Big or little, the green is on the green

When the price of golf rises by $1, the average golfer plays 1.8% fewer rounds, according to a 2001 study by published by Sportometrics, a golf data aggregator.

This means golfers are sensitive to price changes, and as huge capital and land investments, golf courses can get pummeled during recessions.

So large golf course holding companies are buying up distressed golf courses to take advantage of depressed prices. And by entering more markets, they take advantage of economies of scale and geographical diversity.