A Clayman,
What's the difference in the cost of the project, if the total cost to play the golf course is the same.
Airfare, car rental, and miscellaneous costs make getting to Mullen or Bandon as expensive as a round at Shadow Creek.
Also consider the cost of time lost.
I think Mike Keiser has a brilliant idea, in a climate that will support year round play, with variations in peak versus non-peak seasons. He is going to provide the traveling golfer with four (4) unique golfing experiences, at a spectacular site, a bluff, sitting high above the Pacific Ocean. It will be a multi-day golf destination. For those that seek more then golf, my guess is that the Casino 20 minutes north of Bandon will more then satisfy their needs, but, most of what you need at Bandon is self contained, lodging, food and fabulous golf.
I'm not sure that Mullen could provide the same attraction, irrespective of the quality of multiple courses, due to the difficulty and time required in getting there, and lack of nighttime activities.
Golf courses are only useful to the population if they can get to them in a reasonable amount of time at a reasonable cost.
Golf courses, built as satellites, outside of population centers, seem to be fairing well in my neck of the woods. The average golfer isn't going to Fly and drive half way over the country for A round of golf.