New accounts filed for west Clare golf resort Doonbeg have revealed that Donald Trump's investment in the resort has yet to turn a profit, despite revenues rising 30% to €6.5 million.
According to The Irish Times, the data indicates that the Trump-owned TIGL Ireland Enterprises Ltd continued to experience operating losses in 2016, which occurred despite Doonbeg general manager Joe Russell's proclamation that 2016 was the resort's best year of trading since its full facilities opened to the public in 2006.
TIGL Ireland Enterprises reportedly pumped €3.1 million into Doonbeg in 2016 after investing €5.5 million in the resort in 2015. Donald Trump's son, Eric, who has a hands-on role in overseeing TIGL's investment in Doonbeg, commented, "It is incredibly gratifying to see our vision for Trump Doonbeg come to life. I continue to be impressed by the beautiful product and the business improvement at the property."
Meanwhile, Russell attributed the increase in the resort's revenues in 2016 to a combination of improvements made possible by the Trump investment, the international strength of the Trump brand, and an improving Irish economy.
Russell added that despite a strong performance during the year just gone, Doonbeg would suffer "a small loss in 2017, largely due to ongoing investment and capital expenditure improvements."
Continuing investment in the resort contributed to €2.2 million in pre-tax losses in 2016, a figure that was down 14% from the €2.57 million in losses sustained in 2015.
Last month, Clare County Council gave Doonbeg the green light for its coastal protection work plan, which Russell says is "critical to the future of this business, its growth, sustainability and economic impact locally and in the region."