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Trump resort revenue sank as COVID-19 pandemic spread: Financial disclosure

Trump resort revenue sank as COVID-19 pandemic spread: Financial disclosure

FILE PHOTO: A construction dump truck sits unattended outside the Trump International Hotel in Washington, U.S., December 2, 2020. REUTERS/Tom Brenner/File Photo

WASHINGTON: Some of former President Donald Trump's most high profile hospitality assets took a revenue hit last year as COVID-19 lockdowns hurt business, according to a financial disclosure filed on Wednesday (Jan 20), his final day in office.

For example, the Trump International Hotel in Washington, DC, brought in US$15.1 million in revenue in 2020 and the first three weeks of 2021, according to Trump's disclosure. That is down 62.7 per cent from 2019, according to his 2019 disclosure.

The circumstances were similar at Trump property in Las Vegas, which saw revenues decline 60.5 per cent to US$9.2 million and at his Florida golf course, Trump National Doral, revenue down 42.7 per cent to US$44.2 million.

A rare bright spot was Trump's Mar-a-Lago club in Palm Beach, Florida, where he is expected to spend most of his time post presidency. Revenue at that property, which Trump frequently used to host political allies and foreign dignitaries, climbed 13 per cent year-on-year to reach US$24.2 million.

The regular financial disclosures Trump was required to file as president offer one of the fullest glimpses into the billionaire businessman's finances, as Trump steadfastly refused to release his tax returns, despite it being common practice for prior presidents.

His final disclosure spanned 79 pages and detailed everything from his varied property holdings to how much he received in pension payments as a member of the Screen Actors Guild. It also included a number of gifts Trump received as president, including an Ultimate Fight Championship belt, valued at US$650, from Colby Covington, a Trump-friendly fighter.

It also details a number of sizeable liabilities owed by Trump's businesses, including five separate lines of credit worth at least US$50 million apiece. Most of the debt disclosed by Trump is due to mature within the next four years.

Source: Reuters

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