Trump’s Scottish golf resort reports millions in losses for fourth straight year

President Trump’s golf resort in Scotland reported £3.38 million (about $4.4 million) in annual losses Thursday, the fourth consecutive year of multimillion dollar losses.

The Scotsman reported that the Trump Turnberry has reported a total of nearly £33 million in losses since Trump took ownership in 2014.

{mosads}The new figures, which cover the Turnberry’s first full year of operations after a significant redevelopment, were released Thursday by Companies House.

Trump’s son, Eric Trump, who leads redevelopment for the resort and is an executive vice president of the Trump Organization, praised the figures, saying in a strategic report that it showed “one of the most robust financial results” in years.

“The directors believe that the resort will return to profitability in the short to medium term,” Eric Trump said. “The Trump Organisation remains fully committed to the resort and further redevelopments are ongoing.”

The resort posted a record loss of £17.6 million (about $22.9 million) in 2016.

The losses can be accounted for by an increase in staffing, higher sales costs and administrative expenses, according to The Scotsman’s review of the annual accounts.

Trump visited his Turnberry resort during a trip to the UK earlier this year, costing the U.S. government about $65,000. The Scotsman reported earlier this year that the U.S. had also paid the Turnberry thousands to accommodate administration officials’ visits.

The accounts published Wednesday revealed that the resort is largely reliant on interest-free loans from the president, owing him a sum of £107 million ($139 million).

The Turnberry is one of two golf resorts that Trump owns in Scotland. Annual figures for his resort outside Aberdeen have not yet been released.