Peter,
I think every course/market is different. In my example of a bent course in a dry, low humidity climate, I really have no idea about how Old Works fares financially. It is more or less of a hunch, mood, ambiance, guess, or whatever, that seems to be very much like what we experience. The town leases the course operation out (Troon Golf, I think). Very nice and friendly local people that do a great job. I just have the feeling that they really have to keep their focus on making it work as a business. It’s still very affordable, a good value venue, and about the only attraction to bring tourists to Anaconda. I’ve played it dozens of times because I have a friend who has a cabin nearby and likes to have his golf buddies come for golf, poker, good grub, fishing, and the usual excesses. I’ve followed the development of this course from the beginning because it is rather the reverse sociological experiment: can golf save an old, dying mining town. There is no freaking way this course will ever be sold off for housing. Its raison d’etre is to save what’s there. It appears to be somewhat successful in doing just that for the community, but I doubt it is a cash cow for the little town that owns it. It certainly is high-end muni golf, especially given its remote village location, but golf is a tough business in a remote, rural market where you have to attract golfers from afar.
Mike Keiser has the right formula: remote courses must be extraordinary. Old Works is a very good course, the front nine especially well conceived, well conditioned, a unique reclamation project worthy of our support, and perhaps right up there with the best muni courses anywhere, but few well traveled golfers would say it is extraordinary.