Donald Trump’s Scottish golf courses have recorded another year of losses despite a jump in revenue.
Revenue at Trump Turnberry rose 15 per cent to £24.2 million, with operating profit doubling to £2.3 million, the 2024 accounts show.
However, a depreciation charge of £2.9 million saw the Ayrshire business book a pre-tax loss of £631,779. That was an improvement from a loss of £1.7 million in 2023 following a depreciation hit of £2.8 million.
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There was also a 22 per cent increase in revenue at Trump International golf course in Aberdeenshire to £4.5 million. That helped narrow the loss there to £937,693, from £1.4 million in 2023.
In his report on Turnberry, Eric Trump, 41, said the revenue increase was driven by luxury travel groups and leisure visitors to the coastal hotel and spa, while the golf business, where rates can top £1,000 for a round, “outperformed”.
He promised further investment in the resort and golf courses would ensure “continued growth into 2025 and onwards”.
On the performance at Trump International, Eric Trump pointed out that hosting tournaments, such as the PGA Seniors tournament in August 2024, is helping to raise the international profile of the business and open up new markets.
He said: “Ownership remains steadfastly committed to their vision for the property and confidently foresees a positive fiscal improvement as the investment activities flow through in the medium and longer term.”
Donald Trump visited the Aberdeenshire site in July to open a new course there.
Turnberry employs more than 440 staff and the accounts state there was no dividend paid during the 2024 financial year.
At Trump International there are more than 100 employees and there was also no dividend.
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Sarah Malone, the executive vice president at Trump International Scotland, said: “Trump Turnberry and Trump International Scotland saw substantial revenue growth across all income streams in 2024 and attained their highest ever annual turnovers.
“Both businesses have also benefited from major capital investments to further expand and enhance their top-world-ranked golf courses and leisure facilities.”
Trump bought Turnberry in 2014 from the Dubai-based Leisurecorp in a deal which was reported to be worth around $60 million at the time.
The Open was last held on the Ailsa course in 2009 with Stewart Cink narrowly holding off a challenge from Tom Watson.
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The R&A, the golf body, has previously cited concerns about the transport and accommodation infrastructure in the area, although earlier this year said it was doing some fresh feasibility work on Turnberry.
The first Trump Aberdeenshire course opened in 2012 following a long and often controversial planning process with local opposition centred around the impact on the landscape.