President Trump’s golf course in Ireland has yet to turn a profit, despite a 30% boost to its revenue in 2016.
According to reports filed with the Irish government, the west-Clare resort succeeded in cutting its losses in half in 2016 but still lost upwards of $2.3 million.
Acquiring the 400-acre Doonbeg Lodge and Golf Course in 2014 for $9.45 million (€8.7 million), the site was valued at $24.5 million (€23 million) in 2016 in financial disclosures filed with the Federal Election Commission.
Since acquiring the property in February 2014 at a low cost, President-elect Trump has invested an additional $16.3 million (€15 million) in Doonbeg, boosting the regional tourism economy by some $15.7 million (€14.5 million). The tangible assets of the Irish firm, including the hotel and golf course, were valued at $19,678,875 (€18,470,013) at the end of 2015.
According to the The Irish Sun last year, however, filed accounts show a loss of around $2,747,622 (exactly €2,578,838) by the Co. Clare company throughout 2015, resulting in a total $5,464,308 (€5,128,639) loss since Trump took over the hotel in early 2014.
New figures for 2016 provided to the Washington Post this week show that Trump International Golf Links Ireland halved its operating losses in 2016, still recording losses, however, for the third year in a row.
The Trump Organization said it was “confident [of] the return of operating profits in 2017” in its annual filing to Irish regulators. Figures for 2017 are not expected until at least late 2018.
Speaking to the Irish Times, Doonbeg general manager Joe Russell stated that 2017 saw a further 10% jump in revenue but that the venue still operated at a loss because of ongoing investment. He said that Doonbeg is targeting to make a profit in 2018.
Doonbeg is just one of Trump’s golf courses that has filed losses over the past few years, many of the President's courses being located in blue areas of the US or in parts of Europe where his support remains low. A recent survey on TheJournal.ie showed that just 21% of Irish people would support a state visit from the US President.
During his campaign, Trump spoke of handing over the reins of the Irish golf course and hotel to his children, referring to the property as “small potatoes.”