Trump’s Turnberry golf club in Scotland saw revenues fall from $25 million to just under $10 million.

Jan. 14, 202101:53

Revenues also declined from $40.5 million to $15 million at Trump’s hotel at the leased Old Post Office location in Washington, D.C.

Total revenue fell at the Trump International Hotel & Tower Chicago hotel-condo last year, with hotel management fees tumbling from nearly $2 million to about half a million, and condo management fees rising slightly.

Business increased in some red state locations, such as his golf club in Charlotte, North Carolina, where revenues rose from $12 million to $13 million. Revenues at Mar-a-Lago, his private club in Florida and new residence, rose $3 million.

But overall, the net impact was negative, with Trump’s declared revenue falling from a reported $445 million to $278 million.

The Trump Organization did not immediately respond to an NBC News request for comment.

The documents detail the buying and selling of various bonds and exchange traded funds during 2020 as the S&P 500 index gyrated from 2,800 points at the beginning of the year, fell nearly 20 percent as the virus lockdowns and layoffs hit, then recovered to around 3,700 on Jan. 15, the day Trump signed the document.

The disclosure shows active loans at several banks, some of which, including Deutsche and Professional, have sworn off doing future business with Trump.

The documents show one financial institution, Investors Savings Bank, extending for one year the term of a loan set to expire in 2020 — at a slightly higher interest rate. The mortgage was for between $5 million and $25 million for Trump Park Avenue. The bank did not immediately respond to a request for comment.

The document is a 79-page final glimpse of Trump’s reported finances as he returns to life as a private citizen and grapples with how to capitalize on his altered brand, post-presidency.

It also provides details about several gifts Trump and his family accepted last year. They include a $25,000 “bronze statue depicting flag raising over Iwo Jima” from a Denver-based veterans association, a Mac Pro from Apple CEO Tim Cook, and a $500 customized golf club from Dennis Muilenburg, the disgraced former CEO of Boeing.

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