The numbers speak for themselves.
Since 2019, the year before the COVID pandemic, golf’s largest management companies have experienced unprecedented growth.
In total, the 11 management companies that operate 50 or more courses have grown from 1,164.6 courses in 2019 to 1,796.77 — a remarkable 54% increase that has been driven by post-pandemic demand, record participation and renewed access to capital.
Golf operators are also benefitting from one of the strongest operating environments in the industry’s history.
Total golf participation has grown 50% during the last decade, now exceeding 48 million golfers, according to the National Golf Foundation. Rounds played reached an all-time high in 2025, the fourth record year in the past five, despite 2,000 fewer courses nationwide. Pellucid also reported that 2025 set multiple modern-era performance records.
That increased play has strengthened operating performance and generated the cash needed for reinvestment — even for companies without significant private equity backing.
Landscapes Golf Management, largely owned by Bill Kubly, has grown from 65 courses in 2019 to 77 today and continues to develop new projects, including Kettle Forge, a new championship golf course located in Ashippun, Wisconsin.
