Trump-owned Doonbeg resort in Co Clare makes €2.5m loss
Eric Trump says company expects to report operating profits in second half of 2016
The Trump organisation purchased the Doonbeg Golf Links course and hotel for a reported €15 million in February 2014. Photograph: Niall Carson/PA Wire
The Donald Trump-owned Doonbeg resort in Co Clare recorded pre-tax losses of more than €2 million last year.
New accounts filed by Trump International Golf Club (TIGL) Ireland Enterprises Ltd with the Companies Office show the firm recorded pre-tax losses of €2.5 million last year.
However Eric Trump, the son of US president-elect Donald Trump, said the resort has enjoyed its strongest year to date this year.
The Trump organisation purchased the property for a reported bargain €15 million in February 2014 and Eric Trump said on Thursday that the Trump firm has invested close to €25 million into upgrading the resort during 2014 and 2015.
He pointed out that during both 2015 and 2016, the resort was partially under construction and therefore not operating at full capacity.
“We are incredibly excited for 2017 and are confident it will be our banner year with a tremendous amount of business already in the books,” he said.
The directors’ report attached to the accounts states that as a result of the redevelopment “annualised turnover will increase and that the company expects to report operating profits in the second half of 2016 and onward”.
In spite of the loss incurred in 2015, Mr Trump said: “2015 was an amazing year for Trump Doonbeg. We spent millions of euros transforming this property into one of the finest hotels anywhere in the world.
“Between the golf course and the property alone, every aspect is absolutely stunning and we couldn’t be more proud of the end result,” Mr Trump said.
Last year, the gross profits at TIGL Ireland Enterprises Ltd reduced by 11 per cent to €3.68 million as the upgrading continued.
The €2.5 million pre-tax loss for last year included a non-cash depreciation charge of €1 million and the loss last year followed a pre-tax loss of €2.5 million in 2014.
On the newly opened redesigned golf course, Mr Trump said: “The Trump family couldn’t be more pleased with the performance. Year to date we have seen an extra 3,488 golf rounds, UK and European rounds are up 25 per cent over 2015 and we are budgeting a further increase in 2017 when golfers will reap the benefits of our redesigned course.”
Numbers employed at the resort last year increased by three to 211 with staff costs increasing sharply going from €4 million to €4.6 million.