Department stores, the 9-to-5 work day and now golf — millennials have been accused of killing them all.
Golf and country club operator company ClubCorp was sold for $1.1 billion to private equity firm Apollo Global Management. The company, which owns three courses in Arizona, has been losing money since 2016 amid declining membership.
Golf business analyst Larry Hirsh said he saw this coming.
“It’s not something that happens on a regular basis like some conglomerate taking over a hospital system,” Hirsh said. “So no, it’s not common, but I don’t think it’s particularly unusual or unexpected.”
The number of people aged 18 to 34 playing golf has decreased by 3 million in the last twenty years according to USA Today. Hirsh said despite its sale to Apollo, ClubCorp is still in acquisition mode, especially due to the currently low prices of golf courses.
