Losses at Trump's Scottish resorts doubled last year

Losses at Trump's Scottish resorts doubled last year Photo: AP

October 09, 2017 08:53 AM

NEW YORK (AP) — Donald Trump boasts of making great deals, but a financial report filed with the British government shows he has lost millions of dollars for three years running on a couple of his more recent big investments: his Scottish golf resorts.

A report from Britain's Companies House released late Friday shows losses last year at the two resorts more than doubled to 17.6 million pounds ($23 million). Revenue also fell sharply.

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Trump's company attributed the results partly to having shut down its Turnberry resort for half the year while fixing up a course there.

His company has faced several setbacks since it ventured into Scotland a dozen years ago, and its troubles recently have mounted.

The company has angered some local residents near its second resort on the North Sea with what they say are its bullying tactics to make way for more development. The company also has lost a court fight to stop an offshore windmill farm near that resort, drew objections from the environmental regulators over building plans there in August and appears at risk of losing a bid to host the coveted Scottish Open at its courses.

The Trump Organization did not respond immediately to a request for comment. Trump handed over management of his company to his two adult sons before becoming U.S. president, but still retains his financial interest in it.

It's not clear whether Trump's setbacks in Scotland account for the losses. In addition to the Turnberry shutdown, the company also noted in its report that it took an 8 million pound ($10 million) loss due to fluctuations in the value of the British pound last year.

The company reported that revenue at the two courses fell 21 percent to 9 million pounds ($11.7 million) in 2016 from 11.4 million pounds ($15 million) a year earlier.

Credits

By BERNARD CONDON

(Copyright 2017 by The Associated Press. All Rights Reserved.)

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