Funding activities

Trump’s financial disclosure reveals company upended by coronavirus pandemic

Even before the pandemic and the riot, the Trump presidency had complicated business for the Trump brand.

For much of his tenure, the company remained neutral as the surname was removed from several properties and potential new offers never emerged. Mr. Trump’s polarizing politics also appeared to create a red-blue divide, leaving his hotels in Democratic strongholds like New York and Chicago struggling, while his golf club in North Carolina boomed.

A bright spot in 2020 was Mar-a-Lago, Mr. Trump’s private club in Florida and his planned new residence. Mar-a-Lago’s revenue increased from $21.4 million to $24.2 million, an increase of 13%. The company’s retail business also grew, more than doubling its revenue to nearly $2 million.

Trump’s golf business has seen mixed results. While many courses saw losses of 10% or more, revenue rose at clubs in West Palm Beach, Florida, and another near Charlotte, North Carolina, as golf became a popular outdoor escape from the dangers of Covid-19.

But at Doral, Mr. Trump’s biggest revenue generator, revenue fell from $77.2 million in 2019 to $44.2 million, down nearly 43%.

Trump Turnberry, a golf club in Scotland, suffered a major decline last year. Revenue fell from $25.7m to $9.8m, or around 62%, as Scottish authorities closed it due to the virus.

Some of the Trump Organization’s biggest declines have come in its hotel business as the virus halted travel and the company cut staff to stem its losses. The Washington hotel, which the Trumps had considered selling before the pandemic, was particularly hard hit. The restaurant and the famous hotel lobby — long a gathering place for lobbyistsWhite House aides and other Trump supporters – have been closed for long stretches over the past year, and hotel occupancy has dropped significantly.

Mr Trump reported assets worth at least $1.3 billion, down slightly from 2019.

He also said he received 10 gifts, including an Ultimate Fighting Championship belt, golf gear, a leather bomber jacket and a computer from Tim Cook, Apple’s chief executive, worth $5,999.

Eric Lipton contributed reporting.