Tommy,
Pebble Beach comes to mind.
However, I think the dynamic resides within the length of the trip and the length of the stay.
For those staying 3, 4 or 7 days, diversity becomes an asset even when the quality of the additional courses diminishes.
Spanish Bay comes to mind, as do some of the courses at Doral.
Pinehurst may have been the prototype with several good courses.
While # 2 was long recognized as a good/great course, # 5 was a good course and some of the others catered to golfers with higher handicaps.
Today, we live in a disposable society, we get quickly bored, hence mulitple courses seems like a good business model for two reasons.
You can only accomodate a limited number of golfers who want to tee off between 8 and 9 with one golf course, but, add two more and you've tripled your capacity and made the destination resort more desirable.
And, after playing 18 or 36 a day for two or three days, wouldn't you want to play a new golf course ? I would.
I think Mike Keiser understood this.
He will soon have four (4) courses, each in it's own right attracts golfers, having four exponentially increases the desirability of Bandon being a "destination" golf resort, much the same as Pinehurst was in the early-mid 20th century.
So, while a course can succeed with only one course, it couldn't be a big resort, capacity/volume wise. Or, rather, from a business model, it couldn't maximize the lure and ability to accomodate more guests.[/b]