Losses continue at Turnberry, Aberdeen, per report

The Trump Organization has yet to turn a profit on its new and elaborate resorts in Scotland, according to financial filings in the United Kingdom.

The two Scottish golf courses posted a combined loss of $6.07 million in 2017, reports the Los Angeles Times.

Eric Trump, who oversees the Trump Organization’s business operations, said the financial results was a result of “competitive and challenging, factors that can be heightened by adverse weather conditions.”

President Donald Trump visited his Scotland resorts this past July, triggering protests in Edinburgh and Glasgow.

The resorts were bought and upgraded at a total cost of $196 million but have yet to operate in the black.

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Trump’s 800-acre resort Turnberry on Scotland’s west coast posted a $4.42 million loss in 2017. Trump shut down Turnberry in 2016 for six months of renovation and construction. That year, Turnberry lost $23.03 million.

Losses from Trump International in Balmedie, Scotland near Aberdeen on the North Sea coast declined slightly, to $1.65 million from $1.85 million in 2016. Trump International has not turned a profit since it opened in 2012. The Trump Organization recently announced plans to self-finance a $196.3 million expansion of the Balmedie resort that will include 500 homes, shopping and equestrian facilities.

“The crash in the oil price and economic downturn experienced in the northeast of Scotland has, however, resulted in a drop to local spending and consequently revenues have decreased by 3 percent,” Eric Trump wrote in a letter accompanying the accounts. “By establishing cost controls and containment, the property was able to reduce its loss.”

 

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