The Greg Norman-designed Doonbeg Golf Course has accumulated losses of €15.9 million to the end of last year, according to accounts filed recently at the Companies Office.
However, the promoters of the US-owned course remain upbeat on the project's future and its performance since it was officially opened in July 2002.
Accounts for 2004 show the venture lost €3.2 million last year, bringing accumulated losses to €15.9 million.
But the company expects to turn to profit next year when the estimated €30 million in income generated from the sale of 47 one to four-bedroom luxury suites at the west Clare course appears in the accounts.
Construction work on the Lodge, containing the suites, is continuing and will be officially opened next spring along with a permanent clubhouse, restaurants, bars and spa. A spokesman for the golf club confirmed yesterday that 45 of the 47 suites have been sold, with a number selling for €1.6 million.
The accounts show that, to date, Doonbeg Golf Club's parent company, Kiawah Doonbeg has invested €37.5 million in the venture. It has also received €3 million in grant aid from Shannon Development.
The club's backers decided to build the Lodge suites after failing to attract a "world class hotelier" to build a hotel on site in the wake of the tourism downturn after September 11th, 2001.
The links course is one of the most exclusive in the country, costing US-based members $45,000 to join with annual dues around $1,500. Green fees are €195 at weekends and €185 during weekdays.
It has 350 members. A scheme has also been devised to allow an additional 150 local members join at a preferential rate.
The resort expects to employ 200 people, including 80 caddies, once the Lodge complex opens.
The accounts reflect in part the costs associated with a continuing row with locals over a right of way at the course.
Commenting on the accounts, a company spokesman said yesterday: "Doonbeg Golf Club project is on budget and on schedule The project has more than lived up to expectations and the feedback from those playing the course and investing in the suites has been unreservedly positive."
An Bórd Pleanala is due to make a decision later this week on a coastal protection works programme at the adjacent beach to prevent further erosion at the course.
