Bill Brightly has got this nailed.
Like it or not, over the last 50 years clubs have counted on certain revenues from banquets and carts. Banquets are the single most profitable revenue source at most clubs. Historically they underwrote all sorts of other expenses. Those revenues are in steep decline at the clubs I know something about. These are all well established, well capitalized clubs.
It is a big problem. Cuts will be forced in golf maintenance, food services, health facilities, swimming, etc. Across the board.
Worse, I don't see the situation turning around for several years. It will begin to show quickly at most clubs, particularly so with respect to gc maintenance. To paraphrase Bette Davis, buckle up your seat belt. It's going to be bumpy ride.
Bob