Posted on 04/02/2020 7:23:34 AM PDT by Theoria
The coronavirus outbreak is costing Trump Organization properties more than a million dollars in lost revenue daily and may have hurt the firm’s chances of earning a record price on the sale of its Washington hotel, according to an analysis of industry data and people familiar with the deal talks.
The majority of revenues for President Trump’s family business comes from travel and leisure, which have been hit hard by the forced closures and economic downturn caused by the pandemic. The situation could worsen because golf accounts for about half of the roughly $440 million of income Mr. Trump reported in his latest government financial disclosure.
More than 500 staff at Trump properties in New York, Washington, Las Vegas and Florida have been laid off or furloughed, say people familiar with the matter and federal disclosures. Several Trump hotels have been closed, and those still running have experienced dwindling occupancies. One day in March, the family’s flagship Trump International Hotel in Washington had just 11 guests in its 263 rooms, according to an employee.
The outbreak also has derailed the organization’s effort to sell its long-term lease on the Washington hotel, which is in the former Old Post Office building. With extensions, the lease from the federal government runs close to 100 years. The organization was negotiating a deal with two potential buyers for between $320 million and $350 million, but those talks have stalled. At least one of the potential buyers was a consortium and both were hotel investors.
(Excerpt) Read more at wsj.com ...
Just one example of the toll of covid19 action/reaction in the economy.
Ohhhhh. I see. And that will be the Fake News Media company line for Dr. Trump's desire to end the lockdown.
I will say I am struck by the fact that in this situation one of the wealthiest men in our country has chosen to value human life above wealth and treasure.
That gives me a very good feeling about how he’ll fight for the unborn going forward.
Hey the chinks and the msm and dems and soros and CIA and deep state got an added bonus of damaging Trump’s wealth :)
Probably a wild conspiracy theory.
They created the atmosphere of conspiracy theories because they have shown HOW MUCH they hate him.
Asking for a friend.
Fair question. Just look at the national level. Even with the ‘best economy’ ever, we were a trillion a year in deficits.
Ah, well. Spend now, collect later.
And a collective YAY!!!! from the left.
Should be pushing $28 trillion by the end of the year.
Yes, if Nanzi Jezebel Pelosi restrains herself.
This past bill isn't the end. Now whether Pelosi initiates it or McConnell initiates it there will be another $2 trillion or $3 trillion or $4 trillion bill that will be passed. Then you have Trump's infrastructure bill for another $2 trillion and you'll have lost revenue to boot. An $8 trillion deficit for 2020 is not out of the question.
Couple that with the fact that hundreds of billions if not trillions of dollars are not flowing into The Treasury to begin with and that debt will be even larger.
Imagine if it said the properties were raking in a million a day:-)
Oh, wait...
I read recently that Disney loses $40 million per day while their parks and resorts are closed.
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