Jud, I don't want to be rude, but not all UK golf courses base their business model on American tourists. Celtic Manor does OK, I doubt it is vastly profitable, but the hotel, although ugly, is excellent, the off-course facilities are terrific, and the golf courses have been on UK television every year for the last decade and more. That translates to lots of corporate business - for example, the big KPMG golf conference went there last year - and lots of golfers want to go play there. The green fee for Twenty Ten next summer is £165 midweek, £185 at weekends (that's a package including lunch), and it'll get play. You need to listen to what Adrian Stiff says - for a large proportion of UK golfers, the best day out is Belfry, or Celtic, or if you're very rich Wentworth - the places people see on TV. I don't like that, but that's how it is.