Latest Trump Organization Report Shows Plummeting Profits

The latest report from the Trump Organization indicates dramatically lower profits than in recent years, largely a product of the COVID-19 pandemic. It’s a bad time for the former president’s company to be losing customers, as loans come due and business partners turn away in the wake of the Capitol Building riots.

The numbers from the Office of Government Ethics indicates that the minimum profits of the Trump Organization fell by 40%, with income from some of Donald Trump’s largest properties dropping even further, the Wall Street Journal reports.

Many of Trump’s assets are in the service industry and have been hit hard by COVID-19. Eric Trump, who took over managing the company when his father was elected president, blamed government restrictions but remained hopeful about the future of the company.

“I have 75 million people who would follow my father to the ends of the Earth,” he told the Journal. “He’s got probably the most famous brand in the world. The opportunities for somebody like that are going to be endless.”

That enthusiasm apparently hasn’t translated into resort tickets. Earnings from the Trump International Hotel in Washington, D.C., dropped from $40 million in 2019 to $15 million in 2020. The Trump National Doral Miami golf resort brought in $44 million, more than 40% less than in 2019.

Eric Trump says some golf properties have been doing well as people seek outdoor activities, but overall revenue for the organization fell from $446 million in 2019 to $278 million in 2020.

This doesn’t even account for the many business partners that turned on Donald Trump in the final stretches of his presidency. Deutsche Bank, the only financial agency that has loaned to Donald Trump, has hundreds of millions of dollars in loans coming due as his contacts resign and the bank looks to cut ties, according to Forbes.

New York City terminated $17 million in annual contracts with the Trump Organization after the riots, although three of the four were set to expire in April and the move will undoubtedly face a protracted legal fight, reports Politico.

Perhaps more trouble to the Trump Organization’s bottom line would be his corporate tenants vacating properties: Girl Scouts of Greater New York recently said it wants to end its lease at 40 Wall Street in downtown Manhattan.