Donald Trump’s Scottish luxury golf resort faces its fourth consecutive year in the red.
The resort in Turnberry is one of the US President’s biggest investments, yet made a $4.5 million (£3.5 million) loss in 2017.
Trump said in 2017 that Turnberry was doing “unbelievably” well due to the fall in the pound, which encouraged visitors from the US.
In reality, the business has done poorly since Trump’s presidency.
The US President has invested an estimated $212 million on the property. It cost Trump $67 million to buy the property and an additional $144 million in renovations.
Turnberry’s general manager Ralph Porciani had high hopes for the golf resort for 2017. He said in January last year: “We’ll make a profit this year – it will be the first time we have made a good profit in the 14 years I have worked here.”
After realising this was not likely, Porciani said: “2018 is really our baseline year to start making Turnberry a sustainable business.”
Despite losses, the resort did significantly better than in 2016, where it posted £17.6 million losses following a six-month closure.
In the report, the director and son of the President, Eric Trump, said: “The directors believe that in the short to medium terms, the resort will have operating profitability for the first time in 10 years.
“It is expected that revenue will continue to increase in subsequent years as the property is re-established as an industry-leading resort.”
The Turnberry gold resort was a key site in the recent presidential visit to the UK. Trump arrived at the resort on July 13 and stayed two nights.