President Donald Trump has, at many opportunities, sought to use the power of his office to promote his own businesses, the most notable example being how foreign diplomats have stayed at the Trump International Hotel in Washington, D.C. for exorbitant prices.
But as a whole, the Trump Organization has been floundering since he took office, business reporter Jonathan O'Connell told CNN's Erin Burnett. And that even extends to a branch of his business that he has a strong personal investment in: his golf clubs. One that is particularly hard-hit is Trump National Doral Miami, his prized luxury golf resort.
"I definitely think there's just a smaller pool of people who are willing to do business with or go to properties that have Trump on the front of them," said O'Connell. "Whether you're talking about luxury travelers, golfers, people looking for a getaway, or corporations who are doing sort of like a board meeting or a corporate retreat, or else people renting office space for their company — all those companies and travelers are now thinking about whether they want to affiliate themselves with the Trump name. And the portion of those who are deciding they don't want to do that, that's where the pain is coming for the president's business."
"Having said that, even with the rally — I was surprised at the magnitude of the drop in business they have had there [at the Doral], because Trump is still very popular among a lot of golfers," added O'Connell. "Obviously Tiger Woods, Jack Nicklaus, et cetera. A lot of the big names in golf are fine affiliating themselves with Trump. But clearly, from the numbers, more golfers are sort of unwilling to spend their money with Trump than they were before."
"Yeah, I mean, 69 percent, you know, over the past few years," said Burnett. "It does seem like an incredibly stunning drop."