It is EXPENSIVE to build a new golf project from scratch. Vastly more expensive than some posters here think.
While some may advertise low numbers for how much it costs to "build a course," the all-in number to develop one can be anywhere from two to five times as much, once you factor in land costs, legal fees, planning costs, design fees, infrastructure, maintenance building and equipment, grow-in, clubhouse, and marketing to attract visitors or members.
So there are lots of poorly planned projects which start without an understanding of the full commitment, and then get cold feet after they've spent some money. Some even start as a plan to attract money!
On the tail end, I hide my head when posters start going on about the pricing model of new courses, because it all goes back to what was spent. Green fees have to support most of the above costs, not just what the golf course contractor was paid. The old rule of thumb on that was that green fees should be $10 for every million spent on development ... but that leads to a VERY different calculation if you understand that we are talking about a $12 million [or $25 million] development instead of just a $3 million golf course construction bill. It's just not possible to build an affordable golf course from scratch anymore, with the expectations so high.
The one thing that IS possible is to affordably add a second or third course to an existing facility, if you already have the land. Most of the infrastructure is in place, so you're just tacking on the cost of another golf course construction [and grow in] to hopefully double the revenue, if there is that much slack to be picked up by the facility. And that's what you see at most of the successful projects we talk about nowadays ... multiple courses in one location.