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| Donald Trump's Scottish golf resorts suffer heavy losses | Donald Trump's Scottish golf resorts suffer heavy losses |
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| Donald Trump’s loans to his golf resorts in Scotland have increased to more than £150m after their losses last year accelerated, partly because of the oil price crash and currency costs. | Donald Trump’s loans to his golf resorts in Scotland have increased to more than £150m after their losses last year accelerated, partly because of the oil price crash and currency costs. |
| The latest accounts for his network of Scottish companies show he had to plough another £1.3m into his debt-ridden resort in Aberdeenshire to keep it afloat after the North Sea crisis saw its popularity slump among local golfers. | The latest accounts for his network of Scottish companies show he had to plough another £1.3m into his debt-ridden resort in Aberdeenshire to keep it afloat after the North Sea crisis saw its popularity slump among local golfers. |
| Trump International Golf Links Scotland lost nearly £1.2m in 2016, forcing Trump to increase his interest-free loans to the resort to nearly £41m ($54m) while he was campaigning for the presidency last year. | Trump International Golf Links Scotland lost nearly £1.2m in 2016, forcing Trump to increase his interest-free loans to the resort to nearly £41m ($54m) while he was campaigning for the presidency last year. |
| Trump’s much larger and better known golfing resort and hotel at Turnberry in Ayrshire, which he bought in 2014, has also suffered heavy losses, largely because of its partial closure for refurbishment and building works. | Trump’s much larger and better known golfing resort and hotel at Turnberry in Ayrshire, which he bought in 2014, has also suffered heavy losses, largely because of its partial closure for refurbishment and building works. |
| Trump increased his funding of the resort by £49m last year. In all, Trump Turnberry owes Trump £112m ($146m), the accounts for its parent company Golf Recreation Scotland show, nearly double the £63m it owed him the previous year. In all, his interest-free loans to both resorts reached £153m ($200m) by the end of last year. | Trump increased his funding of the resort by £49m last year. In all, Trump Turnberry owes Trump £112m ($146m), the accounts for its parent company Golf Recreation Scotland show, nearly double the £63m it owed him the previous year. In all, his interest-free loans to both resorts reached £153m ($200m) by the end of last year. |
| His son Eric Trump, who was given operational control of the smaller resort north of Aberdeen just before his father became president in January, said 2016 had been a difficult year, and hinted that those financial troubles were continuing. | His son Eric Trump, who was given operational control of the smaller resort north of Aberdeen just before his father became president in January, said 2016 had been a difficult year, and hinted that those financial troubles were continuing. |
| The “crash in oil price and economic downturn” which had hit the north-east of Scotland had seen its income fall by 12.4%, he said, while winter storms had badly damaged part of its 18-hole championship course. | The “crash in oil price and economic downturn” which had hit the north-east of Scotland had seen its income fall by 12.4%, he said, while winter storms had badly damaged part of its 18-hole championship course. |
| That pushed up its operating losses by 43%. “The industry is both competitive and challenging, factors that were heightened by the ongoing dip in the local economy, and adverse weather conditions,” Eric Trump said in the firm’s annual report. | That pushed up its operating losses by 43%. “The industry is both competitive and challenging, factors that were heightened by the ongoing dip in the local economy, and adverse weather conditions,” Eric Trump said in the firm’s annual report. |
| 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 2008, and is only now seeking planning permission for its promised second 18-hole course. | 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 2008, and is only now seeking planning permission for its promised second 18-hole course. |
| Largely due to its closure for refurbishment, Turnberry’s losses in 2016 more than doubled from the previous year to £17.6m. In addition, the Trump Organization, which is now run by Trump’s sons and their lawyer Allen Weisselberg, lost another £9.6m because of currency transaction costs and currency losses. The Trumps fund Turnberry in US dollars but pay its bills in sterling. | Largely due to its closure for refurbishment, Turnberry’s losses in 2016 more than doubled from the previous year to £17.6m. In addition, the Trump Organization, which is now run by Trump’s sons and their lawyer Allen Weisselberg, lost another £9.6m because of currency transaction costs and currency losses. The Trumps fund Turnberry in US dollars but pay its bills in sterling. |
| The accounts said that after the resort was fully reopened on 30 June last year, its income for the remaining year jumped to £6.7m. In the previous six months, when the hotel was partly open, its turnover stood at £2.3m. | |
| Eric Trump insisted these losses would soon be stemmed and then reversed. “It is expected that revenue will increase in subsequent years as the property is re-established as an industry-leading resort,” he wrote in the accounts. | Eric Trump insisted these losses would soon be stemmed and then reversed. “It is expected that revenue will increase in subsequent years as the property is re-established as an industry-leading resort,” he wrote in the accounts. |
| Both firms owe their survival to the Trump Organization’s continued financial support, these accounts showed. | Both firms owe their survival to the Trump Organization’s continued financial support, these accounts showed. |