I guess the moral of this story is that it is becoming very difficult to operate a golf course at the very bottom of the quality spectrum - which is where these three courses ranked. The greens fee you can charge is capped pretty low by courses in the middle strata - and there's no room for error in making decisions.
I wonder what this means for a course like Crystal Lake - about 20 miles away in beautiful Benzie county. One of the oldest courses in the area, it operated as 9 holes until around the mid 1980s or so. At that time, it built and opened a second 9 holes. A horrible remodel added room for a driving range in the mie 1990s or so. I drove to play the course once last summer, and noticed that the second nine appeared to be no longer maintained, with play being sold over the original 9 holes.
If the Veronica Valley/Cedar Hills/Mitchell Creek model holds, it looks like the owners of Crystal Lake have chosen the toughest economics for their course to survive.