Casino billionaires, NFL owners fuelled Donald Trump’s record inaugural

Washington/Chicago: Contributions from billionaires and corporations pushed US President Donald Trump’s inaugural committee to a new fundraising benchmark of $106.7 million, roughly twice the previous record set by former President Barack Obama’s first inauguration.

Among the biggest donors for the celebration of Trump taking office in Washington were casino-owner billionaires Sheldon Adelson and Steve Wynn, a filing of more than 500 pages made public Wednesday by the federal election commission shows. Adelson gave $5 million, while Wynn donated $729,217 through his Wynn Resorts.

After staying on the sidelines for much of the 2016 Republican primary, Adelson has embraced the new president and enjoyed a private White House dinner with him in February. His contribution is a record amount from a single donor since inaugural committees started disclosing after Richard Nixon’s presidency.

Wynn, who has a long and complex relationship with Trump, is now the top fundraiser for the Republican National Committee. Phil Ruffin, another casino magnate who is a close friend of Trump, contributed $1 million.

Among financial institutions, Bank of America gave $1 million, while JP Morgan Chase & Co. gave $500,000. Howard Lutnick, chairman and CEO of Cantor Fitzgerald LLC, gave $1 million. Though Trump tapped the ranks of Goldman Sachs Group Inc. for five appointees, the bank did not make a contribution.

Goods and Services

Some companies donated goods and services as well as cash. General Motors provided $298,650 worth of vehicles in addition to a $200,000 donation. FedEx Corp. gave $300,000, plus $202,320 of delivery services. AT&T gave $2 million, plus $82,483 in mobile equipment and software. Microsoft gave $500,000, with half in the form of equipment.

Four NFL team owners gave $1 million each. Woody Johnson of the New York Jets, Daniel Snyder of the Washington Redskins, Robert McNair of the Houston Texans and the Jacksonville Jaguars’ Shahid Khan all made donations in 2016. In February, Khan, the NFL’s only Muslim owner, publicly opposed Trump’s ban on travel from six predominantly Muslim countries.

Kraft Group LLC, a firm associated with New England Patriots owner Robert Kraft, also gave $1 million.

The energy industry was also supportive. Coal mogul Christopher Cline, principal owner of Foresight Energy Partners, gave $1 million. Chevron Corp. contributed $525,000, and Exxon Mobil Corp. gave $500,000. Harry Pefanis, vice chairman of PAA Natural Gas Storage LP, gave $100,000.

Dodd-Frank Critic

International Bank Shares Corp., whose CEO Dennis Nixon was an early Trump supporter, gave $250,000. Nixon has long been critical of the Dodd-Frank financial industry reform law, one that Trump has already ordered the treasury department to review.

As part of winding down the inaugural committee, the organisation said it plans to identify charities that will receive donations from excess money in its account. The committee did not disclose how much money was left over.

“The amount of funds raised for the inaugural celebration allowed the president to give the American people, those both at home and visiting Washington, a chance to experience the incredible moment in our democracy where we witness the peaceful transition of power, a cornerstone of American democracy,” the committee’s chairman, Tom Barrack, said in a statement.

For many donors, the inaugural committee represented the last or only chance to get on the Trump bandwagon before he took the oath of office. Corporations, barred by federal law from donating to campaigns, can underwrite the costs of inaugural festivities.

No Limit

Federal law allows inaugural committees to largely determine their own rules about who can contribute and how much. For his first inauguration, Obama limited donations to $50,000, and did not accept them from corporations or lobbyists. For his second, he raised the limit to $1 million and allowed corporate contributions. Trump’s team set no limit on the amounts individuals and corporations could give.

While the committee’s report to the FEC discloses its donors, the first glimpse into its spending doesn’t have to be shared until the spring of 2018, at the earliest, when the committee, a non-profit, files with the internal revenue service.

Four years ago, Obama raised $43.7 million for his scaled-down second inauguration, which cost $40.3 million. Four years before that, Obama raised more than $53 million, a record at the time.