May 15, 2019

Trump's flagship Doral resort has seen its net operating income plunge

Trump watches the World Golf Championships-Cadillac Championship at the Doral resort on March 10, 2013. Photo: Scott Halleran/Getty Images

The net operating income for Trump National Doral Miami resort, the flagship property and biggest moneymaker for President Trump's family business, has fallen by 69% over the past two years, according to a Washington Post analysis of its records.

Why it matters: A note from a tax consultant employed by The Trump Organization to a Miami official stated that the property faces "some negative connotation that is associated with the brand," which the Post notes is the first time that someone employed by Trump has acknowledged that the president's name could affect business.

The big picture: Doral took in $10 million less in revenue than The Trump Organization internally expected in 2017, according to financial documents filed to Miami-Dade County, Florida.

  • Its average room rates and the revenue available per room have also declined at rates greater than other comparable golf resorts in the Miami area.

The other side: The report isn't unprofitable despite the business hit as it has managed to cut back other expenses to make up for the revenue shortfalls.

  • In a statement to the Post, Eric Trump blamed the Zika virus and hurricanes for hurting tourism across South Florida in recent years.
  • He said, "This story is completely senseless. Our iconic properties are the best in the world and our portfolio is unrivaled by anyone."

Go deeper: Government agency ignored constitutional issues over Trump's D.C. hotel

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Texas oil regulators poised to debate historic production controls

Workers extracting oil from oil wells in the Permian Basin in Midland, Texas. Photo: Benjamin Lowy/Getty Images

Texas oil regulators are likely to hold a hearing in April on whether to take the historic step to curb the state’s oil production amid a global market collapse fueled by the coronavirus.

Driving the news: Ryan Sitton, one of three commissioners of the Texas Railroad Commission, which oversees state oil production, told Axios that a hearing will likely be held soon in response to a renewed request earlier Monday from two oil companies to limit production as one way to stem the steep slide in global oil prices.

More states issue stay-at-home orders as coronavirus crisis escalates

Data: Axios reporting; Map: Danielle Alberti/Axios

Maryland Gov. Larry Hogan, Virginia Gov. Ralph Northam and District of Columbia Mayor Muriel Bowser issued stay-at-home orders on Monday, with exceptions for residents engaged in essential services, including health care and government functions. Arizona Gov. Doug Ducey announced a similar directive on Monday evening.

The big picture: The states and territory are the latest to announce policies to enforce social distancing, which have affected almost 250 million Americans. More than 1.5 billion people worldwide had been asked to stay home as of last week.

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U.S. coronavirus updates: 3 out of 4 Americans forced to stay home

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

At least 30 state governors and the District to Columbia have ordered their residents to stay home to promote social distancing and limit community spread from the coronavirus pandemic.

The big picture: Those states account for about 3/4 of the American population, the N.Y. Times notes. More cities like Boston, Detroit, New Orleans and Philadelphia, are reporting an influx of cases, prompting states to take stronger actions.

Go deeperArrowUpdated 53 mins ago - Health