2020 was a rough year for everybody, especially anyone with an interest in the recreation and leisure fields, and former President Donald Trump's own network of hotels and golf courses weren't quite able to buck the trend, according to the ex-president's final financial disclosure that Business Insider reports came out mere hours after he left the White House for the last time.
The report details Trump's businesses over 2020 and the early part of 2021, marking a significant decline in revenue across his ventures. The Washington, DC Trump International Hotel saw a staggering 63 percent drop in revenue compared to the year before, plummeting from $40.5 million in 2019 to $15.1 million in 2020. Similarly, the Trump International Hotel Las Vegas experienced a noticeable decline, with revenue falling from $23.3 million to $9.2 million during the same timeframe.
Trump's golf courses also suffered significant losses. For instance, his Doral Golf Resort in Miami experienced a 43 percent decline in annual revenue, dropping from $77.2 million to $44 million. The Trump Turnberry in Scotland fared little better, seeing revenue decrease from $25.7 million to $9.8 million. Overall, various Trump-owned golf courses across the UK and Ireland faced a revenue drop of approximately 27 percent, largely attributed to the ongoing coronavirus pandemic.
What You Will Learn
- Trump's hotel revenues plummeted significantly during 2020.
- Golf courses owned by Trump saw substantial revenue declines.
- Some of Trump's businesses, like retail and Mar-a-Lago, saw growth, but overall revenue fell.
- Conflicts of interest arose during Trump's presidency regarding his business decisions.
Not every venture of Trump's saw a decline in revenue during 2020. His retail business notably increased from $930,869 in 2019 to nearly $2 million, while the Mar-a-Lago club in Florida saw an increase from $21.4 million to $24.2 million. However, the overall picture shows a significant downturn in business income in the last year of his presidency.
Critics have highlighted the potential for conflicts of interest due to Trump's business interests while serving in office, particularly regarding decisions made during the COVID-19 pandemic. Robert Maguire, research director for Citizens for Responsibility and Ethics in Washington, emphasized this issue, stating, “Throughout the pandemic, it was hard to separate President Trump’s decision making at every step from his certain knowledge on how it would impact his businesses. You saw the constant push toward opening things back up as much as possible.”
This raises questions about whether these business interests influenced policy decisions. Despite these efforts, Trump’s financial disclosures indicate that his businesses struggled to maintain revenue levels, illustrating the challenges faced by many in the hospitality and leisure sectors during this tumultuous time.
The financial disclosure also sheds light on the gifts Trump received during his final year in office, which included ten gifts ranging from an Apple MacBook Pro from Apple CEO Tim Cook to a bomber jacket from Ford chief executive Bill Ford, and even an Ultimate Fighting Championship belt, showcasing a mix of personal and professional interactions during his presidency.
