Market Update - Golf Project Report

The scorecard for 2003 course construction and closings is final, and according to the National Golf Foundation (NGF), a combination of reduced course openings (18-hole equivalent) and higher course closings result in a net gain of just 125.5 18-hole equivelent courses for the year, by far the lowest gain in the past decade. On an 18-hole equivalent basis, the nation’s total course supply remains at about 15,000 courses.

As of its January 19, 2004, Golf Project Summary Report, NGF says 370 courses are proposed, of which 96 would be 9-hole courses, and 274 would be 18-hole courses.

A total of 429 courses are in the planning stage. Of that, 136 are to be 9-hole and 293 would be 18-hole courses.

Courses under construction total 413, with 183 being 9-hole and 230 are 18-hole.

Three new 18-hole courses opened in the first few weeks of 2004.

 U.S. COURSE SUPPLY YEAR-END 2003

 Daily Fee  Municipal Private   Total
 Regulation  7,429  1,972.5  4,150.0  13,551.5
 Executive  505.0  119.0  105.5  729.5
 Par 3  375.5  103.5  67.0  546.0
 Total  8,309.5  2,195.0  4,322.5  14,827.0

 TOP 10 STATES FOR 2003 OPENINGS  Public Private   Total

 Florida

 10.0 5.5  15.5 
 Texas  9.5 4.5 14.0 
 Arizona  4.0 5.0   9.0 
 Wisconsin  8.0   1.0  9.0
 California  4.5  2.5  7.0
 Minnesota  6.0  1.0  7.0
 Virginia  4.5  1.5  6.0
 New York  4.5  1.0  5.5
 Indiana  3.0  2.0  5.0
 Kentucky  5.0  0.0  0.0

2003 GOLF COURSE YEAR-END SCORECARD (18-hole equivalents) 

                         
OPENINGS     UNDER CONSTRUCTION     IN PLANNING       PROPOSED    
  New Expansion  Total    New Expansion  Total     New Expansion  Total     New Expansion  Total 
 Daily Fee 78.5 32.5  111.0   176.5  52.0 228.5    239.5 31.0 270.5    221.5   29.0   250.5 
 Municipal 12.0 4.0  16.0    42.5   5.0 29.0    42.5  6.0  48.5     41.0 6.0  47.0 
 Private 34.5  9.5  44.0    56.5  13.5  70.0    51.0  9.0  60.0    17.0  8.0  25.0 
 Total 125.0  46.0  171.0    257.0  70.5  327.5    333.0  46.0  379.0    279.5  43.0  322.5 

 1993-2003 OPENINGS/CLOSINGS

(18-hole equivalents)

     
  Open  Closed Change 
1993 262.5 20.5  +242.0 
1994 262.5 14.5  +248.0 
1995 336.0  27.0  +309.0 
1996 319.5  33.5  +309.0 
1997  316.0  31.0  +285.0 
1998 327.5 23.0  +304.5 
1999  375.5  23.0  +352.5 
2000  398.5  23.0  +375.5 
2001  284.0  24.0  +260.0 
2002  220.0  47.0  +173.0 
2003 171.0 43.5  +127.5 
Total  3,273  310  +2,963 

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