Donald Trump’s golf resorts in Europe have been struggling for years, racking up about $90 million in losses by the end of 2019. But they’ve never had a year quite like 2020. As the pandemic swirled around the globe, revenues dropped at least 63% at the three properties, according to an analysis of Trump’s latest financial disclosure report.
Sales at the most important one, Trump Turnberry in Scotland, fell from $25.7 million to less than $10 million. At Trump Doonbeg, in Ireland, revenue dropped from $13.5 million to less than $5 million. And at a third property near Aberdeen, Scotland, it plummeted from $4.3 million to under $1.5 million.
The new financial disclosure report does not detail profitability for the golf properties, but based on past performance, it seems certain that they hemorrhaged money last year. In 2019, before the crash, Turnberry lost about $3 million. Doonbeg forfeited $1.5 million, and Aberdeen gave up another $1.5 million.
Ever since Trump started investing in Europe, he has had remarkably bad returns. Before COVID-19 came, he had already spent more than $135 million at Turnberry but still managed to lose $61 million between 2014 and 2019. He had shelled out more than $30 million at Doonbeg and given up more than $10 million. And he had declared losses of $15.5 million at Aberdeen.
Trump’s fourth golf resort is Trump National Doral in Miami. It was doing better before the pandemic, turning a modest profit and generating nearly $80 million in revenue. But last year, its revenues dropped from $77.2 million to less than $45 million —a tumble of more than 40%.