Donald Trump’s Scottish golf courses have reported combined losses of more than £15.4million, with the ex-president’s son Eric blaming the “significant impact” of the pandemic.
Accounts filed with Companies House for the former US President’s Menie Estate resorts in Aberdeenshire and Turnberry in Ayrshire show the properties continue to make losses despite the significant increase in sales in 2021.
The accounts show that Turnberry, which bought Trump’s company for £39.5million in June 2014, almost doubled its sales to £13.1million in 2021.
Golf Recreation Scotland, which operates Turnberry, had an operating profit of £1.1m for the year ended 31 December 2021.
However, after depreciation, exchange rates and exceptional items, an overall loss of £14.7m was reported. In 2020 the company made a loss of £5.3 million.
Donald Trump’s Scottish golf courses have reported combined losses of more than £15.4million
Donald Trump visited his golf courses in July 2018 as President of the USA
The Trump International Golf Links, which Trump opened in north-east Scotland in 2012 after a battle with environmental campaigners, has turned in a loss for the 10th year running despite posting its best financial performance.
The resort’s turnover almost doubled to £2million and generated gross profits of more than £200,000.
It reported an overall loss for the year of £700,000 compared to a loss of £1.3m the previous year.
Trump, whose officials originally said they would spend up to £1billion on the development, hailed the course as the largest in the world and pledged to create 800 jobs at the resort.
The company employed 53 people in its 10th year of operation, who were paid a total of £1.6m.
Trump, 76, resigned as a director of the golf business after being elected president and gave his controlling interest to a trust run by his family.
The Trump Organization said it was pleased with how businesses had recovered from the Covid-19 pandemic and insisted it remained optimistic about the future of its investments in Scotland.
Last year, golf courses suffered an overall loss of around £6million.
In his director’s report for the Menie Estate, former White House Secretary Eric Trump’s son said, “The resort’s membership grew sharply in the domestic market and the club attracted the largest number of new members in its history.
Trump has previously said golf is his primary sport, but gave up direct control of the courses when he became president
The Trump International Golf Links, which Trump opened in north-east Scotland in 2012 after a battle with environmental activists, made a loss in 2021 for the tenth consecutive year
The courses are set in the heart of the beautiful Scottish countryside, including in Aberdeenshire
‘Year-end trading results reflect an improvement on the previous year, with sales almost doubling and gross profit topping £200,000, making it the best-performing year yet.
‘Owners and management remain fully committed to the long-term vision for the resort and expect the tax improvements to continue into the future.’
In his report for Turnberry, Eric Trump said: “The group has significantly weathered the significant impact of Covid-19 on the tourism and hospitality industry to report a strong fiscal year.
“Demand has been strong in 2021 despite restrictions on entry and with many weddings and events being postponed to 2021 and 2022 there is confidence that the resort’s future is strong.
‘The property remains fully committed to the resort and future plans are to continue to enhance the resort and maintain Trump Turnberry as Scotland’s premier destination for luxury travel, championship golf and special events.’
The Trump Organization employed 333 people at Turnberry during the year, who were paid a total of £7.4million in wages.
Trump’s family business has been accused of falsely inflating the valuations of his Scottish properties in a lawsuit filed against him in New York.
The lawsuit, initiated by New York Attorney General Letitia James after a three-year civil investigation, alleges the Trump Organization lied about real estate values in order to obtain loans and pay less taxes.
Documents say the Trump Organization “massively overstated” the value of vacant lots and “improperly and materially inflated” the value of the golf course at the Aberdeenshire Resort.
It also said the company had made “materially false and misleading reviews” of the Turnberry resort.
Trump described the lawsuit as “another witch hunt,” while his attorney said “there was absolutely no wrongdoing” and accused New York officials of “uncontrolled abuse of office.”