*Photograph: Arthur Ellis
OPERATING profits at the Doonbeg luxury golf resort owned by US President-elect, Donald Trump last year more than doubled to €2.06m in a record year for the business.
New accounts for the company, TIGL Ireland Enterprises Ltd that operates Trump Doonbeg golf resort show that the resort’s operating profits increased by 120pc to €2.06m after revenues rose by 12pc from €14.36m to €16.12m.
Commenting on the 2023 performance, General Manager, Joe Russell said, “Trump Ireland, Doonbeg continued on its upward trajectory of business growth and profitability, having its most successful year in 2023, since opening in 2002, and since the Trump Organisation acquired the resort in 2014”.
Mr Russell said that “average rates for rooms and golf performed at record levels, where the lead price for an Ocean View suite during high season in 2024 set one back €2,720 per night and green fee rates peaking at €450 per person, which are now rising to €525 per person in 2025, testament to the ongoing demand for our hotel and golf course, the product and service levels provided at Trump Doonbeg”.
On the 2023 performance, Mr Russell said that the primary revenue drivers of membership, green fees, and accommodation rentals led to increased sales in all outlets throughout the year”.
Mr Russell said, “In 2024, the resort was highlighted and awarded by The Great Places to Work in Ireland and recognised by Failte Ireland for its Employer Excellence. Most recently, Conde Nast placed Trump Ireland, Doonbeg, in the top five resorts in Europe. All indicators are that 2024 will surpass 2023 performance and at this stage, 2025 is looking very promising with advance reservations very strong currently”.
He said that “the golf course continues to receive rave reviews for its condition, playability, and enjoyment by members and visiting guests, with the IGTOA (Irish Golf Tour Operators Association), highlighting the fact that Trump Ireland, Doonbeg is the most visited property for room nights by its member businesses”.
The company recorded a pre-tax profit of €488,624 after non-cash depreciation charges of €1.55m and interest payments of €16,495 are taken into account.
The pre-tax profit of €488,624 follows a pre-tax loss of €736,186 in 2022 – a positive swing of €1.22m.
The profits take into account a profit of €112,798 from the disposal of an asset.
The US President Elect’s sons, Donald Trump Jnr and Eric Trump remain on the board of TIGL and they state in their directors’ report that they are in the process of upgrading various facilities at the Trump International Hotel and Golf Club.
They state that “it is expected that this will enhance the customer experience and have a positive impact on the group’s and company’s trading results”.
The Trump Organisation has ploughed more than €40m, including the purchase price, into the resort since it came under the ownership of the Trump Organisation in February 2014.
The new accounts show that a further €404,850 was invested into the resort last year and this followed €450,000 invested into the business by way of a capital contribution in 2022.
The accounts show that €1.89m was paid out to acquire tangible assets and this followed an outlay of €1.7m under the same heading in 2022.
The resort at peak season employs 300 and staff costs last year increased from €7.17m to €7.56m that included €7m in wages and salaries.
The accounts signed off by Eric Trump and Mr Russell on December 6th show that shareholder funds at the end of last year totalled €17.58m where ‘other reserves’ of €34.63m are offset by accumulated losses of €17m.
Cash funds at the group last year decreased from €2.39m to €2.22m. The owner of the Trump Doonbeg firm is named as the Donald J Trump Revocable Trust in the accounts.
Since the Trump Organisation purchase, US President Elect Trump has visited the resort seven times.
The most high-profile visit was in June 2019 which was the businessman’s only visit to Ireland while President of the United States.
