It's generally accepted that each president gets to redecorate and install/convert various amenities, whether it's a bowling alley or a basketball court.

There's nothing third world about it -- for security and logistical reasons it's not like the president can just hop over to the YMCA to shoot some hoops.

So because the president's family is so "trapped" in the White House, special accommodations get made. And remember, this is their home for 4–8 years.

This isn't building palaces with gold sculptures of themselves or anything. And improvements get kept for the next president.

This particular story, however, seems presumably greatly exaggerated for comedic effect (if there's any truth to it at all).