December 31, 2020 | BY AAGD STAFF
It’s not good end-of-the-year news for Donald Trump’s inaugural Scottish golf resort. The property has incurred losses of more than $1.5 Million, marking the eighth consecutive year that the outgoing President of the United States’ property has failed to turn a profit.
Newly published accounts lodged with Companies House show that Trump International Scotland in Aberdeenshire remains in the red, some 15 years after its incorporation, according to news from the Scotsman.com.
The accounting period covers the 12 months up to December 31, 2019. Keep in mind, this does not reflect the business disruption due as a consequence of the coronavirus pandemic. These losses are independent of that.
The filings show that Mr. Trump’s resort, opened in his Mother’s homeland, which he promises would be the “world’s greatest,” remains reliant on interest-free loans provided by the 74-year-old, reportedly worth $2.5 billion.
The property also owes nearly $5 million to its parent company, DJT Holdings LLC, a holding company tied to the Trump Organization’s international property portfolio – an increase of more than $1.5 million on the previous year. The company is ultimately owned by a New York state grantor trust set up in Mr. Trump’s name, reports the Scotsman.com
While it posted an annual turnover of nearly $4.5 million, the financial results mean that Mr. Trump’s resort in Balmedie has now run up cumulative losses of more than $14.3 million.
In its previous accounts, covering 2018, Trump International Scotland reported losses of $1.4 million, says scotsman.com, with a turnover of over $3.7 million. At the time, it employed 77 staff. The latest accounts put the staff headcount at 84.
It’s been 15 years since Mr. Trump, then best known for his reality television show appearances, incorporated Trump International Scotland’s corporate entity in October 2005. Plans for the resort were then submitted the following year by the Trump Organization. Amid much controversy by the Scottish Government, Trump received approval from the Scottish government in 2008, and the course opened four years later.
Trump International Scotland and the Trump Organisation have been approached for comment on the latest accounts.
