President Donald Trump’s businesses located in Scotland are losing large sums of money. Trump has a pair of golf resorts there, with one at Turnberry and one close to Aberdeen.
The combined losses for the two almost doubled in 2016 to £19 million or nearly $25 million, according to filings made by the company in the UK.
Prior to his January inauguration Trump resigned his position as director of this companies in Scotland, but remains the owner through a trust established when he was elected president.
His son Eric has taken over the position of director for both resorts. Each of the two resorts was valued by Trump at more than $50 million on a disclosure form that was published this past June.
However, the deficit from last year means the two projects combined losses of £40.5 million or $53 million since they were acquired by Trump and financial support continues from Trump for the two.
He gave large loans to both businesses and at 2016 year end they owed him a combined £52.5 million equal to $60 million.
The resort in Turnberry, located in southwest Scotland lost over £17.6 million or $32.1 million during 2016, a big increase compared to its 2015 loss of £8.4 million
In 2016, the resort was shuttered for a period of six months for renovations. This past June, a new layout was unveiled by Eric Trump for the resorts course – King Robert the Bruce.
The resort was purchased by the senior Trump in 2014 at a price of £3.6 million or $4.8 million
When asked about losses at Turnberry, the general manager there Ralph Porciani said that business was fantastic the last two years. He added that he has been at the resort 13 years and never saw it as busy as it has been the last two years and has not slowed since Trump was elected.
Trump’s other Scottish resort Trump International Golf Links, posted a 2016 loss of £1.4 million or $1.8 million.
Trump built this resort close to Aberdeen after buying land there back in 2006. The resort’s financial statements showed that it lost close to £11 million or $14.4 million from 2006 to 2016.
The resort has had controversy surrounding it related to politics and the environment. Nearly 95,000 people signed a petition that opposed the plans it has to expand the golf course, which would include another full 18-hole course.