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U.S. President Donald Trump's Scottish Golf Courses Lost More Than £19M In '16

U.S. President Donald Trump's Scottish golf courses lost more than £19M last year, new figures revealed, according to Jeremy Watson of the LONDON TIMES. Accounts filed at Companies House for Trump's resorts at the Menie Estate in Aberdeenshire and Turnberry in Ayrshire "show they both made losses." The president's company "blamed the closure of Turnberry for refurbishment," and bad weather and a "downturn in the oil industry" for the losses at Menie. The documents revealed losses at Turnberry, which Trump's company bought for £39.5M in June '14, more than doubled in the last year. It had a turnover of £9M but made a loss of £17.6M for '16. This compares to a turnover of £11.4M and a loss of £8.4M for '15. Golf Recreation Scotland, which runs Turnberry, invested £32M in redeveloping the resort during '16. Both courses "are now under the control" of his son, Eric, after the president stepped away from his business interests upon reaching the Oval Office. The Trump Int'l Golf Links, which Trump opened on the Menie estate in the northeast of Scotland in '12 after a battle with environmental campaigners, "made a loss for the fifth year in a row." It made a loss of £1.4M compared to losses of £1.1M in '15, £1.14M in '14, £1.8M in '13 and £1.7M in '12 (LONDON TIMES, 10/9). In London, Severin Carrell reported Eric Trump said that the "crash in oil price and economic downturn" which hit the northeast of Scotland saw its income fall by 12.4%, while winter storms "had badly damaged part of its 18-hole championship course." That pushed up its operating losses by 43%. He said in the annual report, "The industry is both competitive and challenging, factors that were heightened by the ongoing dip in the local economy, and adverse weather conditions." The volatile global economy "has previously hit Trump’s ambitions for the course." He was forced to "dramatically scale back his plans for a five-star hotel, timeshare flats and private villas on the site" after the financial crisis in '08, and is "only now seeking planning permission for its promised second 18-hole course" (GUARDIAN, 10/8).

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