Business

Trump Doonbeg records best year since opening as profits grow by 83%

General manager says 2023 on track to be stronger year again

Former US president Donald Trump on the golf course at Trump Doonbeg earlier this year. Photograph: Brian Lawless/PA Wire

Gordon Deegan
Thu Dec 14 2023 - 16:48

The Donald Trump-owned Doonbeg golf resort in west Clare last year had its best year since opening as operating profits increased by 83 per cent to €933,435.

New consolidated accounts filed by TIGL Ireland Enterprises Ltd with the Companies Office show that operating profits at the Trump Doonbeg property surged last year as revenues more than doubled, rising from €7.17 million to €14.36 million.

General manager at Trump Doonbeg Joe Russell said on Thursday that 2022 “was the 20th anniversary of the club and was the best year that Trump Doonbeg has had since opening”.

“The rebound from Covid led to record growth in average rates for both room nights and green fees,” Mr Russell said, adding that the lead price for an “Ocean View” suite during high season in 2024 will be €2,620 per night, while green fee rates will peak at €450 per person.

READ MORE

Mr Russell said that 2023 on track to be a stronger year than 2022.

The new accounts show that the business recorded a pretax loss of €736,176 for 2022 after combined non-cash depreciation and amortisation charges of €1.65 million and interest payments of €12,643 were taken into account.

The business received no government grants in 2022 after receiving €1.84 million under that heading in 2021.

[ Women in the Irish workplace today: Share your story ]

The ex-US president’s sons, Donald Trump jnr and Eric Trump, sit on the board of TIGL. In a report accompanying the 2022 numbers, directors said they were in the process of upgrading various facilities at the Doonbeg property.

The Trump Organisation has ploughed more than €40 million, including the purchase price, into the Clare resort since it took ownership of it in February 2014.

The new accounts show that €450,000 was invested in the resort last year, with this following €506,155 invested by way of a capital contribution in 2021.

The resort at peak season employs 300. Staff costs last year increased from €4.8 million to €7.17 million, including €6.6 million in wages and salaries.

The accounts – signed off by Eric Trump and Mr Russell on December 8th – show that shareholder funds at the end of last year totalled €16.69 million, with ‘other reserves’ of €34.22 million offset by accumulated losses of €17.5 million.

Cash funds at the group last year increased from €1.83 million to €2.39 million.

Gordon Deegan

Gordon Deegan

Gordon Deegan is a contributor to The Irish Times

LATEST STORIES