Trump's Washington hotel saw almost $20m in revenue

2017-06-18 07:40
The Trump tower building in New York. (Richard Drew, AP)

The Trump tower building in New York. (Richard Drew, AP)

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Washington - President Donald Trump's Washington hotel saw almost $20m in revenue during its first few months of operation - a period that coincided with his election and inauguration as the 45th president. His Mar-a-Lago resort in Florida, which he's visited seven times as president, pulled in millions of dollars more than it had previously.

The new details were included in a financial disclosure that Trump voluntarily submitted to the Office of Government Ethics, the first snapshot of the Trump Organisation's finances since its longtime leader became president.

Presidential candidates

When he took office in January, Trump turned over the reins of his global real estate, property management and marketing empire to his two adult sons and a senior executive. But Trump did not divest, instead placing his enormous portfolio of financial assets in a trust controlled by the executive and Donald Trump Jr. He can take back control of the trust at any time and he's free to withdraw cash from it as he pleases.

On paper, at least, the billionaire president's finances don't appear to have been upended by the time-consuming campaign and transition to power.

He has at least $1.4bn in assets and reported at least $594m in income from January 2016 to spring.  Those top-line numbers were largely the same as he had reported in his previous filing, which included all of 2015 and part of 2016.

Trump's financial disclosures have added importance because he isn't following the long tradition of presidential candidates and office-holders making public their tax returns. Those returns provide more precise financial information than the disclosure forms that have broad ranges for income, assets and debts.

The latest report shows Trump resigned from more than 500 positions, stepping down from many on the day before his inauguration. He listed at least $315m in liabilities, about the same as in the previous report.

Ethics laws

The president still owes more than $100m to Deutsche Bank and a similar amount to Ladder Capital Finance, a New York-based real estate investment trust.

What is unclear from the disclosure is whether Trump added to his debt in any significant way to help pay for his presidential campaign. Because the ranges required for disclosure under federal ethics laws are so wide - Trump's documents list five separate liabilities each at "over $50 000 000" - it is impossible to tell whether his debt load has changed appreciably.

Some of Trump's ventures appear to be making more money than they had a year earlier.

His book "The Art of the Deal" is having a comeback of its own. Royalties from the 1987 autobiography ranged between $100 000 and about $1m, according to the new report. The 2016 report listed royalties as being between $50 000 and $100 000 and the 2015 report put them at $15 000 to $50 000.

Mar-a-Lago, where Trump played host to several foreign dignitaries during his seven weekends there this winter, has improved its finances. Trump listed the resort's income as about $37m, up from about $30m it had taken in prior to his 2016 financial report.

His golf club in Bedminster, New Jersey, on the other hand, produced almost $20m in revenue, about what it had during the previous reporting period. Trump recently began decamping to that property some weekends.


Read more on:    donald trump  |  us

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