Tom and Greg,
I was as stunned as you were, as were the others. But, it was Steve Lesnik of Kemper, and someone asked him again. I recall the context was right after AIG cancelled a bunch of tee times at Pebble after taking govt bail out money. My memory may be fuzzy, as in it might have been 60 instead of 65%, but his point was very clear - Bandon was primarily a corporate entertainment venue, and didn't fill as many tee times with golf or architecture enthusiasts as we might think.
Fast forward 4 years and both sides of the equation are more cost conscious, I believe. Not that most of us and businesses ever weren't.
Back in the go go days, I recall being at Giant's Ridge and the guy in the next booth at breakfast figured out who I was from my conversations. Now, GR has the 1 and 5ish public courses in the state, and they are 19/88 nationally. So, he tells me how much he loves the place, which of course puffed me up a bit. He then goes on to say he was a corporate account entertainment guy for a bank and he was always bringing customers up there, and it was his favorite place to entertain their customers. More puffed up. Then he closes with, "I can golf 'em, feed 'em, and sleep 'em for the same amount I pay for golf over in Brainerd." Less puffed up, but lesson learned. Cost matters to almost everyone, and figures into the value they perceive. Luckily, they got what they thought were better courses, but more importantly, for a little less money overall.
At least, that is the MN mentality (politically liberal (i.e. spending others money) but fiscally conservative (when spending their own.....) I got out of that. Naturally they want a different place on most road trips, but they do put their favorites back in the rotation more often. Again, all bodes well for a course that I presume will be perceived as equal or better to its competition, but it still needs to be competitively priced. It may be that it comes in 10% higher in price, which is fine, as long as its perceived as 10% better a golf course.
OT, but somewhat related because we are discussing buddy trips, a source in Myrtle Beach tells me a part of their drop in rounds (from 4M at the peak to just over 3M now) isn't fewer trips.....its that they no longer play 36 per day to "max out" their golf trip. He wasn't sure what percentage opted out of round two for aging legs and what percentage opted to save a little cash by avoiding the replay, but seemed to think it was as much or more aging crowds.