Donald Trump’s golf resort in Aberdeenshire has made a loss for the tenth straight year.
The latest Trump International Golf Club Scotland accounts show a pre-tax loss of £738,344 in 2022, following another £696,845 deficit in 2021.
The loss comes despite an increase in turnover by more than £1.5 million. The Balmedie club raked in around £3.6m in 2022, up from just over £2m in 2021.
Trump International Golf Club Scotland – which includes the links course, boutique hotel, bar and restaurant on the Menie Estate – has accumulated more than £15m losses.
However, the Trump family remains committed to the long-term vision for the resort and claim the golf course is now established as a “world-class destination”.
Trump International Golf Club’s ‘best performing year to date’
The newest accounts were signed off by Eric Trump, one of the former US president’s three sons.
In his strategic report he said the figures represent the company’s “best performing year to date”.
He said: “The company successfully welcomed back guests following the full reopening of global tourism and the hospitality industry post pandemic.
“In particular, the business delivered increased sales across its golf green fees, membership, accommodation and hotel services.
“Year-end trading results reflect an improvement on the prior year with turnover increasing by 74% and gross profit exceeding £1 million, representing its best performing year to date.”
‘World-class’ reputation
Trump International Golf Club celebrated its 10-year anniversary with a top 100 ranking in Golf Digest’s “World’s Greatest Golf Courses“.
The Aberdeenshire course also hosted its first high-profile professional tournament with the PGA Seniors Championship.
Eric Trump claims hosting the “prestigious” event was “testament to the calibre, reputation and status of the business”.
His report adds: “The company also committed to the construction of a second world-class championship links golf course and embarked on the next phase of its masterplan development with the re-engagement of its project management team.
“Ownership remains committed to the long-term vision for the resort and confidently foresees the positive fiscal improvement trend continuing in the medium and longer term with the golf course now fully established as a world-class destination.”
Staff costs rose to more than £2m from £1.6m the year before, with the number of employees increasing to 81 from 53.
Meanwhile, the latest accounts for SLC Turnberry Ltd, which operates the Trump family’s Turnberry resort, showed profits of £571,416.
This is the first time it has made profit since Trump bought the venue in 2014.
Turnover increased significantly to £21.8m in 2022, up from £13.1m in 2021.
A spokesman said: “2022 was an excellent year for the business and aligns with the company’s long-term investment plans.”
Conversation