Hundreds of courses have closed, and once-exclusive country clubs have slashed fees or let in the public. Often linked to housing tracts, the greens and fairways have slumped along with real estate.
Sales of golf balls, clubs and apparel — a multibillion-dollar industry — have dipped 10% this year as players trim spending, according to golf researcher Pellucid Corp.
But perhaps the most dramatic examples of golf’s woes can be seen in the string of barren fairways and locked gates. Through September of this year, at least 114 of the nation’s 16,000 or so golf courses had closed, according to the National Golf Foundation, a number that was offset only partly by the opening of 44 new courses.
Toby’s Commentary: The LA Times article echoes my thoughts. Developers enjoy the increased prices a golf course brings to their projects but do not anticipate what they will do when sales stop. Golf courses are just too expensive to operate for many developers. Flagging sales revenue can quickly create a huge cash deficit, just when additional financing is unavailable.
POLL for golfers only