Peter,
It's a good, albeit nearly unanswerable, question. Let me add a twist...What happens to Bandon Dunes Resort (and the rest of his golf courses) when Mike Keiser passes on?
He has clearly identified a niche that works but at some point 10, 20, maybe 50 years after he is no longer making the calls that things will change. Those courses will follow someone else's vision.
My real question is, what happens if the current business model of destination golf, that's fueled the current Golden Age, begins to look non-viable?
Things will change. We're already seeing some of the courses from your short list closing.
Has good architecture ever outdone poor business environment/decisions?