I wouldn't consider the Sand Hills number of rounds in this sort of discussion, due to private and very narrow number of people that will ever get the invite, and dues and f&b and lodging income are more important than guest fees for rounds played and are probably the key factors out there.
However, Pac Dunes and Bandon are very interesting questions in my mind. As a given that Bandon is reportedly a wonderful experience, albeit not holding the world class reputation that it had on the initial sizzle, and given that Pac will have and hold on to world class credentials, it remains to be seen over the years if the desire by the public can continue into the coming years and overcome the distance-remote factor. Couple that with top tier green fees and lodge costs, and one wonders if the sizzle will continue to reach widespread appeal, or that a very small number of loyalists that would go every year repeatedly to experience the golf out there will sustain the costly operation. The troubling part of this is the national numbers of growth of golf. How small is the universe of passionate golf afficianados that will go to the end of the road to experience this quality of golf? After the ones that already committed to make the journey have gone once or twice, will they decide they had enough of the good thing, or are there enough golf junkies in the pipeline to replace them?
It seems to me if they can do something like 40000 rounds a year at winter-summer and replay average green fees of @100 a round, = 4,000,000, that ought to be enough to keep the course solvant, if the F&B and lodge can run at its own profitable margin.
All fun to think about, but really only Mr Keirser's ultimate concern... I guess that is why they deem him to be a shrewd businessman.
