Trump’s European golf resorts have lost about $ 90 million

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Trump's European golf resorts have lost about $ 90 million

Donald Trump gives a press conference on the 9th tee at his Trump Turnberry Resort on June 24, 2016. (Photo: Jeff J. Mitchell / Getty Images)

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Donald Trump continued to lose money in 2019 on his two golf courses in Scotland, where he has struggled for years, according to regulatory documents released this week. Turnberry, the most prestigious property in Trump’s golf empire, lost around $ 3 million on sales of $ 26 million. A second store near the Scottish city of Aberdeen bleeding $ 1.5 million on sales of $ 4.3 million.

This is bad news for the Trump organization, which, according to an analysis of records from Ireland and the UK, has now reported losses of around $ 90 million in its European golf resorts. Since the president opened his course in Aberdeen in 2012, he has lost $ 15.5 million. Business at Turnberry, which Trump bought for $ 65 million in 2014, is even worse. Despite investing about $ 75 million in redeveloping the property from 2014 to 2018, the place amassed losses of $ 58 million, according to an analysis of financial reports. The 2019 numbers, first released by the Scot, bring Turnberry’s total losses since 2014 to $ 61 million.

The Turnberry and Aberdeen properties make up half of Trump’s troubled portfolio of golf resorts. In Doonbeg, Ireland, he spent nearly $ 20 million on a third property, Trump International Golf Links & Hotel, in 2014. The president put in another $ 12 million from 2015 to 2018, but saw no great return and amassed about $ 9 million in loss. Irish documents released in December show an additional loss of $ 1.5 million in 2019.

DOONBEG, IRELAND – JUNE 07: US President Donald Trump departs on Marine One after staying at Trump International Golf Resort on June 7, 2019 in Doonbeg, Ireland. (Photo by Charles McQuillan / Getty Images)

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Trump’s fourth golf resort is in the United States. The 643-room Trump National Doral used to make a lot of money. Documents requested by public filings show that 2015 earnings (defined as earnings before interest, taxes, depreciation, and amortization) reached $ 13.8 million on sales of $ 92.1 million. However, Trump’s policies eventually poisoned the property. In 2016, the year Trump won the presidency, revenue dropped to $ 87.5 million in 2016 and profits dropped to $ 12.4 million. After election night, the resort lost 100,000 booked room nights, according to a person familiar with the business. Sales slumped to $ 75.4 million in 2017, and profits to $ 4.3 million.

Things rose slightly in 2018 and 2019, with Doral’s sales increasing by $ 1.2 million each year. Despite a lack of profitability, sales also rose at Aberdeen and Turnberry. Just as the numbers conveyed an air of optimism, however, the coronavirus struck and guaranteed as good as more losses for Trump’s resorts.

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