Here's a link to the Bloomberg article:
http://www.capekidnappers.com/publicity/pdf/bloomberg_20060703.pdfI just finished reading Dream Golf and it's quite an interesting contrast in how Mike Keiser's Bandon Dunes resort has evolved compared with Julian Robertson's two NZ properties, Kauri Cliffs and Cape Kidnappers.
Bandon going like gangbusters and the NZ courses bleeding money daily. Obviously quite a difference in terms of location but I can't help but think that if Mr. Roberston had taken the "Bandon approach" and built a loyal following of keen golfers and fair price instead of whacking players $400 green fees and offering luxurious $1000/night accomodation that he may have a bit more business.
I suppose a better comparison would be with Barnbougle, and even there you can see Mr. Keiser's influence. A fantastic course and top-of-the-line cottages and restaurant/clubhouse but at a fair price.
I guess when you are a billionaire in your seventies you don't care if your courses are making money. Except I bumped into a guy on a plane ride to Wellington that Mr. Robertson had hired to tell him why his courses are bleeding so much money. Perhaps he will start seeing the light. Funny thing is he picked Tom Doak as a result of a visit to Bandon so you would have thought that he had his business model right there in front of him...
I pity the poor bastards working at his NZ courses. They are lucky if they get 20 players a day. Don't get me wrong, they are fantastic properties and awesome golf courses but they are very remote and one must go a bit batty with no customers around all day, day after day after day. No big surprise that the staff changes from visit to visit.