In the rough but owners upbeat on golf resort's future
The US owners of the exclusive Doonbeg golf resort said yesterday they remain fully committed to the project in spite of pre-tax losses at the resort increasing by 28pc to €7.7m last year (€6m in 2008).
The luxury resort on the Clare coastline hosted the Andrea Corr wedding last year and Companies' Office filings show Doonbeg Golf Club Ltd incurred the loss after revenues plunged by 58pc from €19m to €7.8m.
Parent company, Kaiwah Development Partners (KDP) has to date invested €69.7m in the resort that includes the award-winning Greg Norman-designed links course. Its CEO Townsend Clarkson pointed out yesterday that the cash loss at the resort last year was €4.6m, but said that Doonbeg was both a long-term investment and opportunity.