Donald Trump’s two Scottish golf courses have posted another year of financial losses despite a strong rise in turnover, as the former US president’s business empire continues to invest heavily in luxury tourism and golf.
Accounts filed for 2024 show that Trump Turnberry, in Ayrshire, increased its revenue by 15 per cent to £24.2 million, driven by higher visitor numbers, luxury travel groups and stronger performance in its high-end golf offering, where green fees can exceed £1,000 a round.
Operating profit at the historic resort more than doubled to £2.3 million, but a £2.9 million depreciation charge pushed the business into a pre-tax loss of £631,779 — an improvement on the £1.7 million loss recorded the previous year, when depreciation costs were slightly lower at £2.8 million.
At Trump International Golf Links in Aberdeenshire, turnover rose by 22 per cent to £4.5 million, narrowing losses to £937,693 compared with £1.4 million in 2023. The improvement was attributed to increased visitor numbers and international attention following tournaments such as the PGA Seniors Championship, hosted at the site in August 2024.
In a statement accompanying the accounts, Eric Trump, the former president’s son and executive vice-president of the Trump Organization, said both properties were now seeing the benefits of sustained investment and renewed interest from overseas tourists.
He said: “The revenue increase was driven by luxury travel groups and leisure visitors to Turnberry, while the golf business outperformed expectations. Ownership remains steadfastly committed to their vision for the properties and confidently foresees a positive fiscal improvement as the investment activities flow through in the medium and longer term.”
The Turnberry resort, which employs more than 440 staff, has undergone significant refurbishment since its purchase by Trump in 2014 from the Dubai-based group Leisurecorp in a deal reportedly worth around $60 million. The course, redesigned by Martin Ebert, last hosted The Open Championship in 2009, when Stewart Cink defeated Tom Watson in a playoff. The R&A has since declined to return the major tournament to the course, citing logistical challenges and, in recent years, political sensitivities surrounding the Trump brand.
Nevertheless, the organisation said earlier this year it was conducting new feasibility work on Turnberry’s future as a championship venue, suggesting it may not be permanently off the rota.
In Aberdeenshire, where the first Trump course opened in 2012 after a lengthy and contentious planning battle over environmental concerns, the Trump Organization remains focused on expansion. Trump himself visited the site in July 2024 to open a second course, designed by renowned architect Martin Hawtree, as part of an effort to turn the coastal estate into a global golf destination.
Sarah Malone, executive vice-president of Trump International Scotland, said both properties “saw substantial revenue growth across all income streams in 2024 and attained their highest ever annual turnovers.”
“Both businesses have also benefited from major capital investments to further expand and enhance their world-ranked golf courses and leisure facilities,” she added.
Neither business declared a dividend for the year. Trump International employs more than 100 staff, with both properties continuing to be backed by the Trump Organization’s broader investment strategy in European hospitality and golf assets.
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Donald Trump’s Scottish golf resorts still loss making despite rising revenues