Donald Trump’s Scottish golf course in Aberdeenshire has reported deepening losses in 2023 despite a surge in turnover, while the opposite was the case at the family’s Turnberry resort in South Ayrshire.
During the year, in which Trump International Scotland played host to the PGA Seniors Championship, the resort at Balmedie near Aberdeen saw pre-tax losses nearly double to $1.83 million.
It marks the 11th straight year of losses for Trump International Scotland — whose directors are listed as the former U.S. president’s sons Donald Jr. and Eric Trump — taking the total deficit to about $20 million.
Trump was found guilty and liable for this false valuation of property in Aberdeenshire. And this was not a one-time error of some kind. Rather the misrepresentation and overvaluation by hundreds of millions of dollars was one of a repeated attempt to defraud Trump’s investors, partners, banks and financial institutions.
A new 18-hole links course is due to open next summer to accompany the existing championship course opened by the senior Trump and Colin Montgomerie in 2012. The design and development of the new course has been overseen by Eric Trump and Sarah Malone, executive vice president of Trump International Scotland.
Sales increased across all revenue streams, with the most robust growth from retail, food and beverage.
However, directors added: “The year saw a sizeable increase in tournament and marketing expenditures, which we expect will deliver elevated levels of revenue performance in 2024 and beyond, as well as an abnormal increase in energy costs which impacted all industries nationwide.
“Substantial investment continues to be made by the business to develop its long-term strategic growth.”
Separate accounts filed on behalf of SLC Turnberry show that the 800-acre resort in South Ayrshire enjoyed a surge in pre-tax profits which surged from $250,000 to almost $5 million in 2023. It marks the second consecutive year that the business has reported a profit following seven years of losses.
Golf revenues were said to be up by 35% in 2022 but this failed to stymie a marginal dip in total turnover.
Turnberry made headlines earlier this year when the resort announced that it will begin charging up to 1,000 pounds (or just over $1,300) per round to play its famed Ailsa course, making it the most expensive in the UK. The premium fees will apply to golfers not staying at the five-star hotel who wish to tee off before 1 p.m.
The senior Trump acquired the resort for over $50 million in June 2014. He stood down as a director after being elected U.S. president and handed control to a trust managed by his family, but still retains a financial interest.
When Trump opened a golf club in Aberdeenshire, Scotland, the original proposal included a 450-room hotel, 950 holiday apartments, 36 golf villas and 500 houses for sale. The court discovered that Trump had certified that 2,500 homes had already been built.
Not only were the houses not built, but the golf club itself had been running at a deficit since it opened, amassing total losses of millions of dollars.
Of the 500 homes which had been granted permission to be built, no development had taken place.
USA Today columnist Bill Gindlesperger contributed to this report.
