Golf Benchmark Survey2 web 2009:Golf and the Economic

Transcripción

GOLF ADVISORY PRACTICE IN EMA
Golf and the
Economic Downturn
A survey of golf course owners and operators
in Europe, Middle East and Africa
ADVISORY
All Golf Benchmark reports are available for download on
www.golfbenchmark.com, the source of industry knowledge.
Front cover:
The Twenty Ten Course at Celtic Manor, Wales
Inside cover:
Montgomerie Course at Celtic Manor, Wales
© 2010 KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
G o l f Be n ch m a r k S u r vey 2 010 – G o l f a n d t h e E c o n o m i c D ow n tu r n 3
Dear Reader,
What impact has the economic downturn had on the golf business?
While banks collapsed, share prices tumbled and national economies spun
backwards into recession, the golf industry has been left wondering whether
it is still driving forward, or waywardly wandering towards a bunker from which
it may be difficult to escape.
There are numerous stories of golf courses facing financial woes, others being
sold at knockdown prices, while some have closed completely.
Andrea Sartori
Partner, KPMG Advisory Ltd.
Head of Golf Advisory Practice in
Europe, Middle East and Africa
[email protected]
KPMG’s Golf Advisory Practice decided to assess the state of the golf business
and performed this survey on the performance of golf courses throughout
Europe, the Middle East and Africa. Specifically, we wanted to know how golf
courses have been impacted by the credit crunch – and what actions they are
taking to counteract the downturn.
The results are fascinating. For example, our survey found that:
• Nearly 50% of the courses surveyed have seen revenues and profitability fall;
• Resort courses and golf courses linked to a residential community appear to
have been hit harder than traditional, stand-alone golf courses;
• Half of the golf courses surveyed have made redundancies or cut staff costs;
• Still, 54% of golf course businesses have a positive outlook for 2010.
This survey is designed to offer an indication of what is happening in the golf business.
We hope you find the results useful and insightful. If you would like to discuss
this survey, please feel free to contact KPMG’s Golf Benchmark Team or myself.
To download our other market intelligence studies, please visit golfbenchmark.com.
I would like to express my special thanks to all golf course owners and operators
who contributed to this report.
Yours sincerely,
4 G o l f Be n ch m a r k – Th e s o u r c e o f i n d u s t r y k n ow l e d g e
2009: The year the world
went backwards
No one in the golf business has seen a financial crisis quite as bad as the one we
have experienced in the past year. Even the great Arnold Palmer, in his address to
the KPMG Golf Business Forum in May 2009, a few months before his 80th
birthday, acknowledged that although he was born during the Great Depression,
today’s economic situation was unprecedented.
As has been well documented, the international financial crisis erupted in
September 2008 and spread rapidly around the world, fuelling the most severe,
intense economic storm since the 1930s. Banks failed, an international credit
crunch ensued, consumer wealth contracted, spending dried up and international
travel declined dramatically, as did capital investments.
It was no different in the golf business. New developments, including some high
profile projects in the Middle East, were put on hold as finance evaporated, real
estate sales collapsed, golfers stayed at home rather than travelling abroad and
courses struggled to renew memberships and maintain green fee revenue. In short,
golf had driven into the rough – and there was no quick way back to the fairway.
December 2009 data reveals just how severe this downturn has been with gross
domestic products contracting in almost every corner of the world.
GDP growth (%) in different geographic regions
2007
2008
2009
2010*
2011*
World (PPP exchange rates)**
5.0
2.8
-1.2
3.2
3.4
Euro Area
2.6
0.6
-4.1
0.8
1.0
Eastern Europe
7.3
4.7
-5.9
1.7
3.5
Middle East & North Africa
5.6
6.0
1.1
4.6
4.4
Sub-Saharan Africa***
6.8
4.5
-1.6
3.2
4.5
US
2.1
0.4
-2.4
2.5
1.3
Japan
2.3
-0.7
-6.2
1.2
1.0
China
13.0
9.0
8.2
8.6
8.4
Asia & Australasia (excl. Japan)
8.7
5.5
4.1
6.1
6.3
Latin America
5.5
3.9
-2.6
2.7
3.4
*forecast
**PPP = purchasing power parity
***Refers to Angola, Kenya, Nigeria and South Africa only.
Source: EIU, December 2009
Of course, there are some exceptions. China, although experiencing a slowing in
its growth, is nevertheless still moving in the right direction, as is the wider Asian
region (excluding Japan) and, to a lesser degree, the Middle East and North
Africa. Unsurprisingly, Asia and particularly China are the regions attracting
attention for new golf projects.
The question the golf industry is now asking itself is, what is the short-term
future of the global economy and for how long will the crisis impact the industry?
Our survey shows a wide variety of opinions from region to region. Golf courses
have been hit hard, there is no doubt, but have they escaped the worst of the
recession – and how will the industry fare in 2010 and beyond? Read on to find
out who’s going to be teeing up a successful year ahead, and who’s hacking
around in a bunker.
What impact has the crisis
had on golf?
Has the global economic downturn
had a negative impact on your
operations in 2009?
If yes, what was the impact on
rounds and revenues recorded at
your facility from 2008 to 2009?
Negative impact of the global economic downturn by region1
No
34%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Yes
66%
decrease by 20% or more
decrease by 10–20%
decrease by less than 10%
stagnation
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Exactly two-thirds of the golf courses surveyed indicated that the economic
downturn had impacted negatively on their operations. An especially high
percentage of courses located in golf tourist destinations (heavily reliant on green
fees) have taken a hit. Of all surveyed regions, South Africa (and Mauritius) were
the most impacted countries.
No
Yes
10%
26%
30%
33%
39%
41%
44%
64%
EMA
90%
74%
70%
67%
61%
59%
56%
36%
SA
WE
GBI
ME & NA BNL
NE
EE
CE
Source: Golf Benchmark Survey (GBS) 2010
13%
13%
16%
17%
10%
27%
Rounds
16%
Courses forming part of a mixed-use residential community and/or tourist resort
seem to be more affected than stand-alone courses, with a significant 78% of
the former having experienced a negative impact on operations.
20%
Revenues
Negative impact of the global economic downturn by type of facility
Source: GBS 2010
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
22%
41%
No
Yes
78%
59%
Stand-alone golf course
Part of a mixed-use residential
community or tourist resort
Source: GBS 2010
1 GBI – Great Britain & Ireland; WE – Western
Europe; NE – Northern Europe; CE – Central
Europe; SA – South Africa; BNL – Benelux;
EE – Eastern Europe; ME&NA – Middle East
and North Africa. Please see our Methodology
on page 15 for country grouping.
Thirty-nine percent of the golf courses surveyed declared a decrease in the
number of rounds played, with a third of those noting a significant drop of
more than 20% compared to 2008.
Nearly half of the courses declared an overall revenue decrease, which can be
related to the decline of one or more of the following: number of members,
pricing of green fees, number of green fee rounds played, or additional revenue
sources such as food and beverage (F&B) or sponsorships, for example.
Compare your operational performance in 2009 to that of 2008
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
39%
47%
36%
32%
Decreased
Stayed the same
Increased
25%
27%
21%
32%
34%
32%
32%
Rounds
Revenues
Members
43%
Costs
Source: GBS 2010
Overall demand in terms of membership remained more or less the
same (i.e. the increase at some facilities offset the decrease at others).
Interestingly, costs increased at 43% of the courses surveyed.
This is particularly worrying when compared to those courses that
either saw a decline or stagnation of revenues.
Cost-Revenue matrix
Revenues
Costs
Increased
Stayed the same
Decreased
Increased
Stayed the same
Decreased
19%
6%
7%
8%
8%
5%
16%
11%
20%
Source: GBS 2010
Our survey shows that 35% of golf courses might be in trouble
(e.g. experiencing decreasing or stagnant revenues without being able to
decrease costs). If this trend continues, inevitably it could lead courses to an
unsustainable business operation.
Region-to-Region
– a varied picture
Although 2009 was characterized by a decrease in – or stagnation of – rounds
and revenues, some emerging golf regions such as Eastern Europe and the
Middle East still experienced growth. However, local experts believe that this
growth is much lower than it would have been under better economic conditions.
South African and Western European golf courses recorded a decrease in the
number of rounds, averaging minus 5–6%. The average estimated change
in the number of rounds in EMA overall is in the range of -2% to -4%
compared to 2008.
Changes in the number of rounds played by region
8%
6%
6%
4%
3%
2%
2%
0%
0%
-2%
-4%
-3%
-3%
-3%
GBI
BNL EMA Total
-5%
-6%
-6%
-8%
SA
WE
NE
CE
ME & NA
EE
Source: GBS 2010
A higher number of the golf course operators in our sample have declared a
revenue decrease (47%) than those indicating a decrease in rounds (39%).
While 50-70% of the golf courses recorded shrinking revenues in most regions,
in Central Europe, Eastern Europe and in the Northern European region the fall
back was limited to a much lower share of the facilities. The overall estimated
reduction of revenues was 3–5% in EMA on average.
Changes in revenues by region
8%
6%
6%
4%
4%
3%
2%
0%
-2%
-2%
-4%
-4%
-5%
-6%
-4%
-6%
-8%
-8%
-10%
WE
GBI
SA
BNL EMA Total
NE
CE
ME & NA
EE
Source: GBS 2010
To better understand the magnitude of the decline of revenues in absolute terms
throughout the EMA region, please see below the average revenues achieved per
region at an 18-hole golf course (based on the 2008 edition of the Golf
Benchmark Survey), together with the share of supply.
Source for comparison:
Average revenues at 18-hole golf courses (2008) – EUR ‘000
Middle East
5,838
Western Europe
1,415
17.1%
Benelux
1,384
3.8%
Central Europe
GB & Ireland
1,149
933
South Africa
Northern Europe
Eastern Europe
903
756
559
0.4%
Average revenues (EUR ‘000)
Share in EMA supply (%)
12.9%
42.9%
6.5%
14.3%
2.1%
Source: KPMG Rounds and Revenues Report in EMA 2008
What industry experts say…
Lodewijk Klootwijk
Director
European Golf
Course Owners
Association
“KPMG provides a very good service to the golf industry by measuring our
performance. The outcome of this research of KPMG was very similar to the
impression we get from our members across Europe. Destination courses suffer
most, but local golf is not overall that bad. Strangely enough about 1/3 of the
courses had the best year ever due the good golf weather in 2009, which seems
to have a bigger impact on the golf business than anything else.
For some years the golf consumer is changing from membership player to green fee
golfer. The credit crunch is speeding up this effect. The big challenge for the golf
industry is that we have to find ways to bind the new golf consumer with products
that fit their needs. If we as golf industry succeed, the future looks very bright!”
Jerry Kilby
Chief Executive
Officer
Club Managers
Association of
Europe
“There is no doubt that the global economic recession has had a considerable
impact on the sport of golf, but the declining number of new projects is not, in
itself a major issue. It is argued by many in our industry that there is a great deal
of over-supply, and in some regions, the last thing that is needed is another new
golf development. For existing golf club owners and operators, the major trends
that have affected most golf clubs throughout the EMA region in the last 18 months
are the declining interest among younger generations in club membership and
the less frequency of play by casual golfers.
To counter this, club owners, boards and managers are looking at offering more
flexible membership options; programmes to attract new people (especially
women and children) into the game; and providing a broader range of sports
and leisure facilities to be less reliant on golf revenues.”
Bruce Glasco
Managing Director
Troon Golf Europe
Middle East & Africa
“The impact of the crisis has been felt the hardest in the corporate sector where
we have seen this business segment drop by as much as 50% in some markets.
This has obviously led us to focus more on the other customer segments and
use more of a grass roots strategy. Having strong systems and a database of
loyal customers to draw upon has been instrumental in us maintaining play levels.
However, without the corporate sector our yields have suffered.
As for cost cutting we eliminated any overtime, reduced some seasonal staff
numbers and have deferred some non essential capital purchases but have really
tried to do more with less and most importantly, not impact the customer/members
perception of value for money.
Overall, Troon Golf's success is based on the efficient management and understanding
of costs while maintaining or even raising the customers perception of value for
money. Engaging in price war strategies is not an appropriate model in any instance as
no one wins in the long run. Focusing on the delivery of customer experiences is
at the core of Troon Golf's principals and a key factor in perceived and actual value
for money, weathering difficult times and flourishing in more affluent periods.”
…and more specifically about the UK
Stephen Lewis
Chief Executive
Officer
Crown Golf
“In 2009, the UK golf market has shown itself to be reasonably resilient in these
challenged economic times. It has, however, not escaped unscathed with areas
such as corporate golf, society golf, secondary spend all coming under sales
volume pressure. The Resort based golf market has experienced price competition
with several discount offers being placed in the market by the larger groups in an
effort to stimulate and win market share. Golf membership demand in the UK is also
coming under pressure although most UK operators have experienced good green
fee demand during the main golf season and on-course golf retail has held up well.
At Crown, we have reacted to the challenges of the economic downturn by focussing
on improving operational efficiencies, yield management, targeted marketing,
improving the customer/member experience, golf course quality and retention.
As a result we have delivered an improved performance in 2009 versus 2008
in green fees and total secondary spend and a stable membership base.
The challenge in 2010 will be no less demanding but inclement weather aside,
we expect demand to remain stable.”
Colin Mayes
Chief Executive
“My overall opinion of how the UK golf market has dealt with the financial crisis
of 2009 has been very well, all things considered.
Burhill Golf and
Leisure Ltd
At the beginning of 2009 I think all leisure related businesses were trying
to second guess what the worldwide financial crisis would mean for them.
The fact is that many UK golf businesses were helped by the large number of UK
residents who for financial reasons decided to limit there vacations overseas and
decided to stay and spend more leisure time in the UK.
At Burhill we saw the number of golf rounds grow over 2008. Whilst there was a
marked reduction in corporate golf activity this was compensated by the increase
in casual golf players particularly during the traditional holiday periods.
Our continued focus on providing quality and value for money in all of our
activities will ensure that we are able to meet the many challenges within
our industry over next decade.”
Andrew Stanley
Founder/CEO
Golfbreaks.com
“Despite all the doom and gloom, and after a slow start, 2009 turned out to be a
record year for Golfbreaks.com. We booked up 134,000 golfers during the year,
up from 110,000 golfers booked in 2008 (22% increase). UK had an outstanding
year throughout, with many golfers choosing to stay here as opposed to travelling
abroad. Bookings to Europe had a very slow start to the year, though we managed
to renegotiate rates with many of our venues to provide added value, particularly
with those in Spain and Portugal. As a result, the volume of bookings to these
two countries grew considerably in the second half of the year. Spain saw the
largest year on year growth (60% up on 2008) and Portugal finished 17% up.
France ended up 26% down on the year before. We anticipate another year of growth
in 2010 with demand for countries like Turkey and South Africa continuing to rise.”
How have golf courses
fought back?
An interesting aspect of the survey was to understand the measures golf course
managers have taken to offset the negative effects of the downturn. The chart
below summarizes the proportion of golf courses that have considered one or
more specific actions to mitigate the impact of the economic crisis.
What measures have you taken?
Cost cutting measures
65%
Changes in marketing strategy
63%
Improving customer satisfaction
58%
Changes in pricing
Refinancing and/or restructuring
No specific measures were taken
0%
44%
18%
18%
20%
40%
60%
80%
Source: GBS 2010
Two-thirds of golf course operators have taken measures to cut their expenses,
with almost half of all survey participants having cut, or planning to cut, staff
costs in the near future. Here we would like to highlight that staff costs in the
EMA region generally account for 30-40% of total revenues on average.
Sixty-three percent of golf course managers have changed their marketing
strategies. In today’s world it is inevitable that a business will utilize the
features and benefits of the Internet, in terms of online sales and marketing.
The creation of alliances with hotels, tour operators, and other industry
stakeholders is also very important for a long-lasting successful operation.
Not surprisingly, one finding of our survey is that those courses that have
taken these measurements tend to perform better.
Adjustments in pricing strategies have been very variable. Only 18% of the golf
courses have implemented price reductions, while many others have shown a
slower reaction of yield management to changing demand patterns.
Less than 20% of the courses surveyed have refinanced their operation
or have introduced restructuring measures, such as management restructuring
or outsourcing certain facilities (e.g. pro-shop, F&B outlets).
Eighteen percent of the respondents have not taken any specific measures,
continuing their operations as before.
…And how do they see
the future?
Almost one-quarter of the golf course operators interviewed have already noticed
an upswing in their operations/financial performances (with an especially high
proportion of golf courses located in Central Europe, where several of them have
not even experienced a negative impact on their operations). On the other hand,
35% foresee an upswing by the end of 2010 and 41% of the respondents expect
the recovery only in 2011 or later.
When do you expect to see the
end of the economic downturn?
Already improving
1st half of 2010
2nd half of 2010
2011 or later
24%
10%
25%
41%
Source: GBS 2010
How do you foresee the business
performance of your golf facility
in 2010?
Despite this relatively pessimistic view on the economic recovery, golf course
managers are relatively optimistic for 2010 with 54% of them foreseeing
excellent or good performance and only 7% expecting poor performance.
Taking a regional outlook, more than 30% of golf course owners/operators in the
Middle East and Eastern Europe expect excellent results. South African operators
also show very positive expectations for 2010, despite 90% of them being hit by
the economic downturn in 2009. On the other hand, we have noted that courses
in Great Britain and Ireland are particularly pessimistic with 49% expecting
medium and 11% foreseeing poor or very poor performance.
How do you foresee the business performance of your golf facility
in 2010 compared to 2009?
Excellent
EMA Total
9%
SA
Source: GBS 2010
54%
39%
7%
32%
16%
GBI 3%
BNL 3%
0%
34%
57%
19%
31%
40%
42%
58%
37%
49%
60%
8%
3%
5%
8% 3%
47%
40%
5%
9% 3%
32%
44%
20%
6%1%
32%
58%
CE 5%
Very poor
39%
31%
8%
WE 6%
Poor
45%
32%
EE
Better than 2009
As bad as 2009
Further decline
Medium
34%
ME & NA
NE
Good
6%
80%
100%
Source: GBS 2010
Concluding thoughts
While golf course operators, on average, are feeling rather positive about their
future prospects, two fundamental business factors suggest the way back to the
fairway will not be straightforward.
Firstly, 35% of the golf courses surveyed are facing the worrying combination of
decreasing revenues and increasing costs. For some golf courses, the narrowing
of profitability might come sooner than expected. Indeed, it has surprised some
in the industry that several courses performing poorly did not go out of business
in 2009. It would not be a surprise if we saw this happening in 2010. The
depressed transaction prices of golf courses are evidence to the fact that the
industry is really struggling.
Secondly, nearly half of all the courses surveyed reported a drop in revenues,
fuelled in part by one or more of the following: a fall in memberships, in green
fee revenue, as well as in F&B spending. While this decline in revenue may not
be significant when averaged out (-3 to -5% across the EMA region), it is still
worrying that 13% of courses have reported a reduction of more than 20% in
the number of rounds played. Golf courses – particularly those linked to tourist
resorts and the ones operating in mature markets like Great Britain and Ireland –
will have to work very hard on their relationship marketing, pricing strategies
and service levels to attract new customers or lure back the old ones.
KPMG’s Golf Advisory Practice remains at your disposal to review your operations
and advise you on improving your level of efficiency in these difficult times.
For more information about KPMG Golf Advisory Practice’s work and research,
visit golfbenchmark.com.
Methodology and
Sample Profile
Composition of sample:
…by size of golf course
The analysis presented in this report is based on the responses of more than
300 golf course operators from 32 countries who have participated in this survey,
performed in fall 2009.
Nearly two-thirds of the participating golf courses were 18-hole facilities,
while 9-hole courses and 27-hole or larger facilities made up 11% and 28%
of our sample, respectively.
9-hole
18-hole
27-hole+
11%
61%
28%
…integrated versus stand alone
Forty-five percent of the golf courses surveyed are located in a mixed-use
residential community and/or are part of a tourist resort. The remainder are
stand-alone courses.
More than 70% of the golf courses are owner-operated and 57% of the facilities
in our sample are profit oriented.
Distribution of survey participants by geographic region
Stand-alone golf courses
Part of a residential
community or tourist resort
55%
45%
…by operator
Region
Participating countries
Great Britain & Ireland (GBI)
Great Britain, Ireland
Western Europe (WE)
France, Italy, Spain, Portugal
Northern Europe (NE)
Denmark, Finland, Norway, Sweden
Central Europe (CE)
Austria, Germany, Switzerland
Southern Africa (SA)
South Africa, Mauritius
Benelux (BNL)
Belgium, Netherlands, Luxemburg
Eastern Europe (EE)
Czech Republic, Estonia, Hungary, Latvia, Lithuania,
Poland, Romania, Russia, Slovenia, Ukraine
Middle East and North Africa (ME&NA)
Bahrain, Saudi Arabia, United Arab Emirates, Tunisia
Owner-operated
73%
External management company 6%
Other
21%
© 2010
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(“KPMG International”), a Swiss entity. All rights reserved.
Real estate
Golf
Leisure
Tourism
KPMG's Golf Advisory
Practice possesses in-depth
know-how and experience
of the business side of the
golf industry. We provide
professional services to
developers of new golf
courses across Europe,
Middle East and Africa,
particularly for those
courses included in
integrated real estate
developments and tourist
resorts.
We have also assisted
tourism institutions with
their golf development
strategies and helped
numerous owners and
operators of existing golf
courses in becoming
operationally more efficient
in an increasingly
competitive market place.
In addition, we are the
organizers of the annual
Golf Business Forum
(golfbusinessforum.com),
and have initiated
numerous studies which
provide valuable benchmark
information to the industry.
Our services include:
• Market and financial
feasibility studies
• Business plans
• Project
conceptualization and
investment planning
• Golf development
strategies
• Business performance
improvement
• Valuation services
• Transaction services
• Management contract
negotiation
Contact:
Andrea Sartori
Partner
Tel.: +36 1 887-7215
E-mail:
[email protected]
Durban Country Club
Photo: Grant Leversha
© 2008 KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved.
KPMG’s Golf Advisory Practice in EMA continues to strive to add value to the golf industry. Through our thought
leadership programs, KPMG undertakes various initiatives that can help those with a stake in the golf industry to
make informed decisions.
In 2006 KPMG launched the inaugural Golf Benchmark Survey (GBS), one of the
largest ever golf research projects. The GBS is a market intelligence study designed
to collect and share comparable golf industry benchmarks. The primary objective of
the Golf Benchmark reports is to allow golf courses to compare their individual
performance against high, average, and low performers in their geographic
markets. Since its first launch, the survey has been extended to new regions
including India, China, Japan, South America and the Caribbean in addition to
several regional reports within Europe, Middle East and Africa (EMA).
KPMG’s Golf Advisory Practice in EMA has also published a number of additional
market intelligence studies under the Golf Benchmark initiative, including the Golf
Course Development Cost Survey in EMA, the Value of Golf to Europe, Middle East
and Africa, and the Golf Travel Insight report.
For more information on our thought leadership and to download all our reports
free of charge please visit www.golfbenchmark.com.
The Golf Business Community is an exclusive platform for individuals within the
golf industry who are interested in building and maintaining relationships, gathering
the latest golf research and golf industry news, and staying in the loop.
This is a virtual, interactive meeting place for the international golf business
community. Complementing this website is a regular ‘e-newsletter’ providing a
steady flow of news/interviews, surveys, latest industry research, choice picks from
quality golf business intelligence, and an opportunity to do online networking.
For more information, we invite you to visit: www.golfbusinesscommunity.com.
The Golf Business Forum is a unique platform for professionals involved in the golf
business industry to meet, learn, exchange ideas and do business at an exciting
and memorable event. The Forum has quickly established itself as the foremost
golf industry event in Europe, Middle East and Africa and brings together major
stakeholders in the business of golf including: golf and real estate developers,
investment groups, banks, equity funds, master planners, golf course architects,
suppliers and operators. The event attracts participants from five continents, and is
supported annually by many of the leading market players in the golf industry.
For information on forthcoming events, visit www.golfbusinessforum.com.
golfbenchmark.com
For further information
please contact the
Golf Benchmark Team:
KPMG Golf Advisory Practice in EMA
H-1139 Budapest,
Váci út 99
Hungary
Tel: +36 1 887 7100
E-mail: [email protected]
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Golf Benchmark Survey2 web 2009:Golf and the Economic

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