Coronavirus Costing Trump Properties Over $1 Million Daily in Lost Revenue
Source: The Wall Street Journal.
WSJ NEWS EXCLUSIVE
Coronavirus Costing Trump Properties Over $1 Million Daily in Lost Revenue
Crisis is also complicating Trump Organizations effort to sell long-term lease on Washington hotel at a record price
By Brian Spegele, Craig Karmin and Justin Scheck
April 2, 2020 6:30 am ET
The coronavirus outbreak is costing Trump Organization properties more than a million dollars in lost revenue daily and may have hurt the firms chances of earning a record price on the sale of its Washington hotel, according to an analysis of industry data and people familiar with the deal talks.
The majority of revenues for President Trumps family business comes from travel and leisure, which have been hit hard by the forced closures and economic downturn caused by the pandemic. The situation could worsen because golf accounts for about half of the roughly $440 million of income Mr. Trump reported in his latest government financial disclosure.
More than 500 staff at Trump properties in New York, Washington, Las Vegas and Florida have been laid off or furloughed, say people familiar with the matter and federal disclosures. Several Trump hotels have been closed, and those still running have experienced dwindling occupancies. One day in March, the familys flagship Trump International Hotel in Washington had just 11 guests in its 263 rooms, according to an employee.
The outbreak also has derailed the organizations effort to sell its long-term lease on the Washington hotel, which is in the former Old Post Office building. With extensions, the lease from the federal government runs close to 100 years. The organization was negotiating a deal with two potential buyers for between $320 million and $350 million, but those talks have stalled. At least one of the potential buyers was a consortium and both were hotel investors.
{snip}
Caitlin Ostroff contributed to this article.
Write to Brian Spegele at brian.spegele@wsj.com, Craig Karmin at craig.karmin@wsj.com and Justin Scheck at justin.scheck@wsj.com
Read more: https://www.wsj.com/articles/coronavirus-costing-trump-properties-over-1-million-daily-in-lost-revenue-11585823401
The coronavirus pandemic is not only costing Trump properties over $1 million a day in lost revenue, but also complicating the sale of the Washington hotel
Link to tweet
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https://twitter.com/bspegele
https://twitter.com/CraigKarmin
https://www.facebook.com/justin.scheck.1
Moostache
(9,895 posts)True Blue American
(17,984 posts)llmart
(15,538 posts)I hope the whole slam damn family goes bankrupt.
lagomorph777
(30,613 posts)CurtEastPoint
(18,643 posts)DEbluedude
(816 posts)sop
(10,177 posts)He really needs that bailout money to avoid his seventh bankruptcy.
cyndensco
(1,697 posts)This makes me happy!
CatMor
(6,212 posts)mucifer
(23,542 posts)I seriously do
2naSalit
(86,601 posts)Scarsdale
(9,426 posts)I wonder if he ever regrets letting Putin blackmail him into running for the WH?? Putin knew, as most of the rest of us did, that tRump was nowhere near qualified for the job. This fit into Vlad's plans perfectly, to destroy the US. This is the only accomplishment that tRump has had, destroying the US for Putin. He never thought HE would get caught up in the slime, but here he is.
keithbvadu2
(36,799 posts)NRaleighLiberal
(60,014 posts)janterry
(4,429 posts)n/t
getagrip_already
(14,750 posts)Yeah, it wouldn't be legal under the bill but when has that stopped them before?
You can be sure tens of billions will be unaccounted for at the end of this. woops. pigs at the trough all of them.
Lock him up.
(6,928 posts)... of future generations (like they care)...
... another rounds of "we have to cut everything" from hate media and RW thieves awaits...
LOCK HIM UP!
ResistantAmerican17
(3,807 posts)After spanky leaves office and it isnt a way to funnel money to the bedbug slumlord, the value is gonna plunge.
mobeau69
(11,144 posts)Baitball Blogger
(46,705 posts)dweller
(23,632 posts)✌🏼
PSPS
(13,595 posts)red don will recoup his losses, from the American taxpayer.
sarge43
(28,941 posts)*My heart pumps purple pee for you, Donny
Frustratedlady
(16,254 posts)He seems to be quite good at that art of the deal.
duforsure
(11,885 posts)They're turning red states blue, and blue states a lot bluer. Trump is probably bankrupt anyway , and stiffing his creditors (especially Putin) and why trump will be trying to get putins oil sanctions lifted for him, Russia's likely financially broke too, and desperate to get oil prices higher ASAP.,
NCjack
(10,279 posts)we will proceed with top secret actions to move your shit. But, as an aside, you need to shift to `buy low and sell high' to make money. This is an ugly bear market"
captain queeg
(10,196 posts)matt819
(10,749 posts)keithbvadu2
(36,799 posts)Sniff. Sniff.
Pass me a hanky.
Fortinbras Armstrong
(4,473 posts)Maeve
(42,282 posts)I'm sorry for the workers, but I want him reduced to penury.
moose65
(3,166 posts)Thoughts and prayers.....
Dem2theMax
(9,651 posts)But no prayers. Well, not the kind I can put on here.
Lots of thoughts though.
Roland99
(53,342 posts)Polly Hennessey
(6,796 posts)redwitch
(14,944 posts)SKKY
(11,807 posts)Under The Radar
(3,401 posts)lark
(23,099 posts)He's more than made up the difference, the grifting, thieving, killing Americans for profit, worst person in the world.
IronLionZion
(45,441 posts)even though it's explicitly forbidden in the stimulus package, they'll find a way to house essential workers there or something. They should be made into quarantine centers to relieve pressure from hospitals for patients who don't need ICU but still need to isolate in a room with a bathroom and fridge and TV.
Cracklin Charlie
(12,904 posts)Thats real money.
Sorry, dude.
Wounded Bear
(58,653 posts)I suspect it's gonna take a long time for the hotel/hospitality industry to recover from this.
With any luck, the Trump name will be lower than dirt after this.
AllyCat
(16,187 posts)I am positively giddy hearing that horrible human is losing money like this on a daily basis.
bluescribbler
(2,116 posts)Apologies to Fats Domino
JohnnyRingo
(18,628 posts)Does anyone think that sounds exaggerated? Is that before expenses like utilities, payroll, and stolen towels?
Let's see his taxes to confirm this.
bucolic_frolic
(43,161 posts)samsingh
(17,598 posts)I wonder if Trump is going to find a way to get access to that money.
BlueIdaho
(13,582 posts)BComplex
(8,050 posts)I hope his loss curve is really really steep! He loves those charts!
Coventina
(27,119 posts)Paper Roses
(7,473 posts)Take some solace in the fact this evil man will go down in history as the worst pResident ever.
My comment does not help us cope with all the issues involved but, if you and I live thru it, I will take solace in the fact that he is driven into the ground with all of his sycophants.
My best to everyone who is trying to come to grips and figure out how to cope and survive.
This comment does not apply to tRump and every republican senator who backs this moron.
Rabrrrrrr
(58,349 posts)Wow -
if his business could fail into insolvency
at the same time that Schiff finds him guilty of criminal negligence
at the same that NY state finds Ivanka guilty of embezzlement
that would be sweet.
RussBLib
(9,008 posts)Long enough. GTFO and take your sick family with you.
3auld6phart
(1,046 posts)This is wonderful news.Brightens my day.Do honestly feel bad for the drumfh employees.
If they are recipients for UE benefits,I hope they dont get shortchanged and dinged by
drumfh hoods.
TruckFump
(5,812 posts)...this loss IMO is hardly a drop in the bucket of what he and his grifting family has taken.
Boo - fucking - hoo!
TheFourthMind
(343 posts)marble falls
(57,081 posts)this loss even larger?
What's that? Oh.Now Susan's really really concerned.
MissMillie
(38,556 posts)Another bad business decision.... why am I not surprised?
olddad65
(599 posts)Trump doesnt even own most of those properties. They just have his name on them. Russians own most of them through shell companies.
Faux pas
(14,675 posts)have happened to a nicer family! and yippee!
SBoy
(92 posts)So that means Russian sanctions lifted in 3...2...1, got to keep his creditors happy or theyll lower the boom.
Progressive dog
(6,902 posts)The non response to the corona virus was his choice. Now he'll try to steal even more from the government and if there mis any justice he'll be caught.