That means that the Trump business is heavily dependent on the success of the 16 golf clubs it operates, from Scotland to New York to Los Angeles.
In total, revenues rose about 1.5 percent at those properties last year, but half of them saw modest declines. The courses with the biggest revenue drop-offs were the ones near Los Angeles and Philadelphia, and another in Jupiter, Fla.
The four Trump-owned or operated courses outside the United States had revenue growth last year, including at the golf course and resort in Turnberry, Scotland, which had the largest jump in revenues, to $23.4 million, up 15 percent. A company official said that the performances at Turnberry and Doonbeg in Ireland were the best since Mr. Trump took them over.
Mr. Trump’s course near Washington, which he often visits on weekends, saw revenues rise 4.6 percent.
An expanding area in the U.S.: Knickknacks
When Mr. Trump imposed a ban on new foreign deals during his presidency, the company still thought it would grow domestically. The Trumps were already working on two new midrange hotel brands, with plans of opening them in dozens of cities like Cincinnati, Nashville and Valley Forge, Pa.
That growth never materialized and the Trumps shelved the new hotels this year, citing the political climate. The partners on the only hotel deal they signed, based in Mississippi, are now continuing without the Trumps.
And the Trumps did not have much to show for all of the effort planning the new lines of hotels, which were to be called American Idea and Scion: They collected $10,000 in management fees last year connected to the Mississippi deal. Another Trump entity involved in the new hotel lines reported $61,000 in management fees.