The Pellucid Perspective - May 2019 - 15

In summary, a healthy golfer base, above average Velocity and
Utilization more than offset the supply dilution created in this market
during the go-go years and result in what should be one of the more
favorable places to operate a golf course among our Top 25.
pound Annual Change Rate (CACR) of roughly 0.6%). On
the facility-reported rounds demand side of the equilibrium
equation, Los Angeles follows the national trend of slight annual decline over the '00-'17 period of 5% which is slightly
better than the national average of
-7% (a CACR of roughly -0.4%). The
combination of modest supply growth
and modest demand decline produces
a cumulative dilution of supply of
13% net which is slightly better than
the national benchmark of -17%.
The average EHE has throughput of roughly 48K rds/yr, obviously
well above the national average before
factoring in climate and daylight influences. The more accurate measure
is the market's 56% Utilization Rate
which significantly beats the national
average (42%). This means that, after neutralizing the weather impact of
very favorable annual weather conditions, the market's average golf "factory" runs at a much higher throughput
vs. the average US course.
In summary, a healthy golfer base,
above average Velocity and Utilization more than offset the supply dilution created in this market during the
go-go years and result in what should
be one of the more favorable places to
operate a golf course among our Top
25. The distribution of supply suggests that there could be a better (or
future) rebalancing of the supply to
better serve the mid and lower market
while competition for the Value-added golfing population is likely stiff. If
LA could unlock the secret to a return
to rounds demand growth (replicating
the San Diego success in this metric
we chronicled last month), this could
be a very exciting market at some
point in the future and, who knows,
may finally knock off San Diego for
the #1 spot.
If you'd like to order the full scorecard with over 50 measures for each
market and the composite ranking
www.PellucidCorp.com

scores, you can do so at Pellucid's website by clicking here.
You can also get facility draw area-based analysis quickly and
affordably by ordering the GLMA Market Workbook; click
here for more information.
n

The Pellucid PersPecTive

15


https://www.pellucidcorp.com/reports/top-golf-markets-ranking-and-measures https://www.pellucidcorp.com/reports/market-analysis https://www.pellucidcorp.com/reports/market-analysis https://www.kempersports.com/ http://www.PellucidcorP.com

The Pellucid Perspective - May 2019

Table of Contents for the Digital Edition of The Pellucid Perspective - May 2019

TOC
ORCA + weather impact yields new, encouraging Phoenix insights
Industry associations see blue skies, green fields
Public companies have less leeway to “fudge” numbers
April: Solid up, but beats a “soft comp”
Mar Utilization: Flat rounds wastes positive weather
“We’re #2,” chasing San Diego
MCO Consolidation & New Formats Mushroom
The Pellucid Perspective - May 2019 - TOC
The Pellucid Perspective - May 2019 - ORCA + weather impact yields new, encouraging Phoenix insights
The Pellucid Perspective - May 2019 - 3
The Pellucid Perspective - May 2019 - 4
The Pellucid Perspective - May 2019 - Industry associations see blue skies, green fields
The Pellucid Perspective - May 2019 - 6
The Pellucid Perspective - May 2019 - 7
The Pellucid Perspective - May 2019 - 8
The Pellucid Perspective - May 2019 - Public companies have less leeway to “fudge” numbers
The Pellucid Perspective - May 2019 - April: Solid up, but beats a “soft comp”
The Pellucid Perspective - May 2019 - 11
The Pellucid Perspective - May 2019 - Mar Utilization: Flat rounds wastes positive weather
The Pellucid Perspective - May 2019 - 13
The Pellucid Perspective - May 2019 - “We’re #2,” chasing San Diego
The Pellucid Perspective - May 2019 - 15
The Pellucid Perspective - May 2019 - MCO Consolidation & New Formats Mushroom
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