President Donald Trump's family business saw its overall revenues decline modestly in 2018, according to his annual financial report released Thursday, suggesting a disconnect between the Trump brand and the still-growing national economy.
The revenue declines were most pronounced at some of Trump's best-known properties, including the Mar-a-Lago resort in Florida, which experienced a nearly 10% drop. Hotels in Chicago and Hawaii, as well as golf courses in Los Angeles, Philadelphia and the Bronx, also saw declines, suggesting that sales are being affected by consumers deciding to turn away from the Trump brand, industry analysts said.
The results were somewhat better for the Trump International Hotel in Washington, which has become a favored spot for Republicans, lobbyists and some foreign governments and accounts for nearly 10% of the Trump Organization's revenues.
The hotel took in $40.8 million, up about 1% from what it reported in 2017. The intersection of Trump's business and his official role at the Washington hotel is at the heart of lawsuits accusing him of violating the emoluments clauses of the Constitution, which seek to limit the financial benefits a president can receive from foreign and state governments.
The fresh look at how Trump's businesses have performed during his presidency comes as the Trump family is facing increased scrutiny from government investigators, in part focusing on business operations at the Trump Organization, which is now run by two of Trump's sons, Eric Trump and Donald Trump Jr. The filing, which totals 88 pages, covers the 2018 calendar year.
The company had small upturns at some properties, including an improvement at its single-biggest revenue-generating property, Trump National Doral in Florida, which the Trump family purchased in 2012 and then spent $250 million renovating. Trump Doral's revenue in 2018 increased to nearly $76 million, up about 2% from the previous year. The Trump golf course in Turnberry, Scotland, also had a considerable jump in revenues, reaching $23.4 million, up 15%.
In total, Trump reported 2018 revenues of at least $434.9 million, down about 4% from the $452.6 million he reported a year earlier. He reported assets worth at least $1.4 billion, about the same as 2017.
The disclosure made public Thursday was the fifth that Trump has filed since declaring his candidacy for president in 2015. With his refusal to make his tax returns public, the annual disclosure offers an accounting of his assets, investments and debt related to his private business ventures. Trump reported investment and cash accounts with holdings of at least $47.5 million last year, down from $58.1 million in 2017.