Rounds up but revenue flat for Japanese operator

Accordia Golf Co., one of Japan’s largest golf course owners and operators, reported that rounds were up 4.1 percent for the 2008 fiscal year at courses it has operated for at least a year.
 
Officials said that the gains were tied to reduced-price offerings, including discounts for early morning play.
 
Revenue for the same period was down 0.3 percent, primarily because of a slump in memberships. New memberships were down 15 percent. Equipment and food and beverage revenues also fell, Accordia officials said.
 
The company, which operates a total 120 courses, also disclosed that it recently sold three units that operate courses. The sale price was slightly less than (US)$9.9 million. A spokesman said the courses were sold because there were no prospects for growth or improved earnings.  

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Just anther example how discounting golf won't help improve the bottom line!

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