The Pellucid Perspective - December 2014 - (Page 18)

THE LAST WORD Tiger: balm, or bomb A s the PGA Tour season finally drags to an end for 2014, shockingly enough the name Woods made news earlier this month. It was a good news, bad news story in a number of ways. Good for Tiger's niece Cheyenne Woods, who validated an earlier win in Australia by earning her LPGA Tour card at Q-School; good for Uncle Tiger in that he made it through four rounds of his Hero World Challenge event with no health challenges other than an untimely public upchuck; bad for Uncle T in that he went wire-to-wire in the 18-player event ... in dead last place. Has there ever been more coverage of a single golf swing than the hours and copy reams dedicated to Tiger's new/old swing by Golf Channel talking heads or PGA Tour chroniclers? No swing has been more scrutinized and critiqued since the last time Kim Kardashian sashayed across the stage in her latest backless outfit. Personally, I channel-surfed out of that Tiger swing analysis coverage, but I was fascinated by the ad nauseam (sorry, Eldrick) replays of his numerous chipping chilly-dips that made so many of us feel better about our own pathetic short games. Uh, and he said he wasn't used to the Bermuda turf around the Isleworth greens? The Isleworth that was his home course until the fateful collision of a golf club with his car's rear window, where he's probably played 300 rounds? Well, at least his back was OK. And, frankly, how many more of us would have left the channel on golf, or at least surfed in and out of the NFL games to check on it, if it had been Tiger who was lapping the field instead of Jordan Spieth? We, or at least I, miss you T - come back soon and bring your short game. In other news of interest on the payfor-play scene, I see that John Daly (remember him?) won a 3-day pro-am event in Turkey earlier this month. Unfortunately for Big John, the $8,000 (!) check he won and promptly donated to local charities wasn't even a down payment on what, based on his track record, his other accomplishment of the week is likely to cost him. Turns out that JD an- 18 THE PELLUCID PERSPECTIVE nounced his engagement to a gal named Anna Cladakis, a PR person for, shockingly enough, Hooters, who has also caddied for Long John numerous times over the past few years. Given that she will be wife number five for John, and the other four are likely still remembering him somewhat fondly as they cash the alimony checks, he's probably well advised to keep her on the bag and at least save the caddie checks for as long as the knot is tied. With a purse of $8,000, I have to wonder what the allure of the event was? Is Loudmouth Golf trying to crack the Has there ever been more coverage of a single golf swing than the hours and copy reams dedicated to Tiger's new/old swing by Golf Channel talking heads or PGA Tour chroniclers? Turkish market? With any luck at all, the local ISIS fighters will hijack a truck full of the Loudmouth gear, which will definitely make them much easier targets. Year's top story While the musings above are of peripheral interest to those of us who attempt to make our livings in the golf industry, the biggest development in the business of golf in the U.S. is the new wave of investors and the accompanying trend of consolidation in the ownership and management side of the industry. Some of the developments, like the exit of Goldman Sachs and Starwood Capital from their holdings in American Golf Corporation and Troon Golf and their replacement by Newcastle and Fortress Investments (AGC) and Kohlberg & Company (Troon), the emergence of Arcis Equity, backed by another Fortress entity, Fortress Equity, and their aggressive acquisitions of the CNL portfolio, numerous individual properties and a share of the action at EAGLE Golf, and ClubCorp's purchase of the Sequoia Golf and Canongate portfolio, are major transactions. As an offshoot of Kohlberg's new funding, Troon recently picked up the 16-course Honours Golf portfolio (story on pg. 5). Great Life Golf & Fitness, a growing player in the Midwestern states of Kansas, Iowa and South Dakota among others, has steadily picked up courses where their blend of golf and fitness appears to be a winning formula. One of the new developments is the emergence of C-BONS and other Chinese investors, who seem committed to staking a hold in the U.S. golf market. And of course there remains the lingering mystery of what will transpire with the holdings of American Golf and Century Golf Partners, both of which are currently headed by CEO Jim Hinckley, which most observers think is an untenable situation for the long haul, barring a consolidation of the two groups. Whether this consolidation is beneficial for the industry or not is up for debate, but it appears that professional management of courses, whether it is asset ownership-based or third party management, is on the rise. The golf business is beset by many challenges these days, and increasingly private owners, resorts and municipalities are deciding that either the time is right to sell out, or the cost of hiring professional management will be justified by increased purchasing power, lower operating costs, better marketing and/or reciprocal play options for customers and the expertise that comes with years of facility operations experience. The fact remains that even with the recent spike in outside management, the vast majority of U.S. golf courses are run by individual owners or municipalities, and that isn't likely to change in the foreseeable future, but the gap is narrowing, for good or ill. -Jim Dunlap DECEMBER 2014

Table of Contents for the Digital Edition of The Pellucid Perspective - December 2014

TOC
The Northern Golf Alliance – A new challenge to the NGCOA?
Troon strengthens Southeast presence with Honours Golf acquisition
2014 in review: where is the hope?
A new day indeed, or in Breed, for Independence
New payment processing technology offers challenges and opportunities for courses
November golf weather impact: A parting shot from Mother Nature
Orlando operators need some magic to be in the black
Tucson muni courses struggling despite turnover to private management
Tiger: balm, or bomb

The Pellucid Perspective - December 2014