Mike Cirba,
Just to start another conflab, who gets design credit for the latest redo?
Sometimes we work with business consultants and with courses wanting to increase their wedding venues. I hardly ever recommend it, mostly because I figure every penny spent there is a penny not spent on the golf course (when it needs it)
Having seen the stats on the wedding biz, first, it's declining. Average wedding size down from 175 to 136 in the last several years. I googled "Do wedding venues make money?" and one response was "almost certainly not."
The average number of weddings is down. Marrying older, past the age where bride's Dad thinks he should give his "little girl" a big wedding. The great recession hurt. And, there is a substantial trend to "event weddings" in Key West and similar places (slight downturn in those in the near future due to Irma, etc.) There is a small blip of growth due to gay weddings (which not all venues, esp. here in the south, welcome).
Second, club GM's tell me the most profitable food based events are 1) Golf Outings, they already want to play there for the golf, so they can't quibble too much on the price, 2) corporate events, because they can afford it, 3) Weddings, and family events because Dear Old Dad has the least amount of cash and bargains the hardest.
Lastly, while there is still the cache of getting married at a place like Merion, there is always the design problem of keeping brides and guests away from overly drunk and boisterous golfers. It doesn't take but one buffoon to ruin the big day.
There are far more clubs that regret those huge clubhouses than convert them to slam dunk revenue enhancers. Events are a completely new line of biz. At one recent meeting (a public course) where such a facility was discussed one board members mentioned that a private club just miles away spent $15M in clubhouse and golf renovations, and promptly went broke. And, that 2/3 or all restaurants go through three owners before being successful, if at all.
I suspect Merion will do best in about that order, at least to the degree they host those Monday golf outings.
But, free advice from the internet is worth exactly what you pay for it......I am certainly no expert, nor do I play one on TV.