Trump Companies Circling Financial Drain
One of the last things Donald Trump had to do before exiting his twice-impeached presidency was file a federally mandated financial disclosure form. It’s not a pretty picture.
According to the filing Trump’s hotels, resorts and other properties experienced a decline in revenue of $120 million, or 35 percent, last year. Two of his properties that carry huge debt were particularly hard hit. His Washington hotel, which has a $170 million loan outstanding, saw revenue drop more than 60 percent and the Doral golf resort in Miami experienced a 40 percent decline in revenue.
Revenue also dropped by half at his Turnberry golf club in Scotland. Trump had lobbied to have that club host an upcoming British Open tournament, but that idea has been quashed. In fact, members of Scotland’s Green Party are lobbying for Trump’s “toxic brand” to be banned from the country entirely.
Trump sucked in many of his supporters by projecting the image of a hugely successful real estate developer who once said of himself, “I’m really, really rich.” The Trump “brand,” he boasted, was the most admired on the planet. After his four years as president – but especially after the Jan. 6 Capitol riot that he helped incite – neither is the case.
Numerous vendors and customers have cut ties with anything named Trump, now seeing it as toxic. On Thursday BankUnited, a Florida-based bank in which Trump had kept more than $5 million on deposit in money-market accounts, announced that it closed his accounts. “We no longer have any depository relationship with him,” a bank spokesperson said while declining to elaborate.
Two other financial institutions, Signature Bank and Professional Bank, said earlier this month that they no longer would serve Trump or his companies. And his largest commercial lender, Deutsche Bank, reportedly is trying to extricate itself from the hundreds of millions of dollars of loans he has outstanding with it.
The roster of organizations that have ended their relationship with Trump seems to grow daily. Three law firms that used to represent him have announced they have fired him as a client. The PGA Tour pulled its signature golf tournament from his Bedminster, N.J., golf club. The Girl Scouts of Greater New York and the tuberculosis-fighting charity TB Alliance say they want out of their leases in a Trump office building on Wall Street. New York City canceled $18 million worth of contracts with him to operate a carousel, two ice rinks and golf course in city parks.