22 June 2017
On Friday 16th June, President Trump released documents that revealed a first look at his business empire since his inauguration. His resort in Florida, Mar-a-Lago, which he has visited around seven times has pulled in millions more than what was reported in previous filings; the resort’s income has been listed at $37 million – it has increased by $7 million since last year’s financial report in May. Since it opened last Autumn, the president’s Washington hotel has bought in $20 million in revenue.
Trump voluntarily submitted a financial disclosure to the Office of Government Ethics which contained the new details on June 16th.
The reins of his global real estate, marketing empire and property management have had their reins turned over to a senior executive and Trump’s two adult sons. Trump’s portfolio of financial assets have been placed in a trust, controlled by Donald Trump Jr. and the executive. January 2016 up until Spring 2017 are covered by his latest financial disclosure…
Tax returns by presidents were publicised which is a long tradition Donald Trump isn’t following. This has added even more importance to the documents as returns would offer more complete financial information.
The days leading up to his inauguration, is it shown in the report that Trump stepped down from over 500 positions. In a report he filed last year, he listed roughly the same $315 million in liabilities. However, it has shown that Trump owes approximately $100 million to Ladder Capital Finance and even more so to Deutsche Bank.
It is uncertain whether Trump’s businesses are earning more money than they were a year ago because the document covers 16 months. It is difficult to compare financial disclosures belonging to Donald Trump from years previous.
The Trump International Hotel opened its doors last Autumn and has hosted a number of events for business and diplomatic interests. However, it is currently cited in multiple lawsuits that suggest Trump has violated the Constitution’s emoluments clause.
On the other hand, despite evidence that some of Trump’s businesses are bringing in more income, some of them have seen a decline, such as the Trump National Doral Golf Club in Trump Turnberry and Florida. Trump Turnberry is a popular golf club located in Scotland where Trump’s visit angered many locals in June 2016 meaning the resort fell by more than $3.7 million.
However, President Trump still earns almost $12 million from the entertainment industry. This includes $84K from a Screen Actors Guild Pension. Trump’s ‘Make America Great Again’ 2015 campaign brought in around $1 million in royalties.