The Pellucid Perspective - December 2010 - (Page 12)
MARKET FOCUS
Denver, CO DMA
Private
PublicPremium
PublicValue
PublicPrice
Learning & Practice
Future Facility
Denver CO DMA Index vs. US
he Denver, CO DMA is a relatively healthy golf market with just over 600K golfers supplied by 213 18-hole equivalent (EHE) facilities. This produces an ample consumer base to support the existing supply level of just over 2,800 golfers per EHE (60% above the national average). The supply mix is remarkably similar to the national distribution across Pellucid’s five access/value/usage segments with only a slightly higher concentration in Public-Value facilities. Supply growth since 2000 has exceeded demand resulting in a cumulative dilution for existing facilities of 28% which is nearly 3x the national average of 10% supply dilution. This means, compared to 2000, the average existing operator has suffered an estimated 28% revenue decline due to supply dilution through some combination of rounds loss and/or rate erosion. The average facility has throughput of 32,000 rds/ yr, on par with the national average. The more accurate comparison, after factoring in season length and average weather, is that Denver’s 67% utilization exceeds the national average by 14 points. On Greens Fee RevpAR (Greens Fee Revenue/ Available (Capacity) Rounds), Denver handily beats the national average with a $23 rate driven by its higher utilization rate and enhanced slightly by its pricing power (compared to the national average). n
T
Golfer Base – Est. # of Golfers (Ks) – # of 18 Hole Equivalent Facilities – Golfers per 18-Hole Equiv. Supply Mix – Private – Pub-Prem – Pub-Val – Pub-Price – Learn & Prac Supply/Demand Balance – ‘00-’09 Cume Mkt Supply Dilution (-)/Absorption (+) Level* – Avg Ann Rds Velocity (18-hole Equiv.) Rounds & GF Revenue Health – % Utilization Rate – Avg. Ann. Rev. per Public Regulation EHE ($Ks) – Revenue per Available Round (RevpAR)
Tot US
604.6 26.6 213 15,929 2,845 1,774 28% 20% 35% 12% 4% –28% 29% 20% 33% 13% 4% –10%
160 97 100 106 92 100 274 102
32,194 31,512
67% 53% $1,194 $1,137 $23 $16
126 105 144
* Period % Chng in Rds vs. Period % Chng in Supply
Above average level vs. US (Index 111+) Average level vs. US (Index 90-110) Below average level vs. US (Index <90_)
12 The Pellucid PersPecTive
december 2010
Table of Contents for the Digital Edition of The Pellucid Perspective - December 2010
The Pellucid Perspective - December 2010
Contents
3rd Party Tee Time Marketers: According to Some, “missed It by That Much”
Course Sales Pace Showing Signs of Increasing
Nov YtD Weather Impact Oct YtD Utilization
The Lonely Golfer Phenomenon
A Formula That Fits
Meadowbrook Golf on the Way Back?
Raffles a Risky Gamble
Denver, CO DMA
Dear Golf Industry Santa
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