Former U.S. president Donald Trump’s abrasive rhetorical style and divisive politics allowed him to essentially take over the Republican Party and garner a support base so devoted that most believe his false claim that he lost the 2020 election due to voter fraud.
But the same tactics that inspired fierce political loyalty have undermined Trump’s business. The images of wealth and success built around his real-estate and branding deals, have now, for many, been eclipsed by those of his supporters storming the Capitol, marking a violent end to his presidency.
And those searing images, along with years of bitter rhetoric, are costing him money.
Revenues from some of his high-end properties have declined, vacancies in office buildings have increased and his lenders are warning that the company’s revenues may not be sufficient to cover his debt payments, according to Trump’s financial disclosures as president, Trump Organization records filed with government agencies, and reports from companies that track real-estate company finances.
Trump's Las Vegas hotel, for instance, fell from $22.9 million in revenues in 2017 to $9.2 million during 2020 and the first 20 days of 2021, according to Trump’s financial disclosures.
The Trump International Hotel in Washington, D.C. has lost more than $73 million since 2016. Trump is now making a second attempt to sell his lease on the property.
In Florida, his Doral resort saw revenues fall from $92 million in 2015 to $75 million in 2017, according to a Trump consultant.
Trump’s presidential financial disclosure listed Doral revenues as $44 million last year.
And the former president’s biggest lender, Deutsche Bank, has lost its appetite for more business with Trump. A senior bank official told Reuters it has no plans to extend Trump’s loans after they come due in 2023 and 2024.
In an email, a Trump spokeswoman denied that the business has slumped. And her response to Deutsche Bank cutting ties? “So what?”