The Pellucid Perspective - August 2019 - 10

SUPPLY SHIFTS

ing metropolis). I'd love to see how that math of a muni in that
location (heck, that valuation would be tough in even a lot of the
metro markets) pencils out and, if it fails as a golf course (likely),
what public use they'll dream up to recoup even a fraction of that
investment. Other not-as-much "out of their shoes swings" for
muni golf would be the following purchases of private-financed
courses in '19:
*
*

Heritage Hills GC, Moberly MO, purchased by the city
for $1M
Wicked Woods GC, Burton Township OH, purchased
by Geauga Park District for $1.5M (this is possible land

10 The Pellucid PersPecTive

*

repurposing, the Park District made no promises about
the long-term future of golf in the purchase announcement)
Dodgertown GC in Vero Beach FL by Indian River
County for $2.45M (they did state an intention to repurpose the land; they'll need to in order to have any chance
to recoup that investment, they won't get that on operating 9 holes of golf )

Some in the industry contend that, if the municipality at least
buys intelligently (at some semblance of market value) that it can
make sense for the "muni option." To that, I turn to our friends in
Jupiter again who produce the facts that
current muni operations aren't the picture of health for their existing portfolios. Witness these comments from the
June Q issue, "The lack of profitability
at some municipal golf courses isn't surprising, and it also isn't a representation
of the overall health of the golf industry. The reality is that an estimated 67%
of all public-agency golf facilities make
enough revenue to cover all on-site expenses. However, many of these facilities
will fall short of covering all associated
expenses when deeper, off-course obligations such as debt, administration, capital expenditures, interest, service charges,
depreciation, and retirement system
commitments are included. Of those
that contend with debt on their course
and/or clubhouse, 80% report they're
still able to cover operating expenses."
That's like me saying, "I have a balanced
budget mom & dad, except I can't pay
the interest on my mortgage, can't fix my
roof when it reaches reasonable replacement age and I owe alimony money as
well, can you spare a dime?" To suggest
that entities with that financial situation/
performance could take on failing private enterprise golf operations at either
market value or a premium and make
money on "the turn" is lunacy at best.
So, we'll continue watching this
trend of municipal golf increasing its facility count and share of golf supply and
see whether the headlines of "high-water mark" and "on the upswing" produce
the positive outcomes they suggest. As
an analyst, I doubt it. As a taxpayer, I
dread it. As a seller of a failing privatefinanced golf course, I love it. To paraphrase a saying within our sport about
golf shots, "Every transaction makes
someone happy."
n
August 2019


https://www.kempersports.com/

The Pellucid Perspective - August 2019

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

TOC
Big changes ahead in tee sheet players & offerings
Brevard County FL takes the road less travelled
Municipal golf high-water mark?
July weather sag slightly surprising
By-the-Numbers, Solace in slightly better June Utilization
Phoenix, AZ still a golfer mecca but challenges operators
We dare you to make some of these stories up!
The Pellucid Perspective - August 2019 - TOC
The Pellucid Perspective - August 2019 - Big changes ahead in tee sheet players & offerings
The Pellucid Perspective - August 2019 - 3
The Pellucid Perspective - August 2019 - 4
The Pellucid Perspective - August 2019 - 5
The Pellucid Perspective - August 2019 - Brevard County FL takes the road less travelled
The Pellucid Perspective - August 2019 - 7
The Pellucid Perspective - August 2019 - Municipal golf high-water mark?
The Pellucid Perspective - August 2019 - 9
The Pellucid Perspective - August 2019 - 10
The Pellucid Perspective - August 2019 - 11
The Pellucid Perspective - August 2019 - July weather sag slightly surprising
The Pellucid Perspective - August 2019 - 13
The Pellucid Perspective - August 2019 - By-the-Numbers, Solace in slightly better June Utilization
The Pellucid Perspective - August 2019 - 15
The Pellucid Perspective - August 2019 - Phoenix, AZ still a golfer mecca but challenges operators
The Pellucid Perspective - August 2019 - 17
The Pellucid Perspective - August 2019 - We dare you to make some of these stories up!
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