The United States golf market has witnessed a steady growth before the coronavirus pandemic, with more than 24 million participants and $23.5bn in revenue in 2019. Although US golf revenues dipped amid the COVID-19 lockdown, the entire industry is expected to recover in 2021 and continue growing in the following years.
According to data presented by SafeBettingSites.com, the US golf courses and country clubs industry is forecast to generate $23.3bn in revenue this year.
Revenues Grow, the Number of Golf Courses and Country Clubs Falls
In 2012, the US golf courses and country clubs market generated $20.8bn in revenue, revealed Statista and US Census Bureau data. Over the next three years, this figure rose to $21.8bn.
Statistics show the entire industry was trending positively before the pandemic, with revenues reaching $23.2bn and $23.5bn in 2018 and 2019, respectively. Although the pandemic caused a 2.5% year-over-year drop to $22.9bn in revenue in 2020, the benefits of being a social distance-friendly activity are expected to drive the market growth in the following years. By 2024, the US golf courses and country clubs are expected to generate $24.6bn in revenue.
However, Statista data showed the number of businesses operating in the US market decreased in the last ten years. In 2010, there were 10,973 golf courses and country clubs in the country. Over the next five years, this figure dropped to 10,335. Statistics show the number of businesses in the US market stood at 9,677 in 2020, an 11% drop in ten years.
Troon, ClubCorp, and Indigo Golf Partners top the List of the Golf Management Companies
The Statista and Golf Inc. data showed Troon Golf was the leading company based on the number of golf courses. The Arizona-based company, which generates around $235 million in revenue, had 278 golf courses in its portfolio last year.
ClubCorp operated 200 golf courses in 2020 and ranked as the second-largest company in the market. The US company and its clubs have around 20,000 employees and more than 430,000 members.
Billy Casper Golf, Pacific Golf Management, and Accordia Golf Co., Ltd followed, with 158,156 and 134 courses, respectively.
Read the full story here: https://www.safebettingsites.com/2021/01/11/us-golf-courses-and-country-clubs-industry-to-hit-233b-in-revenue-in-2021/