Donald Trump continued to lose cash in 2019 at his two golf houses in Scotland, where he has struggled for years, according to regulatory documents released this week. Turnberry, the most prestigious assets in Trump’s golf empire, has lost about $ 3 million with a profit of $ 26 million. A momentary company, close to the Scottish city of Aberdeen, bled $ 1. 5 million from $ 4. 3 million in sales.
This is bad news for the Trump Organization, which has now reported losses of around $ 90 million from its European golf clubs, according to an investigation of records from Ireland and the United Kingdom. Since the president opened his course in Aberdeen in 2012, he has lost $ 15. 5 million. Business has been even worse at Turnberry, which Trump bought in 2014 for $ 65 million. Despite investing around an additional $ 75 million to repair assets from 2014 to 2018, the position racked up losses of $ 58 million, according to a monetary reporting investigation. The 2019 figures, first reported through the Scotsman, bring Turnberry’s total losses to $ 61 million since 2014.
The Turnberry and Aberdeen homes are part of Trump’s portfolio of distressed golf hotels. In Doonbeg, Ireland, he spent nearly $ 20 million on a third property, the Trump International Golf Links & Hotel, in 2014. The president paid another $ 12 million from 2015 to 2018, but saw many benefits, racking up about $ nine million in losses. Irish documents released in December show $ 1. 5 million more in losses on 201nine.
Trump’s fourth golf hotel is in the United States. The 643-room Trump National Doral used to waste a lot of money. Documents received through public records requests show that 2015 earnings (defined as earnings before interest, taxes, depreciation and amortization) reached $ 13. 8 million out of $ 92. 1 million in revenue. Trump’s policies ultimately poisoned the property. In 2016, the year Trump won the presidency, revenue fell to $ 87. 5 million in 2016 and profits fell to $ 12. 4 million. After election night, the hotel lost 100,000 reserved overnight stays, according to a user close to the company. Revenue fell to $ 75. 4 million in 2017 and earnings fell to $ 4. 3 million.
Things changed in 2018 and 2019, with Doral sales expanding to $ 1. 2 million each year. Despite the lack of profitability, revenues are also higher in Aberdeen and Turnberry. As the numbers began to offer a trace of optimism, the coronavirus hit, practically causing more losses for Trump’s resorts.
I am editor-in-chief of Forbes as well as White House, Inc Array: How Donald Trump Turned Presidency Into Business, published September 22, 2020. I write in
I am editor-in-chief of Forbes, as well as White House, Inc. : How Donald Trump Turned the Presidency into a Business, published on September 22, 2020. I write about cash in politics, focusing on the businesses of Donald Trump and the other people around him.