Ian,
I respect you, but in a quick read of that, I see many statements I disagree with, including some that are flat our wrong.
Specifically, that golf courses are almost always a money loser, and that the mom and pop operations were more efficient. They may have been lower cost overall, or not, but many aren't very well managed.
And, the reason golf courses were built as part of real estate is that golf courses can break even or make money, once you take the construction debt out of the equation.
Now, I will agree that many over spent on signature designs, not caring about the future after their 7-10 year build out period. Then again, I probably have done a third of my courses on a more practical model that didn't require rebuilding for maintenance reasons (although a few have reduced bunkers size) And, most of us have, so part of your answers seem to be gross generalizations looking at the top of the market everyone focuses on, and not what I call "Golf in America" where the cost was always considered and people still play happily away.
And, as tom alludes, the 1% you based some of your arguments on are really always going to be able to afford that, so it really hurt mostly the second tier of courses struggling to keep up, while tiers 3-5 toil away under the radar.
Mike, I hope you are right that the Tour Pro model is done, but I think the most we can hope for is that it is greatly reduced, or at least, shipped overseas, where they seem to be making all the same mistakes Ian correctly lists that we made in the US decades ago......