June 22, 2024

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Trump properties losing $1 million daily and forced to lay off 500 workers, report claims

President Donald Trump is reportedly losing $1 million in revenue daily at his properties as a result of the coronavirus outbreak, according to a report by The Wall Street Journal.

Sources also told the WSJ that more than 500 staff at Mr Trump’s businesses have been laid off or furloughed as a result of the financial slump.

The travel and leisure industries have been one of the worst affected by the coronavirus outbreak, with forced closures, stay at home orders and economic deadlock leaving companies completely in the lurch.

It seems that Mr Trump’s hotels and resorts have been no exception, as an employee reportedly told the WSJ that one day during March, the president’s flagship hotel in Washington had only 11 guests in 263 rooms.

Mr Trump’s properties in Florida and Las Vegas remain closed seemingly indefinitely as the President was forced to extend its lockdown to 30 April as cases of the novel coronavirus continue to soar across the US.

The president originally stated that the country would be looking to re-start its economy by Easter.

According to WSJ estimates, Mr Trump’s hotel The Doral is said to be likely losing more than $200,000 for each day of closure, and even those that remain open in New York and Washington allegedly forgoing around $300,000 each day collectively.

“Like virtually every other hospitality company, we are anxiously awaiting the day when our world-class properties can fully reopen their doors,” Eric Trump, who runs the organisation with his brother Donald Trump Jr, wrote in a statement to the newspaper.

“We have an unbelievably strong company and we continue to pray for the health and safety of all Americans.”

Golf accounts for about half of the roughly $440 million of Mr Trump’s income as reported in his latest government financial disclosure, the WSJ said.

If estimates are correct the president’s family business could likely be significantly financially affected by the ongoing pandemic.

The report’s findings were based on calculations of Mr Trump’s hotel revenues from federal disclosures, interviews with former and current employees and travel-industry data from analytics firm STR, using average occupancy rates and pricing data for the luxury hotel category by city for March 2019.

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