According to filings by the ex-president, the Trump Organization is facing incredible losses as Donald Trump leaves office and presumably retakes control of his eponymous company, the Washington Post reports.
The reduction in Trump’s fortunes comes as the hospitality industry is suffering, but other wounds were self-inflicted because of Trump’s support of domestic terrorists.
As the coronavirus swept across the nation, Trump Organization properties saw the bottom drop out of its finances. Two highly leveraged properties saw significant drops in revenue: The Trump International Hotel in Washington, DC, which has a $190 million debt load, saw year-over-year revenues drop more than 60% while his club in Doral, also debt-ladened with $100 million outstanding, saw a 44% drop.
In total, Trump’s hotels, resorts and golf clubs lost more than $120 million in revenue from the previous year, a decline of 35%.
“He faces some very serious problems that have been building in recent years and I think are going to come to a head now that he’s left office,” said Bert Ely, a banking consultant who has testified before Congress on financial matters.
