President Donald Trump’s resort in Aberdeenshire, Scotland, continued to post significant losses in 2018, bringing the grand tally in the red to more than £9.4 million ($11.59 million).
According to documents filed with the regulatory Company House, the Trump Organization claims Trump International Golf Links in Aberdeeen lost approximately £1.07 million ($1,320,000) in 2018. However, the 2018 losses pared losses from the year prior, in which the resort lost £1.25 million.
Overall business was up at the resort in 2018, improving to £2.76 million over £2.54 million in revenue from 2017. The Scotsman was first to report on the required document filings.
This marks the seventh-consecutive year the Trump International Golf Links has lost money, dating back to when the resort opened in 2012.
Headcount at the resort has dipped in the last year, with the holding company reporting 77 staff working at the property, down from 84 in the prior year. The Trump Organization originally promised some 6,000 jobs to the region as a result of the resort development, which Trump pegged as a £1 billion investment.
Trump has kept the resort going with a total of £40.6 million in interest-free floating loans, offering liquidity to the property.
In September, the Trump Organization won approval from local council to build a second course associated with the resort. The MacLeod Course, named after his mother of Scottish heritage, was first floated in 2013. The course is also designed by Dr. Martin Hawtree, who designed the Trump International Golf Links course and performed the renovation to the Trump-owned resort in Doonbeg, Ireland. As part of a separate approval, the Trump Organization has a £147.2 million plan to build 550 luxury housing units and other amenities around the resort. Original plans called for a broader development, including a currently shelved five-star hotel.
The Trump Organization has been pursuing a similar strategy at its other Scottish resort, the long-fabled Turnberry property. Trump added a second course to the resort’s Open-hosting Ailsa Course, and he has been seeking to stem losses by pursuing real estate construction around the resort. His business, currently run by son Eric, has yet to win approval for their sought-after development.
Trump Turnberry has lost some £33 million since Trump purchased the asset from a U.A.E.-affiliated company in 2014. Trump has offered that property interest-free loans totaling £107 million, according to filings.