Tom Doak,
I haven't read any of the replies recently, but, with the cost of land, the environmental and permiting issues and the cost to construct, a new golf course has to have a Patron Saint willing to bear the freight, in order for the course to survive.
Many courses are a labor of love or a living legacy for the founder.
Without his munificence, survival would be difficult if not impossible.
Another factor is the demographics.
You can design/build a great course, but, it the demographics aren't sufficient, survival comes into question.
In order to work I think you have to have numerous elements converge.
Demographics, cheap land (a capital contribution to the partnership), a generous owner (managing/general partner), the co-operation of the permiting agencies, lack of local opposition (private and public) and luck.
That's a pretty difficult order to fill, but, it could happen.
Bandon did it without the demographics, as a destionation resort.
I don't know that other destination courses will survive over the next 5 or 10 years.
I certainly hope they do because the quality of many of them is outstanding.