Concert Golf Partners added another private club to its portfolio, with the recapitalization of White Manor Country Club, a member-owned private club in the Philadelphia suburb of Malvern. The club's Board of Directors and its members approved a deal at the end of 2016, which will pay off all the club's debt. It is also expected to lower annual member dues by 10 to 15 percent, and inject more than $1 million into immediate capital projects at the club.
Golf Inc. Magazine
Luu Duc Quang, chairman of Biscom Golf Management, said his parent company’s projects along Vietnam’s coast will “change the landscape” of golf resorts and golf tourism in Asia.
“We want to create a whole new experience and be the leader in changing the landscape [of golf resort development],” he said. “With a new 5-star FLC hotel being built in the city of Quy Nhon, plus FLC Quy Nhon Beach and Golf Resort [on the nearby island of Nhon Ly], we see Quy Nhon becoming a popular new tourism destination in Asia.”
Mosaic Clubs & Resorts has added two courses in the Atlanta market — The Bobby Jones Golf Course in Buckhead and Smoke Rise Country Club in Stone Mountain.
Tim Finchem, one of the most powerful men in the business of golf, as well as in the sports world, officially announced he will retire as Commissioner of the PGA Tour on Jan. 1. The longtime commissioner increased the Tour's revenue from $285 million in 1994 to $1.1 billion. Even after accounting for inflation, that still represents a valuation that is more than double of what he inherited. The league's purse grew from $56.4 million to $300 million.
Donald Trump’s historic election as president of the United States has brought with it shock, uncertainty and even protests. With the exception of generals, a political neophyte has never been commander-in-chief.
But while Trump has never presided over a state as a governor or run a city as a mayor, he does bring with him extensive experience as a real estate developer and business owner.
Walters Golf sold Royal Links Golf Club in Las Vegas to Scottsdale Golf Group on Nov. 3, part of the company’s effort to exit golf completely.
Bill Walters, owner of Walters Golf, is a professional sports gambler has owned more than ten golf courses during the past 25 years. But he sold Desert Pines Golf Course to Arcis Equity Partners in 2014, and is left with onely one course — Bali Hai Golf Club on the Las Vegas Strip.
Topgolf’s success is spawning imitators across the U.S., with at least three companies planning to open similar facilities within a year.
The Dallas-based company has excited the golf world with interactive driving ranges that focus more on food, fun and entertainment than on golf. The company has grown to 30 locations, adding seven in 2016. Analysts estimate that Topgolf brings in $10 million to $25 million in annual revenue per facility, half of it from food and beverages.
Despite a slowdown in China, Asia continues to be golf’s fastest-growing market. We identify the ten people who are influencing the region the most. While five made our list of the Most Powerful People in Golf in our September/October issue, they are re-ranked here based on their impact on Asia only.
No. 1 Dr. Ken Chu, Chairman and CEO and
Mr. Tenniel Chu, Vice Chairman, Mission Hills Group
The Chinese conglomerate that owns Hainan Airlines will acquire 10 golf courses for $137.5 million, as part of its effort to boost its portfolio overseas and secure a gateway into the North American golf tourism market.
The seller, Oki Golf, is based in Bellevue, Wash., and all of the properties are in the Seattle region. The sale includes The Golf Club at Redmond Ridge, The Golf Club at Newcastle, Washington National Golf Club, Trophy Lake Golf & Casting, Harbour Pointe Golf Club, The Golf Club at Hawks Prairie, The Plateau Club, and Indian Summer Golf & Country Club.
While many golf courses and private clubs continue to struggle, a number of golf facilities have turned money-losing or struggling operations into big money-makers in recent years.
Golf Inc. will recognize ten such facilities as 2016’s Most Improved Golf Courses, which will appear in its November/December issue. This is the first time the magazine will honor golf facilities for turning around their operations.