Donald Trump's Turnberry resort continues losses, tripling into the red for 2018
Golf and Politics

Donald Trump’s Turnberry resort continues losses, tripling into the red for 2018

Donald Trump's Trump Turnberry resort in Scotland continues to hemorrhage money, with the Trump Organization filing financial reports indicating 2018 losses widening those from the year prior.

According to documents filed with the Companies House in the United Kingdom, Trump Turnberry lost £10.8 million ($13.2 million) in 2018, nearly triple the losses from 2017. The company says most of that hit came from a drop in foreign exchange, with the pound losing value against the American dollar and other currencies as the government flailed about looking for a plan to exit the European Union after a 2016 vote. The company has claimed forex concerns in filings for the last three years.

Excluding forex concerns and other one-off and non-cash costs, the resort actually came close to making a profit, losing approximately $257,000. Revenue jumped 20 percent.

Trump Turnberry has lost some £33 million since Trump purchased the asset from a U.A.E.-affiliated company in 2014. Many of those losses are related to a resort closure in 2016 to renovate the property and open a new course. Trump has offered that property interest-free loans totaling £107 million, according to filings.

The American military has spent $184,000 in two years at Trump Turnberry as part of a refueling program which is under Congressional investigation.

This news comes as Trump International Golf Links in Aberdeen posted 2018 losses of approximately $1.3 million, marking the sixth consecutive year the resort has failed to turn a profit.

In September, the Aberdeenshire council approved the Trump Organization's expansion plans for the resort, including 550 housing units, more retail and a second golf course. The total investment in the $200 million plan still falls well shy of the $1 billion total investment Trump promised more than a decade ago when seeking approval for the resort's development.

Trump has kept the Aberdeen resort going with a total of £40.6 million in interest-free floating loans, offering liquidity to the property.

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