Donald Trump’s family have insisted they are fully committed to their long-term vision for their Aberdeenshire golf resort despite nine years of losses.
Accounts signed off by the former US president’s younger son, Eric Trump, show Trump International Golf Club Scotland – which includes the links course, boutique hotel, bar and restaurant on the Menie Estate, near Aberdeen – suffered pre-tax losses of nearly £697,000 in 2021.
That was after losses totalling more than £1.3 million in 2020.
Mr Trump hailed the Aberdeenshire course as the best in the world when it opened in 2012.
More than a decade later the resort has yet to make a profit.
The Trump Organisation plans to build up to 500 houses and 50 holiday homes there.
Just over two years ago a London-based based equity analyst claimed the Trumps may struggle to achieve a return on their investments at Menie and Turnberry, in Ayrshire.
Steve Clapham, of investment research firm Hardman & Co, highlighted losses of £13m at Menie alone from launch to the end of 2018.
Mounting losses
Further losses since then take the total up until the end of December 2021 to around £16m.
Menie and Turnberry are now owned by trustees of the Donald J Trump Revocable Trust, registered in Florida.
The former president transferred his Scottish business interests to the trust, controlled by his two adult sons, Eric and Donald Trump Jr, to avoid conflicts of interest after he took office in 2017.
Signing off the latest accounts for the firm behind the Aberdeenshire resort, Eric Trump said: “The company successfully navigated the significant impact of Covid 19 on the tourism and hospitality industries and reported its best financial year.
Resort membership soared within the domestic market and the club attracted the largest number of new members in its history.”
Eric Trump, director, Trump International Golf Club Scotland
“Despite the international travel constraints and barriers to inbound overseas visitors, management continued to develop and refine its operating plan to successfully meet industry challenges and accelerate market opportunities.
“The majority of services across the businesses were reinstated during the year and new products launched in response to changing demands.”
He added: “Resort membership soared within the domestic market and the club attracted the largest number of new members in its history.
“The health benefits of golf and high standards associated with the brand resulted in an upsurge of consumer interest in the business’s products and services.
“Year-end trading results reflect an improvement on the prior year.”
‘Coveted’ world rankings
And hailing the report’s best year to date, Mr Trump said: “The property further secured many coveted world rankings.
“Wider site development and real estate opportunities further evolved throughout the year in spite of the challenges posed by the pandemic.
“Ownership and management remain fully committed to the long-term vision for the resort and foresee the fiscal improvements continuing into the future.”
Turnover for 2021 totalled £2.07m, compared with just under £1.1m the year before.
The Trump family’s business empire has been approached for comment on the figures.
Meanwhile, pre-tax losses at the Trump company which owns Turnberry – Golf Recreation Scotland – widened to £14.7m in 2021, from £5.3m the year before.
But turnover skyrocketed to £13.1m in the latest period, from £6.7m previously.
Eric Trump said sales at Turnberry were boosted by a “significant increase in staycation bookings”.
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