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Thu Jan 21, 2021, 11:44 AM

Trump's hotels and golf resorts lost revenue as pandemic took financial toll

Washington Post
By David A. Fahrenthold

Former president Donald Trumpís hotels and golf resorts fell into sharp decline in 2020 ó with some losing more than 60 percent of their normal revenue, as the coronavirus pandemic forced long-term closures and kept tourists away ó according to new financial disclosure documents.

The disclosures, which Trump was required to file as his term ended, hit particularly hard at three of Trumpís biggest operations: his D.C. hotel, and his golf resorts in Doral, Fla., and Turnberry, Scotland. These three are key to Trumpís financial future, because the D.C. and Doral properties carry large debt loads, and the Turnberry property has been a sinkhole of cash for Trump.

A year of coronavirus decimated the properties: Their combined revenue fell from $148 million in 2019 to $71 million in 2020, a drop of more than half. There was one bright spot: Revenue at Trumpís Mar-a-Lago Club, a members-only operation in Palm Beach, Fla., that is now doubling as the former presidentís home, increased 12 percent. And Trumpstore.com, a website selling t-shirts, candles and bath bombs with the former presidentís name, reported that its income doubled, to $1.9 million.

Now out of office, Trump has returned to a business beset by troubles, both legal and financial. His own staff have estimated that covidís impact on the hotel business could last for four to nine years. He is facing at least two state-level investigations into his past financial practices. And, in the days since a mob of Trump supporters attacked the U.S. Capitol, some of Trumpís key allies in the business world have cut their ties with him. His company has lost three banks, two real-estate brokers, at least one law firm, and its chance to host the 2022 PGA Championship.

https://www.washingtonpost.com/politics/2021/01/21/joe-biden-live-updates/

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Reply Trump's hotels and golf resorts lost revenue as pandemic took financial toll (Original post)
Wicked Blue Jan 2021 OP
Cirque du So-What Jan 2021 #1
ProfessorGAC Jan 2021 #2
Wellstone ruled Jan 2021 #3

Response to Wicked Blue (Original post)

Thu Jan 21, 2021, 11:47 AM

1. ...

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Response to Wicked Blue (Original post)

Thu Jan 21, 2021, 11:50 AM

2. They Were Losing $ Anyway

The debt service makes profitability challenging enough.
They don't have the resources to support a modest reduction in revenue, let alone a pandemic induced major one.

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Response to ProfessorGAC (Reply #2)

Thu Jan 21, 2021, 12:55 PM

3. As you mention,

 

owning a dying Sports Venue is a fast way to the Bankruptcy Court. If Mommy and Daddy belong to a Golf Club,then Biff and Buffy will or might play golf. And the Hard Core Players are dwindling by the hour.

Even in our Golf community,we have plans in place when our Course hits certain monetary targets,the course will be developed into homes and parks.

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