President Donald Trump has sunk a lot of money into a pair of Scottish properties, and the Commander-in-Chief is losing substantial money on both of them.
The Associated Press reports the combined losses at Trump Turnberry and Trump International Golf Links in Scotland totaled $23 million in 2016, double the prior year’s losses, according to documents filed with the British government. Combined revenue fell 21 percent over 2015, down to $11.7 million from $15 million.
In addition to the operating losses, Trump said a $10 million loss was attributed to the falling British Pound in the wake of the Brexit vote.
According to Bloomberg, Trump has increased his loans to limited liability companies for each resort, with a 112 million pound loan for Turnberry and a 40.6 million pound loan to Trump International.
Trump had closed Turnberry for more than half of 2016, as he had invested millions in renovating the 36-hole resort, including a redesign of the British Open host Ailsa Course and constructing the new King Robert the Bruce course, which opened in 2017.
Opened in 2012, Trump International Golf Links, while Martin Hawtree’s course design is highly lauded, has been highly controversial from the beginning. Local residents objected to the course and its potential environmental impacts, leading to embarrassing court battles and public relations for Trump. Trump also made a stink when wind turbines were proposed off the coast of the facility, with Trump calling them unsafe and saying they block the view of the water.
Trump has been planning to build a second course there, though an online petition protesting the plan has nearly 95,000 signatures. Scottish government environmental groups also oppose the proposal. The club lost $1.4 million in 2016, a 28 percent increase over 2015.
Organizers for the Aberdeen Asset Management Scottish Open had been considering bringing the high-profile European Tour event to Trump International Golf Links, but it appears the club won’t host in the near future.
Turnberry remains in consideration for future Open Championships, but it won’t host until at least 2022, as the R&A, which runs the event, has committed to courses until 2021. Turnberry last hosted golf’s oldest major in 2009, when then-59-year-old Tom Watson nearly became golf’s oldest major winner as he lost in a playoff to Stewart Cink.
The Trump Organization owns and runs both properties. While Trump’s financial stake is at risk, his adult sons, Donald Jr. and Eric, run the company.