Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
A luxury Scottish golf resort owned by Donald Trump’s family has made its first profit since the acquisition almost a decade ago, in a boost to the US presidential hopeful’s fortunes.
Trump Turnberry in Ayrshire, which features three golf courses and a century-old hotel, was bought by the Trumps for a reported $60mn in 2014 but had never since made a profit.
According to accounts filed at the UK’s Companies House, Trump Turnberry made a pre-tax profit of £571,000 in 2022, compared with a loss of £3.7mn the previous year. With attendance recovering from the coronavirus pandemic, revenue rose to almost £22mn, from £13.1mn in 2021.
Trump Turnberry did not pay any tax on its 2022 profit, the accounts show, because of deductible losses carried forward from previous years and other allowances.
Trump’s business record, which has been marked by multiple bankruptcies, has been called into question, particularly after his entry into political life and election to the presidency in 2016.
Official records show Trump declared no taxable income in the US for 2015, 2016, 2017 and 2020 because of losses on his business operations.
According to his website Trumpgolf.com, the former president, who is a keen golfer, owns 18 golf courses across the world, including his showpiece resort at Bedminster, New Jersey.
Revenue for Trump Turnberry in 2019, the last comparable full year, were £19.7mn. The resort was closed the next year because of the pandemic and reopened in April 2021.
Trump Turnberry — along with a smaller Trump golf resort in Aberdeenshire — received more than £1mn in taxpayer support during Covid-19 lockdowns.
Results filed at Companies House by another Trump company that owns the Aberdeenshire golf course, called Trump International Scotland, show a pre-tax loss of about £738,000 in 2022, up from a loss of £697,000 in 2021.
The higher loss came in spite of a rise in revenues to £3.6mn in 2022, from £2mn in 2021, due to increased administrative expenses.
The Trump Organization did not immediately respond to a request for comment.
Trump resigned his directorship of Trump Turnberry before he was sworn in as US president in 2017, with his eldest sons Donald Jr and Eric taking control. SLC Turnberry — the company that operates the resort — lists the Donald J Trump Revocable Trust as its ultimate controlling shareholder.
SLC Turnberry is directly controlled by UK-based holding company Golf Recreation Scotland, which lists Eric Trump as the person with significant control. Golf Recreation Scotland, which reported a higher pre-tax loss than SLC Turnberry in 2021, has yet to file its overdue accounts for 2022.
SLC Turnberry’s accounts state that the site’s owners were “fully committed” to it and had indicated they would continue to invest with future plans to “enhance the resort”.
In the past, the Trump family promised to spend $200mn on renovations. A newly filed 2022 annual report refers to a “significant capital investment to significantly . . . improve the resort”.
The governing body behind The Open in the UK has said Turnberry would not be considered as a host of the golf tournament after the January 6 2021 assault on the US Capitol by a crowd of Trump supporters, which disrupted certification of the 2020 election results. Turnberry has previously hosted The Open four times.
Trump is the clear frontrunner to secure the Republican nomination to run for US president in 2024.
As the campaign heats up he is facing a number of legal troubles, including a civil fraud lawsuit brought by the New York state attorney-general accusing him and his family business of inflating the value of his real estate empire by billions of dollars in order to secure favourable loans.
Closing arguments in that case, in which the attorney-general is seeking $370mn in damages as well as an order barring Trump from ever working in the New York real estate industry again, are set for Thursday. Trump has denied any wrongdoing and described the case as politically motivated.
