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The global COVID-19 pandemic dealt a heavy blow to former President Donald Trump’s golf course in Doonbeg, Ireland last year, with the resort, which was never profitable, doubling its losses in 2020 corporate filings that are not yet electronically available, the complex lost just over $ 4 million in 2020. That red ink is likely a good indicator of how badly Trump’s wider, hospitality-focused business empire fared during the pandemic.
COVID weighed on Trump’s most valuable assets.
Trump bought the golf course in 2014 and began expensive renovations for years. In 2019, Vice President Mike Pence made a detour to sleep during a diplomatic trip to Ireland. Trump’s adult children traveled there several times during his presidency to oversee the operations. All of these visits benefited Trump financially while costing American taxpayers tens of thousands of dollars to secure the property and house the details of the Secret Service.
While Trump often describes himself as a real estate developer with strong ties to New York City, in recent years Doonbeg Course and two Scottish golf resorts have become the financial heart of the Trump organization, in which Trump has invested hundreds of millions of dollars. Of the three resorts, Doonbeg was the least stressful on the company. Trump is said to have invested about $ 46 million in the property since the purchase. But like the two Scottish properties, it never reached profitability.
It is not surprising that Doonbeg has been hit by the pandemic. Kimberly Benza, a spokeswoman for the Trump Organization, argued in an email to Mother Jones that the losses were due to the Irish government’s COVID response, which Doonbeg closed for much of 2020.
“In 2020 Trump International Ireland like any other hotel in Ireland (and most around the world) was forcibly closed by the Irish government due to Covid 19,” she wrote. “During this time, virtually all international travel was suspended, all restaurants and pubs were closed, and local residents were quarantined in their homes.”
In Trump’s most recent personal financial disclosure from the president, released earlier this year, he reported that Doonbeg had just $ 4.4 million in sales in 2020 – a sharp drop of more than $ 9.3 million from 2019 The latest Irish records show that the Trump’s failed to contain costs and, ultimately, the resort lost more money than ever. According to the documents, the Trumps were trying to save some money – while Doonbeg was € 496,000 in 2020 (approx.
Trump’s golf resorts in the British Isles have high green fees and are aimed almost exclusively at well-heeled international travelers who stayed at home in 2020. The same forces have been felt across the travel industry and have weighed on the ex-president’s most valuable assets: Before the pandemic, more than 77 percent of the Trump organization’s revenue came from golf courses, hotels, or other resorts.