Donald Trump on his own financial disclosure forms listed his Miami, Florida, Doral country club and resort as his biggest moneymaking property, as The Inquisitr has reported. But business is hurting at Trump’s prized resort with operating revenue plummeting by a whopping 69 percent over the past two years — roughly since the 2016 presidential election — and the reason is Trump himself, according to a Trump Organization representative.
Specifically, according to a Washington Post investigation published on Wednesday, the reason is Trump’s “brand.”
At a meeting in which the company attempted to persuade county leaders to reduce the Trump Doral resort’s property tax bill, Trump Organization tax consultant Jessica Vachiratevanurak told a Miami-Dade County official, in records obtained by The Post, that there is now a “negative connotation” associated with the once-lucrative Trump “brand.”
It was also in 2016 that the PGA stopped holding an annual event on the pro golf tour at the Doral, according to Golf Digest. Trump bought the Doral property in 2012. The PGA held an annual tournament there for 53 straight years, starting in 1962.
The PGA announced last year that it would now hold an event on its Latin American tour at Doral, in late November and early December.
The Post submitted the documents it obtained detailing Trump Organization financial data to financial analyst Michael Bellisario, who concluded that “profitability is down across the board” and that the resort is “clearly underperforming their expectations.”
But Trump’s son Eric Trump, who oversees the day-to-day operations of the Trump Organization businesses, told The Post that its report on Doral’s sinking financial condition was “completely senseless.”
“Our iconic properties are the best in the world and our portfolio is unrivaled by anyone,” the younger Trump claimed.
The numbers, however, clearly showed revenues falling off the cliff at the Trump Doral. Yet, by slashing costs, the company has kept the resort in the black so far. According to a Daily Beast report, the Trump Organization publicly blamed the drop in 2016 on fears of the Zika virus in Florida that year and on hurricanes in both 2016 and 2017.
But other golf resorts in southern Florida did not show the same financial drop as the Trump Doral during the same time period, according to the reports.
Business has dropped at other Trump properties as well, including at hotels in Chicago and New York, according to an earlier Washington Post report. In a statement, the Trump Organization told The Post that, at least with regard to the Chicago property, it was not Trump’s “brand” that caused the decline, but instead, “the perceived threat of gun violence has harmed visitation to the destination.”