On Thursday, The Washington Post reported that the Trump Organization is in financial freefall as former president Donald Trump prepares to take the helm of the company again.
"Financial disclosure forms, filed by the former president as he left office, revealed that his hotels, resorts and other properties had lost more than $120 million in revenue last year, as the pandemic forced long-term closures and kept customers home," reported David Farenthold and Jonathan O'Connell. "Those losses were worst in the places where Trump could least afford it: His Washington hotel, which has a $170 million loan outstanding, saw revenue drop more than 60 percent. His Doral resort in Miami — also carrying a huge debt load — saw a 44 percent drop."
Moreover, the Trump Organization is also losing a number of business partners.
"On Thursday, the company's troubles grew: One of its banks and one of its law firms said they would cut their ties with the Trump Organization," said the report. "They are the latest in a string of vendors and customers who severed their relationships with the company after Jan. 6, when a mob of Trump supporters attacked the U.S. Capitol directly after he addressed them at a rally."
Meanwhile, his properties are losing contracts to host events, including the PGA tour and a triathlon in North Carolina — with the latter's organizer, Chuck McAllister, saying, "The name's toxic. It's toxic to some people. That's never going to change." The City of New York "said it will end the Trump Organization's contracts to run a carousel, two ice rinks and a golf course in city parks — contracts that brought the Trump Organization $18 million in 2019." And the Girl Scouts and a tuberculosis charity are trying to break their leases on offices in Trump's building on Wall Street.
According to the report, President Joe Biden might ultimately hold the entire fate of the Trump Organization in his hands. "That's because Biden's success in speeding up vaccinations for the coronavirus will play a major role in determining how fast the hotel and travel industries recover. In addition, because Trump's D.C. hotel is located in a federally owned building, the Biden administration is his landlord. If Trump seeks to renegotiate his lease, or to get federal approval for a sale of the building, he will be dealing with Biden's General Services Administration."
You can read more here.
Remember the press conference at Trump Tower in 2017, where Trump's lawyer spoke in front of piles of paper in mani… https://t.co/6v9Q83xfB3— David Fahrenthold (@David Fahrenthold)1611276440.0