President Donald Trump’s golf resort in Aberdeenshire, Scotland has recorded a loss of money for the eighth consecutive year.
Trump International Golf Links now has a recorded debt of £44m ($6.1 million), The Independent reported. In 2019, the company recorded a loss of £1.1m ($1.5 million), despite having an 18% increase in their revenue, according to statements from the company accounts.
Trump’s golf business in Scotland loses more money and highlights the impact of the pandemic and Brexit https://t.co/ATkMQxloGk
— Bloomberg (@business) December 31, 2020
In a statement, Director of Trump International Golf Club Scotland and son of the president, Eric Trump, cited a 16-week closure between March and July due to COVID-19 restrictions as impacting the companies finances.
“The extent of the impact of Covid-19 on the company’s business and financial results will depend on the duration and spread of the outbreak and the related impact on consumer confidence and spending, all of which are highly uncertain in the current environment.”
“Compounded by the uncertainty of Brexit anticipated in 2021, the hospitality sector globally is facing unprecedented challenges,” Eric Trump added.
The other directors however, explained that the resort could improve their profits in the long run with rising membership demands and membership rates. (RELATED: Golfer Grabs A Golf Ball Sitting On The Tail Of An Alligator)
While Trump International Golf Club Scotland has not made a profit since their opening in 2012, there has reportedly been progress in the plans to build a residential village next to the resort. The residential village would feature roughly 550 units, and if successful could earn President Trump £100m ($1.6 million).