GOLF BUSINESS NEWS
Former US President Donald Trump enjoyed mixed fortunes across his two Scottish golf resorts in 2022, according to financial reports.
Trump Turnberry reported a pre-tax profit of £571,000 in 2022, marking the first profitable year since its acquisition by the Donald J Trump Revocable Trust in 2014 for £60m.
This turnaround follows a loss of £3.7 million in the previous year. The resort’s revenue increased by two-thirds to £21.8m, attributed to the return of golf travel following the pandemic and couples choosing Turnberry’s five-star hotel for weddings. Trump Turnberry did not pay any tax on its 2022 profit because of deductible losses carried forward from previous years and other allowances.
Turnberry’s relative success stands in contrast to Trump’s other Scottish golf course, Trump International Scotland, which reported pre-tax losses of £738,344 in 2022, despite a 74% increase in revenue to £3.6m. The club, which employs 81 staff, posted a loss of £697,000 in 2021.
The Aberdeenshire resort received over £10,000 in government grant funding in 2022, down from £128,000 the previous year. It also relied on a loan of over £7m from its parent company, DJT Holdings LLC. Mr Trump, among its creditors, provided an ongoing interest-free loan of £40.6 million.
The resort’s financial challenges coincide with a New York judge finding Trump liable for the false valuation of his Aberdeenshire property in a civil lawsuit.