Trump’s Doonbeg eyes profit as revenues rise
Operating losses at the Doonbeg golf resort in west Clare, owned by US President Donald Trump, almost halved to €330,030 last year, as revenues rose.
And the resort’s directors say in newly filed accounts they are confident they will post an operating profit this year.
New accounts filed by TIGL Ireland Enterprises Ltd show losses fell to €330,030 in 2017, as revenues rose 15% to €10.66m.
The Trump Organisation has invested millions in the course since its purchase at a knockdown price in February 2014.
The company cut its pre-tax loss to €1.74m in 2017 from a loss of €2m in 2016. The president’s sons, Eric and Donald Jr remain on the board of the TIGL firm after Mr Trump and his daughter Ivanka stepped down as directors in January 2017.
The directors say €1.4m was invested in the golf course last year, on top of the €3.1m spent in 2016.
The firm received a €2m cash injection from the Trump Organisation in 2017 and €4.5m in 2016.
The business has plans for a €40m development that includes 53 cottages and a new conference and leisure facility.
Staff numbers employed increased last year to 213 from 200, and staff costs increased by 14% from €5.26m to €6m in the year. Its tangible assets are worth €20.8m.
