sign in sign up
<<
Home , Trump Parc, Trump Park Avenue, Trump World Tower

Leadersin Travel The Art of Being

An Interview with Donald J. Trump, President and Chief Executive Officer, ,

EDITORS’ NOTE A graduate of in the real-estate business? time, I’ve also seen some very smart peo- the Wharton School of Finance At the moment, the New ple make a lot of money on bad locations. at the University of Pennsylva- York office market is average So while location, location, location is cer- nia, Trump is the author of at best, and the hotel market tainly a wonderful axiom, it also can be three best-selling autobiogra- is downright terrible. But the rendered meaningless if people don’t phies – The Art of the Deal, Sur- condominium market is the know what they’re doing. viving at the Top, and The Art best it has ever been, in large Along those lines – and since of the Comeback – as well as part because many people you’re known for providing the best The America We Deserve. He who got killed in the stock of everything at your buildings – how serves on the board of the market are now seeking the have you been able to find the best Police Athletic League; on the security of apartments and people? Have you been pleased with advisory boards of houses. Plus, this trend your ability to attract and retain tal- Hospital, and United Cerebral Donald J. Trump reflects the current interest ented employees? Palsy; as chairman of the Don- rates, which are just about at Part of the advantage of being me is ald J. Trump Foundation; and as co- an all-time low. that everyone wants to work for me. As a chairman of the New York Vietnam Vet- You mentioned the challenges result, it’s not too hard to find talented erans’ Memorial Fund. facing the hotel industry in New people. York. Is that market simply too If that’s one of the advantages of COMPANY BRIEF The New York-based crowded today? In the old days, it being Donald Trump, there must also Trump Organization is the largest real was often said that you could never be a downside. Although you surely estate developer in New York, with hold- have too many hotel rooms. have a wonderful life, everywhere ings that include the Trump Building at 40 Well, the market wasn’t too crowded you go you’re besieged by cameras, Wall Street, the before 9/11, but now people are afraid to publicity, and people looking for sto- across from the United Nations, Trump fly, and I don’t blame them. That’s one of ries. Does the constant media atten- Tower on , the 100-acre the reasons my Atlantic City, New Jersey, tion ever bother you? Trump Place along the Hudson River, the properties are doing so well. Of course, Well, that is the downside – that Trump International Hotel & Tower at the number-one reason for their success nothing you do can ever be private – and , 50 percent of the Gen- is good management, but Atlantic City is it’s a pretty crazy way to live. It’s both eral Motors Building at Trump Interna- also an area that many New Yorkers and good and bad, I suppose, and my life is tional Plaza, the land beneath the Empire others can drive, as opposed to fly, to. In certainly exciting. I’m sure I could have State Building, and the luxury residences general, areas that are accessible by car more privacy if I guarded my life more Trump Palace, , Trump are doing well right now, while areas that carefully, although it never seems to work Plaza, and Trump . In addi- aren’t accessible by car aren’t doing well; out that way, and I’m not exactly sure tion, it owns the Mar-a-Lago Club and it’s as simple as that. why. But the fact is, I do very important Trump International Golf Club in Palm No matter what the economic projects; the business has been extremely Beach, Florida; Trump National Golf Club climate or challenges, you always successful; and I guess these things have in Briarcliff Manor, New York; a majority seem to have an optimistic outlook made me a celebrity. percentage of the publicly traded Trump for the future – an underlying belief Although everyone knows you Hotels & Casino Resorts in Atlantic City, that things are going to work out. Is by name and by face, only a select New Jersey, which includes Trump Taj this just a part of your nature? few know what it’s like to work Mahal Casino Resort, Trump Marina I actually don’t think that I have a closely with you. What would the Hotel Casino, Trump & very optimistic personality, but I do people who have worked closely with Casino, and the Trump Casino Riverboat believe that you can make things work you over the years say about what it’s in Indiana; and with NBC, 50 percent of out. I always try to make them work out. like to work for you? the , Miss U.S.A., and Miss Ultimately, a lot of it boils down to the tal- If people know what they’re doing Teen U.S.A. pageants. In 2001 the com- ents and abilities of your people. For and they do a good job, it’s great to work pany reported revenues of $8.5 billion. instance, we’re all familiar with the saying, for me, but if they don’t, it’s probably not “location, location, location,” but I’d the most pleasant experience. Fortu- The tragic events of September 11, rather have a very talented developer nately, I have many incredibly talented 2001, and the ensuing economic working on a lesser location than an idiot people, so I just let them go with their tal- slowdown have impacted virtually working on a great location, because I’ve ent and do their thing, while I basically every company in every industry. seen foolish people lose a lot of money on How much of an effect have you seen good locations over the years. At the same Trump National Golf Club/Briarcliff Manor

VOLUME 26, NUMBER 1 POSTED WITH PERMISSION. COPYRIGHT © LEADERS MAGAZINE, INC. LEADERS 57 stand back and watch them. Again, one of first, which is on the former John how much of a focus do you place on the advantages of the success and DeLorean estate in Bedminster, New Jer- emerging markets? celebrity I’ve achieved is that I’m able to sey, is being designed by Tom Fazio and I’m currently doing some buildings get the best people from the best schools will be a spectacular course in a spectacu- outside of the , including and firms, which, of course, goes a long lar setting. The second will be the truly the Korea and a few others way in helping me to become even more amazing, 300-acre Trump National Golf that have just gone up or are in various successful. Club Los Angeles in Rancho Palos Verdes, stages of development. These properties In November 2001 you bought California, which was formerly the Ocean have been very successful, and the the landmark Hotel Delmonico, a 31- Trails Golf Club. Trump name is recognized all over the story structure at Park Avenue and You’ve also been a member of world. In we have a 42- in . What are the Winged Foot Country Club in percent premium for the name, which is your plans for that property? Mamaroneck, New York, for many very big, but ultimately we’d like these We’ve already started construction years. Do you still play there? buildings to be known for their quality on the , the former I love playing golf at Winged Foot, rather than for the name. Hotel Delmonico, which was built in 1927 which is one of my favorite courses in the The fact is, I’ve always had a way of and is a truly magnificent getting the best locations; after building. In fact, it’s the tallest all, a lot of people would buy residential building in that these properties if they knew area – a glorious tower with a how, but they don’t. So, first spectacular exterior façade – and foremost, I like to think and when our construction is that the Trump name is syn- complete, I think it will be the onymous with the best build- most luxurious residential ings in the best locations. One building ever built in New of the things about our reputa- York City. We’ve fully gutted tion for quality is that I’m able the interiors, and we’re in the to sell out or almost sell out process of building brand-new buildings before they’re even apartments, some of which built. Usually, a company will comprise entire floors, private build a building, and once it’s elevators, and up to 9,000 complete, people will then square feet, which is huge, start looking at the apartments particularly in Manhattan. and buying them. But with me, We’re actually patterning the people know they’re going to layouts after , get the best location, the high- one of the city’s greatest est-quality fixtures, the largest buildings, which has long windows, and the best of been known for its spacious everything. For that reason, rooms. world. But I don’t get up there as much as they literally buy from a blueprint before I There has been a huge buzz sur- I used to because I have my own incredi- even start the construction. rounding Trump Place – your brand- ble course now, and there’s a great feeling And with everything that’s going new luxury waterfront residences on of pride in ownership. on in the world today politically, eco- Manhattan’s west side. Has that pro- And what about your gaming nomically, and corporately, has the ject progressed in the way that you’d business? Are you pleased with your role of a leader or the definition of hoped? progress in that area? leadership itself changed? Oh, yes; Trump Place is a smashing Absolutely. It has been terrific, and I don’t think the role or definition of a success. In fact, we’ve already built four particularly over the past year and a half, it leader will ever change. In fact, that’s why buildings, and we’re now starting on two has been amazing. Ever since 9/11, we’ve LEADERS magazine is so aptly named, more. On the opposite side of Manhattan, been getting more and more customers because ultimately a leader is always a the Trump World Tower, which overlooks because of the growing drive-in market. leader; it’s the same today as it was a thou- the and the United Nations, has Recent scandals concerning cor- sand years ago. Perhaps there’s a somewhat also been unbelievably successful. porate accounting and governance greater focus on proper leadership now, Golf courses are a relatively new seem to have created a perception but the definition itself is unchanging. business area for the Trump Organ- that there’s a widespread lack of And even with all of your suc- ization. Have you been pleased with integrity in business today. Are you cess, you never show any signs of your progress in this arena, and concerned that all companies are slowing down. Do you think there what’s your outlook for growth? now being painted with the same will come a day when you’re satisfied Golf is still a small business for me. In broad brush? with what you’ve achieved and you’ll fact, I call it my weekend business, Unfortunately, what we’ve seen decide to slow down a bit? because I like playing golf, and now I lately, and what gets written about in the Well, my father had an expression don’t feel guilty when I play on one of my press, are the few bad apples. The fact is, that “to retire is to expire,” and I’ve always courses. We’ve just finished building the most businesses are very honorably run, thought it was a very good one. Of course, Trump National Golf Club in Briarcliff and most of the people who run them are I’m not at that age yet, but when I am at Manor, New York, which was hailed as the very honorable. Of course, the sad part is that age, I just don’t see myself retiring. best new U.S. course of 2002. In fact, that those people are rarely written about, I’ve known many great, vibrant people many people are saying that it’s among while every time the media catches some- who have retired at 65, and a year later, the best in New York State, which, of body doing something wrong, it ends up it’s as if they had become old people. But course, covers a lot of territory. being a front-page story. my father remained active virtually until In addition, I’ve built a very success- Trump is obviously one of the his death at 93, and I want to remain ful golf course in Palm Beach, Florida, best-known brand names in the active, too.• which has been equally recognized, and I world. Do you see opportunities for have recently purchased two others. The expansion in other countries, and Trump International Golf Club in Palm Beach, Florida

58 LEADERS POSTED WITH PERMISSION. COPYRIGHT © LEADERS MAGAZINE, INC. VOLUME 26, NUMBER 1