HomeWORLDDonald Trump returns to a business empire ravaged by pandemic

Donald Trump returns to a business empire ravaged by pandemic

Donald Trump returns to a family business damaged by bans and restrictions, with profits making more than 40% of his golf course at Doral, his hotel in Washington and his Scottish resorts last year.

Trump’s 2020 financial release since stepping down this week was the latest bad news for his financial regime after banks, real estate brokerages and golf clubs announced they were severing ties with his company following a Capitol strike this month by his political supporters. .

The disclosure showed a huge debt owed to the company of more than $ 300 million, most of which comes in the next four years, as well as a bright future: Money in his Mar-a-Lago area of   Palm Beach, Florida, his new post – home of the president, has risen by a few million dollars.

Eric Trump, in charge of Donald Trump Jr. The head of the Trump Organization, four years ago, told the Associated Press in an interview on Thursday that the disclosure did not address the whole issue.

He said that the golf business has never been as strong as this and that they have taken hundreds and hundreds of new members.

Pointing to new potential jobs in the post-Presidential era, Eric Trump raised hopes of a new deal of loading deals when Trump’s name was put on a product or building for a certain amount of money, a business that has made tens of millions for the company in the past.

Donald Trump returns to a business empire ravaged by pandemic
Donald Trump returns to a business empire ravaged by pandemic

Declining to give details he said that the possibilities behind it are endless.

The disclosure report submitted annually by federal ethics officials only shows the monetary value, not the profit, but the blow to Trump’s business seems to be widespread.

The National Doral Golf Club outside of Miami, which was the largest retailer of family golf courses, grossed $ 44.2 million, down from $ 33 million since 2019. The Trump International Hotel in Washington, which had been full of exhibitors and lawyers before work down last year, generated just $ 15.1 million, down more than 60% from last year.

The Trump Turnberry party in Scotland has taken less than $ 10 million, dropping more than 60%. The income from the family club in Aberdeen dropped by about the same rate.

Mar-a-Lago, the Palm Beach club where Trump arrived on Wednesday, saw the price increase by 10% to $ 24.2 million. The income of a golf club near that club and one in Charlotte, North Carolina, has also increased, rising by about 5 percent to 13 million each.

Overall, massive seizures of hotels, resorts, office buildings, license deals and other properties have taken at least $ 278 million by 2020 and the first few weeks of the new year, down by more than one-third from at least $ 450 million in 2019.

The financial impact on former customers and business partners who cut ties to Trump is unclear, but it could be huge. The American PGA has canceled a championship tournament at Trump’s Bedminster club in New Jersey, and several banks have said they will no longer lend to the company, making it difficult to get out of debt with new loans.

In addition, New York City has said it will be canceling various contracts with the company, including those running skating rinks and a golf club in the Bronx. The proceeds from the study, Trump Golf Links at Ferry Point, dropped by 20% last year to $ 6.4 million.

Eric Trump dismissed the harassment, saying that parts of the business that were not so well cared for, such as its commercial buildings, were thriving.

He said referring to new contracts that he signed a 125,000-square-foot office space in the fourth quarter alone and that they hit it and got out of the park.

The disclosure report was unclear about the claim, although the revenue of the company’s four most important buildings – Trump Tower on Fifth Avenue in New York, a building on Wall Street, and two towers owned by the giant Vornado – seems to have been held high during the epidemic.

The report, which gives some broad-based statistics and vague “excesses” in terms of claims, said these, which took more than $ 20 million in total last year, had not changed in the past year.

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