Govt not a golf club

“to make ONE MILLION DOLLARS”

Turn over one mill, not make. Gold Creek would require probably 3-5 full time staff on the greenskeeping payroll, and the distance the course is spread out means larger fuel costs than every other course in Canberra.

As GC Clubhouse is non smoking, it has been poorly attended every time I’ve been there…

I don’t think they have pokies subsidising the golf either.

Membership of GC is about $1200 per annum. And 182 golfers is a group of 4 teeing off every 7 minutes from 7am until 12:22pm – a staggering number of players for an overpriced (and out of the way) course midweek…

an associate of mine has a way with figures. he’s what i’d call a sharp businessman, and while a good friend – id never go into business with him.

he goes to his accountant and says ‘if i pay tax, i use a different firm next year’ and thats how places like gold creek run at a loss.

a different focus on the figures, may show that its running at a profit. depends on where they are carrying the loss from.

i’d look carefully at the wording used.

Gold Creek is a money trap for an unaware male.

Just because it’s located at Gold Creek and smells of Talcum and other heady scents doesn’t make it more valuable than gold, which seems to be the standard pricing scale out that way.

At a quick guide, to have the golf course open (without any members) to make ONE MILLION DOLLARS, you’d have to charge 182 people $15 each day of the year.

That’s without charging any money for membership at all, which is basically just a subsidised way of getting money out of you at the start of the year anyway.

Also excluding the Pro Shop and the Bar takings, sponsors signs, the list goes on.

So given these statistics, 180 people isn’t an unreasonable figure of people to throw through a golf course in a day, I fail to see how this golf course is not making a profit, and therefore be sold off as a dead asset.

Story is they are looking at further development of the facility, including accommodation. There are 3 practise holes at Gold Creek that I can imagine being used as the land for the new development.

I had relos in town over the weekend, and the over 50’s love Gold Creek. There is money to be made setting up more accommodation, better facilities and possibly more crafty style ‘shoppes’ there…

Because the residual land value that the golf club sits on is an effective write off for some assets for such a large construction and investment conglomerate Sam. Think depreciation write off and tax dodge my friend.

IMHO 3 million is a scream for a golf course. The Konstantinou group must be kicking themselves for getting away with this.

What the hell is going on here ? Simon could have made 3million by running over it with a bulldozer and subdividing it into housing estates.

This reeks of back patting Simon, might wanna be careful if this one gets public. (see aforementioned comment about clerks and shredders)

I submitted the same story, in it I posed the question “If it is so unprofitable, why are Konstantinou so willing to buy it?”