Out of interest what would be the % split between new private members course's built in say the last 25 yrs and new resort/pay-n-play courses built during the same period?
Atb
The pendulum has swung back and forth, but not for the reasons you would expect.
For developers, the appeal of building a private club is that sooner or later [hopefully sooner], you get to pass off the course to the membership and no longer worry about how it is running as a functioning business ... and move on to the next project, as developers are wont to do. If it's a public course, you're in it for the long haul unless you sell it, and 99% of the people who buy golf courses second-hand are discount shoppers.
However, about twenty years ago in America, the program flipped a bit because new discrimination laws left private clubs open to the possibility of lawsuits, and most developers decided they didn't want to deal with that possibility.
The other, less obvious reason for the shift is that anyone building a golf course to make money, would be better off keeping it public. There's no way Bandon Dunes would have been as profitable if Mr. Keiser had only sold 300 memberships per course. There's more risk in running it as a resort, because you've got to roll with the ups and downs of the economy, but also the possibility of much more reward.