My goodness there are a lot of experts on this site concerning golf management.
Don M. You are right about how cities should run a golf course, but you are talking about leases. Management companies as a rule probably take out too much from leases without putting back as they should or as the citizens think they should. Don, you shouldn't use Torrey Pines as an example of a good operation by a city. Most golfers in San Diego will tell you horrific stories about waste and neglect. We should watch what San Antonio is doing and how it works. It could be the model to which you are subscribing.
Chambers Bay is a management agreement. Kemper Sports is paid a fee to management the facility which means they have to provide employees, benefits, insurance, accounting and expertise in all areas. They are reimbursed for these costs plus their fee. At Chambers Bay, the NOI is positive. If public employee unions and their benefits were involved the cash flow may not be positive. It is only after you apply the debt there is a negative cash flow. The decision to build Chambers Bay was made by the County and most of the negatives in costs should probably not be attributed to the management of the course. Maybe some of that blame could go to the designer, but I am not expert on that. Most cities are moving toward a preference for management deals instead of leases and with today's golf economy that suits management companies just fine.
After the 2015 Open, this discussion needs to be held again. Pierce County should receive millions in increased tax revenues and play will probably increase with the exposure from TV.
Garland, comparing Rustic Canyon and Chambers Bay is apples and oranges. One was built to shine, the other to provide daily play for daily fee players. Perhaps your budget can allow you to play twice weekly at Chambers Bay, but most people cannot, but could at Rustic Canyon. They both have their purpose. As my son was involved, I don't want to get into a debate, but I think the strategy is at Rustic Canyon is terrific, I think that Chambers Bay is pretty and has great views, but the strategy of driving to one side of the fairway because of the hole placement or missing short or long is frequently prevalent at Rustic. I have played Chambers only once and cannot fairly judge strategy.
Some on this site think Chambers is a bit overrated, good par 4's but the par 3's and par 5's aren't all that great except for the views. I would need to play it a couple of more times before commenting on that.