Golf Revenue Above PAR and POR for Hotels

Throughout the latter part of the 20th century, golf was growing significantly in the United States. Not only was participation soaring, but new golf courses were being built at a record pace. In some years, development activity exceeded 400 new courses.

The popularity of golf began to decline around 2000, as the tech bubble recession that began in 2001 slowed the pace of growth during the first few years of the decade. Annual declines in the number of rounds played started in 2006, and participation in the sport weakened further in 2007 and 2008 as the Great Financial Crisis sapped discretionary expenditure funds from the prototypical golfer. As a result, golf course closures began to occur more frequently than new course openings. Entering 2020, the number of rounds played on U.S. courses had dropped to 1995 levels.

Since 2020, however, golf has experienced a resurgence. In 2023, the National Golf Foundation (NGF) reported 26.6 million rounds of golf played on U.S. courses, up 9.5% from the 24.3 million rounds played in 2019. Of even greater significance is the estimated 115% rise in off-course participation, which is defined as driving ranges, simulators, and par-3 courses, during the same period.