ClubCorp generated $627.3 million from its golf operations in 2014, up 5.6 percent for same store revenue, the company announced in a year-end financial statement. The public company also added three properties in 2013, increasing revenue even further. But golf memberships were up by only .8 percent.
The revenue increase was largely due to increases in dues, which rose from an average of $3,301 to $3,499, or 6.7 percent, for same store membership. Food and beverage was also up 6.8 percent.
The company’s chief financial officer reported that he’s seeing “an increase in new members, an increase in club usage and an increase in average revenue per member visit.”
"Our record performance this year demonstrates the strength of our dues-based business model," said Eric Affeldt, president and CEO. "We remain focused on our three pronged growth strategy, which includes: organic growth from increased membership and programming, accelerated growth via capital investment and reinvention in our clubs, and increase in membership and adjusted EBITDA through disciplined acquisitions."
ClubCorp invested $26 million into renovating 12 clubs in 2013, and will invest $20 million at 11 clubs in 2014. ClubCorp manages city clubs in addition to golf courses. The ClubCorp network, including 154 golf and country-club properties, counted 146,800 members in 2013, an increase of 1.2 percent over the previous year.
"We also enjoyed the highest level of membership sales than any time in recent years," Affledt said. "Members are responding favorably to our ongoing programming, new club amenities and the value of our O.N.E. program and network benefits."
The company projects a 5 top 7 percent growth each year. It has already acquired two courses in 2014.