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Friday, July 31, 2020

New Trump financial disclosure gives glimpse into pre-pandemic business income

Before the coronavirus pandemic wreaked havoc on the tourism and hospitality industries, President Donald Trump’s high-profile properties were humming along in 2019, according to an annual disclosure report released late Friday evening.

Trump National Doral Miami, the golf resort where the president had considered hosting this year’s G-7 gathering of world leaders before scrapping the plans, brought in the most money in 2019. It reported revenues of $77.2 million compared with nearly $76 million in 2018.

One of president’s other golf clubs in Bedminster, N.J., a frequent retreat for Trump during the summer, reported a nearly 13 percent increase in revenue in 2019. Other golf resorts owned by Trump, including in Jupiter, Fla. and Charlotte, N.C., saw their revenues rise as well last year.

The Trump International Hotel in Washington, which has become a prime meeting spot for administration officials and a source of controversy since opening in 2016, reported $40.5 million in revenue compared with the previous year’s income of $40.8 million.

However, revenues at Mar-a-Lago, the Florida resort Trump has frequented during the course of his presidency, dipped to $21.4 million in 2019, a drop of more than $1 million — or 5 percent — from $22.6 million in the previous year.

The disclosure indicates that Trump had a minimum income of more than $440 million.

The 78-page report, which is required to be reported every year under federal ethics rules, provides a glimpse into the president’s debts and how his properties are performing. Because the disclosure is for income generated in the previous year, it does not show the coronavirus’ impact on Trump’s properties and investments.

Trump's properties have not escaped the pandemic's deleterious effects, with many forced to close temporarily and lay off workers.

The disclosure was originally due in May, but the White House received two 45-day extensions as Trump addressed the coronavirus crisis. A White House memorandum released in April stated that there was “good cause” to grant the extension.

Ethics officials and watchdog groups have long raised concerns that Trump is profiting from his role as commander in chief.

The president, unlike his predecessors, has refused to release his tax returns, often claiming that he’s under audit. Earlier this month, the Supreme Court delivered a split-decision on Trump’s personal financial records, blocking congressional investigators from accessing the tax documents but rejecting his claim of “absolute” immunity.

Disclosures for Trump’s daughter and son-in-law, Ivanka and Jared Kushner, were also released Friday, showing the White House advisers reported at least $36 million in income.

Anita Kumar contributed to this report.

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