President Trump’s Doral luxury resort in Miami is facing a steep decline in profitability that business consultants reportedly say is due to negative associations with the Trump brand.
Financial documents obtained by The Washington Post reveal that the resort, which is one of the top profit-earners for the Trump Organization, has seen a sharp drop in profitability following Trump’s election to the White House in 2016.
In 2017, the resort property missed the company’s revenue targets by $10 million, taking in $75 million in revenue, while the facility’s net operating income had dropped by 69 percent in just two years.
Tax consultants working for the company have reportedly admitted that profit losses were due to negative feelings about the Trump brand, according to the Post, telling Miami-Dade officials that the property had suffered due to Trump’s public persona.
“[Trump properties] are severely underperforming” other nearby resorts, tax consultant Jessica Vachiratevanurak reportedly told a local tax official while working to reduce the Trump Organization’s tax burden.
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