Mar-a-Lago among few Trump businesses that saw revenue gains
The Trump Organization's revenue declined roughly 38% overall
Former President Donald Trump's financial disclosure form filed shortly before he left office show that his Florida resort Mar-a-Lago was one of only a few of his businesses that saw revenue increase in 2020 amid the coronavirus pandemic.
Revenue increased by roughly 13% from from $21.4 million to $24.2 million. Mar-a-Lago has made income upwards of $30 million in years past.
TRUMP GOLF BUSINESS RESILIENT DURING CORONAVIRUS PANDEMIC
Meanwhile, the Trump Organization's revenue declined roughly 38% overall compared to 2019, falling to $278 million, according to The New York Times.
A sign is seen near the entrance to the Trump National Doral golf resort on April 20, 2020 in Doral, Florida. (Photo by Joe Raedle/Getty Images) (Getty Images)
“There were places that due to government mandates we were not able to operate,” Eric Trump, who helps manage the portfolio, told The New York Times. “Those are places you are going to lose the season because of it.”
Trump International Hotel in Washington, D.C., saw an income drop of more than 60%, from $40.5 million in 2019 to $15.1 million in 2020. Trump National Doral, a Florida resort, saw an income drop of more than 40%, from $77.2 million in 2019 to $44.2 million in 2020, according to filings.
BEZOS, MUSK AND OTHER BILLIONAIRES SEE THEIR FORTUNES RISE DURING THE PANDEMIC
However, the Trump Organization’s golf empire thrived during the COVID-19 pandemic as Tiger Woods wannabes and weekend hackers flocked to the nation’s fairways.
The renewed interest in golf was a boon to Trump properties, which also saw a surge in new members. A membership at a Trump club can cost $250,000 before annual dues.
“The golf business was incredible in 2020,” said Eric Trump, executive vice president at the Trump Organization, during an interview with Fox Business. “People found solace during a pandemic in being outdoors and socially distant.”
Trump golf clubs in West Palm Beach, Fla., and Charlotte, N.C., both saw income increases in 2020 compared to 2019. The golf club's incomes jumped by roughly 5% each.
President Donald Trump hits a tee shot whilst playing a round of golf at Trump Turnberry Luxury Collection Resort during the U.S. President's first official visit to the United Kingdom on July 15, 2018 in Turnberry, Scotland. (Photo by Leon Neal/Gett
Forbes estimates Trump's net worth at $2.5 billion. Unlike many billionaires, Trump's fortune did not significantly increase during the coronavirus pandemic, according to Forbes.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Fox News' inquiry to the Trump organization was not immediately returned.
Fox Business' Jonathan Garber and the Associated Press contributed to this report.