October 3, 2022


Who is Business

10 huge hits to Trump’s business empire from the pandemic

4 min read
  • Trump’s income has dropped by at least $138 million during the pandemic, which has ravaged the hospitality industry.
  • His Miami golf resort took the hardest hit, with a $33 million drop in revenue.
  • Trump’s businesses may never fully recover because of Trump’s role in the attempted coup at the Capitol.
  • Visit Business Insider’s homepage for more stories.

America’s billionaires got richer during the pandemic, with their collective wealth soaring to $4 trillion since March. 

Former President Donald Trump is not one of them.

His net worth has dropped $500 million since he took office in 2017, and he’s now worth $2.5 billion, according to Bloomberg. And his worldwide hospitality empire has taken a beating from the COVID-19 pandemic, which led to 400,000 deaths in the US during his presidency.

According to his last financial-disclosure form, which spans 2020 and the first 20 days of 2021, his total income is somewhere between $273 million and $308 million. Some of his golf clubs and hotels lost as much as 63{9e6a73ef7eb6fa22b1de79554ca535a2a0aaa70d898e937e26eb250763832f63} in revenue. This is a massive drop from his 2019 income, which was at least $446 million, according to the same form. He valued his business assets at between $1.3 billion and $1.7 billion for 2020.

These forms are required by the Office of Government Ethics but are self-reported and not audited by federal officials. In them, Trump appears to designate business revenue as income, so he is likely giving an inflated figure for his personal income. He did not divest from his assets — an unprecedented decision for an American president. And the watchdog group Citizens for Responsibility and Ethics in Washington (CREW) logged 3,400 conflicts of interest for Trump.

Some of his income sources held steady. Sales for his 14-plus books were largely flat at under $1 million combined. His pension with the Screen Actors Guild increased by $6,500 to $84,000. Revenue for Mar-a-Lago rose by $2.8 million to $24.2 million. The private club hosted an extravagant New Year’s Eve celebration where guests flouted mask orders.

“Most businesses are trying to cut any ties with Trump, and that includes businesses that used to use his venues for meetings, conferences, events, or send their business travelers to his hotels,” Nicolas Graf, an associate dean at New York University’s Jonathan M. Tisch Center of Hospitality, told Insider. “It’s going to continue to take a hit even if the hotel industry recovers. It will never recover to pre-pandemic level.”

Here are Trump’s 10 biggest business losers of the pandemic:

Trump Doral Golf Resort & Spa

Trump National Doral Miami.

Warren Little/Getty Images

1. Trump National Doral Miami gold resort: $33 million loss in revenue

2019 revenue: $77.2 million

2020 revenue: $44.2 million

Trump has mortgages on the property between $55 million and $75 million. This is part of the $330 million that he owes to Deutsche Bank.

GettyImages 1296915668

Trump International Hotel Washington, DC.

Michael M. Santiago/Getty Images

2. Trump International Hotel Washington, DC: $25.4 million loss

2019 revenue: $40.5 million

2020 revenue: $15.1 million

The hotel, which is blocks away from the White House, is one of Trump’s most notable conflicts of interests. Public officials visited the hotel 973 times during Trump’s presidency, according to CREW. 


Trump and the billionaire Phil Ruffin celebrating the opening of their hotel and apartment tower in 2005.

AP Photo/Joe Cavaretta

3. Trump Ruffin Tower LLC in Las Vegas: $18 million loss

2019 revenue: $27.7 million

2020 revenue: $9.6 million

Trump co-owns the hotel and apartment tower with the billionaire Phil Ruffin. 


Trump at his Turnberry, Scotland, golf course.

AP Photo/Scott Heppell

4. Trump Turnberry in Turnberry, Scotland: $15.9 million loss 

2019 revenue: $25.7 million

2020 revenue: $9.8 million

Trump pressured the US ambassador to Britain to get the British Open to take place at the Turnberry golf resort in 2017, The New York Times reported. The tournament was not held there.


Trump National Golf Club Los Angeles in Rancho Palos Verdes, California.

AP Photo/John Antczak

5. Trump National Golf Club Los Angeles: $9.6 million loss

2019 revenue: $18.2 million

2020 revenue: $8.6 million

The 2019 disclosure form includes revenue from $6.7 million in land sales. No lots were sold in 2020.


Trump International Golf Links & Hotel Doonbeg.

AP Photo/Peter Morrison

6. Trump International Golf Links & Hotel in Doonbeg, Ireland: $9 million loss

2019 revenue: $13.5 million

2020 revenue: $4.5 million

Then-Vice President Mike Pence’s 2019 stay at Doonbeg cost taxpayers $600,000, not including the $15,000 the Secret Service paid to stay at the hotel. Doonbeg is 181 miles away from Pence’s meetings in Dublin.


Wollman Rink in New York City’s Central Park.

AP Photo/Mark Lennihan

7. Wollman Rink in New York City: $4.9 million loss

2019 revenue: $9.4 million

2020 revenue: $4.5 million

New York Mayor Bill de Blasio said after the US Capitol attack that New York City would cut all ties with the Trump Organization, including the management of the Central Park ice rink.


Trump National Golf Club in Bedminster, N.J.

AP Photo/Seth Wenig

8. Trump National Golf Club in Bedminster, New Jersey: $3 million loss

2019 revenue: $17.7 million

2020 revenue: $14.7 million

In the wake of the Capitol siege, the PGA of America decided not to hold the 2022 PGA Championship at the Bedminster club.


MacLeod House, a 16-room boutique hotel at the Trump International Golf Links course in Balmedie, Scotland.

Photo/Renee Graham

10. Trump International Golf Links in Balmedie, Scotland: $2.9 million loss (tie)

2019 revenue: $4.3 million

2020 revenue: $1.4 million

A petition to rename the Glasgow Prestwick Airport, which is near the golf course, to Joe Biden International Airport has more than 8,000 signatures so far.


Trump Tower in New York.

AP Photo/Mark Lennihan

10. Trump Restaurants LLC in New York City: $2.9 million loss (tie)

2019 revenue: $3.4 million

2020 revenue: $547,000

The revenue includes food and beverage sales from restaurants in Trump Tower. Trump promoted the Fifth Avenue property 79 times during his presidency, according to CREW.