The 12,000 golf courses in the US generate combined annual revenue of about $18 billion. Large companies include ClubCorp and American Golf Corp. About 3,000 courses, with $7 billion of revenue, are owned by non-profit entities such as municipalities and private clubs. The industry is highly fragmented: within the commercial segment, the 50 largest companies account for only about 25 percent of the market. Most companies operate just one or two courses. The average commercial course has annual revenue of about $1 million.

Golf courses receive revenue from membership dues, activity fees, sales of food and drinks, and sales of merchandise. Membership dues account for a third of industry revenue; activity fees (‘greens fees’) for 25 percent; food and drinks for 25 percent.

Golf courses can be classified as private or open to the public. Private courses may be associated with country clubs, golf clubs, or real estate developments. Courses open to the public may be associated with resorts or operated as local ‘daily fee’ courses, including commercial and municipal courses.