Former U.S. President Donald Trump's businesses generated almost 40% less revenue in 2020 as the coronavirus pandemic hurt the hotel industry.
Based on his final financial report filed shortly after he exited the White House, Trump International Hotel in Washington, D.C. bore the brunt with a 64% drop in sales last year - from almost $41 million in 2019 to $15 million the following year.
The circumstances were similar at his posh property in Las Vegas, which saw sales fall 61% to $9.3 million and at his Florida Trump National Doral golf course revenue dived 43% to $44.3 million. He has mortgages on the property of between $55 million and $75 million, the financial disclosure shows.
There were some bright spots from Trump's other sources of income: Revenue was quite decent at his golf courses in Charlotte, North Carolina, New York's Hudson Valley and Philadelphia.
Revenues at his Mar-a-Lago resort in Palm Beach, Florida, where the former commander in chief returned after his White House exit Wednesday, rose to $24 million from $21 million. Trump's Turnberry golf course in Scotland saw revenues drop from $25 million to just below $10 million.
Total sales at Trump International Hotel & Tower Chicago hotel-condominium fell in 2020 with hotel management fees declining from almost $2 million to around half a million. Management fees were slightly up.
Eric Trump, who has been overseeing the Trump Organization since his father took office, on Thursday said the family business was in "strong financial shape" and that the financial report "does not tell the whole story."
"I have 75 million people who would follow my father to the ends of the Earth," he said in remarks quoted by The Wall Street Journal on Friday.