Donald Trump’s losses at his north-east golf course have accelerated over the last year as a result of the oil and gas downturn.
The latest accounts published on Companies House for his Scottish resorts show the US president had to plough another £1.3million into his debt-ridden site at Menie in Aberdeenshire to keep it afloat after the North Sea crisis resulted in a reduction of local golfers.
Accounts show Trump International Golf Links Scotland posted pre-tax losses of £1.4million in 2016 compared to a loss of almost £1.1million the previous year. This caused him to increase his interest-free loans to the resort to nearly £41million.
Trump’s other resort at Turnberry in Ayrshire, which he bought in 2014, has also suffered heavy losses, largely because of its partial closure for refurbishment works.
Eric Trump, who was given operational control of the Menie resort just before his father became president in January, said: “Trump International continues to soar in the UK and the world golf rankings and play an important part in the global Trump golf portfolio. The crash in oil price and economic downturn in the north-east of Scotland has, however, resulted in a drop to local spending and consequently revenues have decreased by 12.4%.
“Additionally, the severe winter storm which damaged large parts of the region impacted a small area of the site which incurred unforseen remedial costs and exacerbated the operating loss before depreciation this year which rose by 43%. Had it not been for these exceptional external factors revenues and costs would have been in line with budget forecasting.”
