Trump's Washington hotel saw almost $20 million in revenue
- Author: Phil Peters Jun 22, 2017,
Jun 22, 2017, 8:16
President Donald Trump's financial disclosure shows his Washington hotel saw nearly $20 million in revenue during its first few months of operation - a period that coincided with his election and inauguration. His Mar-a-Lago resort in Florida made $37.2 million from January 2016 through this spring, an increase from the previous year's $29.8 million.
The disclosure document published on the website of the ethics office indicates that the President's liability stood at $130 million to Deutsche Bank Trust Company Americas. The documents cover January 2016 through this spring.
Mr Trump reported income of at least US$594 million for last year and early this year, and assets worth at least US$1.4 billion.
The report shows Trump resigned from more than 500 positions, stepping down from many on the day before his inauguration.
While the president faces controversy over the broad pattern of his investments in the middle east (where he has done a lot of business with Saudi Arabia and the UAE, and none with Qatar, whom he has sided against), revenue from his global operations - including residential buildings, golf courses and hotels in Latin America, Asia and the Middle East - did not change significantly in the past year. That's an increase of almost $8 million from the 2016 filing and roughly $22 million from the 2015 edition.
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Because the ranges required for disclosure under federal ethics laws are so wide - Trump's disclosure lists five separate liabilities each at "over $50,000,000" - it is impossible to tell whether his debt load has changed appreciably.
He reported liabilities of at least US$110 million to commercial real estate lender Ladder Capital Corp.
Trump's management fees from Indonesian companies tied to two planned resorts there more than doubled. Although it is the most comprehensive report concerning Trump's financial status since being elected, the report does not accurately depict the volume of Trump's assets and loans and therefore, it is hard to gather from the report Trump's complete financial status.
Like Bedminster, many of Trump's golf clubs showed modest growth during the time-span between his first and most recent filings.
He had roughly US$20 million in income from his new marquee Washington hotel, which opened just down the street from the White House last September. President Trump and the Justice Department have called those claims baseless.