The Donald Trump owned 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 surged as revenues more than doubled last year, 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".
He said: "The rebound from Covid led to record growth in average rates for both room nights and green fees where the lead price for an Ocean View suite during high season in 2024 will set one back €2620 per night and green fee rates will be peaking at €450 per person.”
Mr Russell said that the suite rate and green fee rates “are testament to the ongoing demand for our hotel and golf course, the product and service levels provided at Trump Doonbeg”.
Mr Russell said that 2023 "is forecasted to be a better performance than 2022”.
He said that "2022 also saw additional growth in membership, driven largely by continued improvements and world-class conditioning of the Links golf course".
Mr Russell commented: "With increased revenue for rooms and golf activity, outlet and retail sales followed suit for the property where the margins achieved were in line with or better than industry benchmarks.”
The new accounts show that the business recorded a pre-tax loss of €736,176 after combined non-cash depreciation and amortisation charges of €1.65 million and interest payments of €12,643 are taken into account.
The business received zero government grants in 2022 after receiving €1.84 million under that heading in 2021.
The ex-US President’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”.
Planning permission was granted in October 2019 for a €40 million plan that includes 53 holiday homes, a ballroom/function room, a leisure centre and a new restaurant and Mr Russell replied ‘yes’ when asked if Trump Doonbeg intends to proceed with any of the permitted scheme.
Mr Russell said: "The Trump Organisation is still committed to Trump Doonbeg and together with several projects, we finalised a complete overhaul of the driving range, ensuring that the facility is world-class. In the last year, we added a new coffee dock, a new gift shop and are currently conducting a full suite refurbishment program.
The Trump Organisation has ploughed more than €40 million , 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 €450,000 was ploughed into the resort last year and this followed €506,155 invested into the business by way of a capital contribution in 2021.
Mr Russell said that "revenues are driven by 65 per cent of visitors from North America, a healthy home market, and a very engaged membership, who want to visit regularly to enjoy links golf, fine hospitality, and the west Clare region overall”
He said that this, along with a long-serving management team, "has continued to make the business more efficient together with ongoing improved product and service levels".
The resort at peak season employs 300 and staff costs last year increased from €4.8 million to €7.17 million that included €6.6 million in wages and salaries.
Mr Russell said: “The economic impact of the business locally is significant from a payroll, services, and supply standpoint. Our guest enjoy their trips to Doonbeg village, meeting the local people for conversation and enjoying the active and leisure pursuits of West Clare.”
Mr Russell explained unlike a normal hotel operation, Trump Doonbeg operates a real estate/owner model with suites and cottages ranging from 1-4 bedrooms.
He said: "These properties have been purchased from the company and placed in the rental programme where distributions of revenue and cost between the company and the property owner occur each year.”
Mr Russell said that "2024 is shaping up nicely where the advanced reservations for events, room nights & green fees are ahead of the this time last year”.
The accounts - signed off by Eric Trump and Mr Russell on December 8th - show that shareholder funds at the end of last year totalled €16.69m where ‘other reserves’ of €34.22 million are offset by accumulated losses of €17.5 million .
Cash funds at the group last year increased from €1.83 million to €2.39 million.
Since the Trump Organisation purchase, the former US President 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.
The two-night visit by the President provided a wind-fall for the resort when it received €107,625 for providing food and catering to Gardai on overtime protecting the President.
