There are 2 types of courses which I am speaking about. One is a private club which is owned by one of the companies that owns multiple courses around the US. So far as I know the club has a large membership and I would imagine that is operating at a profit which to me means that they are probably saying that they don't need to spend the money so why do it. I look at this as a bad business decision as I think we can all agree that the boom we are now seeing in golf isn't necessarily going to continue indefinitely and when they need to keep the current membership and at the same time replace those who leave the area or decide to cut back on their golf spending, they will be competing for members and the conditions will be a consideration for those looking to join.
The second club is what we call semi-private. You can join and pay monthly dues or you can just pay as you go. The course is one of my favorites in the area and part of the reason it doesn't get the recognition that it deserves is because of the conditioning of the course. They are now going to address the greens but they don't have the money to deal with the bunkers. The bunkers fit well into the design and are an integral part of the strategy of playing the course. If you know that the bunkers are played as ground under repair then you have no reason to avoid them other than the obvious. I understand that there will be quit a few new homes and businesses built in the area so I am hoping that the course will see greater revenue and the ability to renovate the bunkers.
In case 1, if the boom collapses and they lose members anyway, those members would leave wether the bunkers are done or not. Admittedly it may not make it more attractive to get new members, but that saved profit (assuming it is saved) could be needed in the future. It's catch 22, but they are probably thinking its safer to have money in the bank - or the owners just care about the bottom line and making profit, after all it is a business to them.
Case 2 - I would say thats the right decision, get the greens good, get more play and reinvest into the eye candy to attract more.