Don:
Yep. My comment was about golf courses, evolution, and improvements. It is widely known that Dismal River had a rough start for several reasons and we are well past blaming anyone. We don't hide from it, we use it to improve, and we have. Today, I would stack us up with very best of courses and experiences in the game. It matured, it improved, it evolved. It's pretty cool. We bought Dismal River to save it, to build it. Most would much rather have a great golf course that can be improved than one with a crushing debt load and balance sheet that can't be improved...unless, that is, a new owner arrives.
Now, to your other point...I'm one of those "third" guys you just disparaged. I'll take the bait..please allow me a response.
We didn't wait around for anything to fail but, we do look for opportunity. There is an axiom in golf that the third owner usually can make something work - not an absolute but it certainly has precedent. Thats what we do, we make things work. Debt is a cancer and the business is risky - always has been. It ain't for the naive, faint of heart, the inexperienced or arrogant. Hope is not a strategy and most "first guys" (and their courses) that fail do so due to fawning, ego, and debt. Ratings don't pay the bills, my friend and getting "it" right the first time doesn't much matter if IT isn't financially sustainable.
Find people who can "make" the first guy successful? Really? Good luck with that, my friend. I know alot of people that many of those "first guys" stuck with the bill when the club failed. Most took risk with their eyes wide open and other people's money and/or leveraged up WAY TOO MUCH. Timing didn't help but everone doesn't get a trophy in real life, not every golf course is a masterpiece the day it opens, and the ones who eventually get things right are just as good, if not better, than those who stand pat. The Accenture course today has a new owner and I'm glad the place has a new lease on life. It doesn't matter if I like the course or the old owner.
To a player, golf is a game, a wonderful mistress. To many here, GCA is a place to share views on architecture and love for the game. To the owner (ahhh, yes, the owner) golf is a business. For him, it is tough, difficult, full of love, compromise, friendship, risk, passion, and pain. Same thing for the architect.
Would you prefer every "first guy" just close the doors when he can't carry on? They knew the risks, and they knew the butchers bill always comes due. There will be winners and losers, and winners yet again. The winners aren't villans and they will be easy to spot - they will have happy members and a vibrant club. They are quite good for the game. I have said it before and say it again, these days, most would rather be members of a vibrant club without a large sum tied up for 30 years to a debt ladened and financially unstable club. Who really wants that?
I root for, and will help, anyone in this business. If someone has trouble or fails, and if it is a good opportunity, we may have a look. We never cause their problems or force hands. It's our money, our decision, and our risk.
They don't give medals for lost equity nor for place in line, my friend. No one is assured of or entitled to success, those that innovate, work together, and evolve, just may.