Bloomberg: As Golf Goes So Goes The Economy?

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That's the premise of Bloomberg reporter Nikhil Hutheesing's story which says the economy is improving based on the numbers in golf.

Well, when people retire, some want a house on a golf course with open views and plenty of green, even if they aren't golfers. There’s your existing-home-sales data. When the economy is improving, golfers spend more on golf clothes, golf vacations, greens fees and the like (consumer spending). And as demand picks up, more golf courses, and homes, are built and old ones spruced up (housing starts).

Right now, golf is pointing to an economy that's out of the rough (click here for a closer look at the golf economy). Steven Ekovich, managing director of the National Golf & Resort Properties Group, a division of real estate investment firm Marcus & Millichap, says financing is returning to the industry. He estimates that the number of distressed assets has fallen by 65 percent since 2009 and says that investor sentiment is improving.

"As the economy heals, we expect to see course values go up this year for the first time in six years," he says.

One reason things are looking better: Lenders that were saddled with loads of distressed debt in golf courses when the housing market plummeted have unloaded much of that debt, in part by selling courses. The pace of sales of 18-hole championship-length golf courses slowed from 86 in the first half of 2012 to 55 in the first half of this year. That means the courses that made it through this period are financially healthier, Ekovich says.

LGU Sets Old Course Time Par At 4:30

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Considering it took almost six hours the last time they played the Ricoh Women's Open at St. Andrews, this from Susan Simpson of the Ladies Golf Union seems optimistic.

Nick Rodger reports:

"This week is the only week we deal with the professionals and we've obviously got to deal with two other organising bodies too. But we have full support from the LPGA and the Ladies European Tour for our slow-play policies. The rules officials out there are under instruction to come down hard on any slow play. We've set four hours and 30 minutes and we think that's achievable."

Ok, So It's Not "Our Bobby Is Back" Enthusiasm In St Andrews...

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Gene Wojciechowski showed Inbee Park's photo to the townspeople and Scots a couple of weeks ago and, well, she wasn't exactly well known or conjuring up the enthusiasm that Bobby Jones managed.

The first and last player to win four majors in a calendar year is Bobby Jones -- and that was in 1930. The first and last player to win four professional majors in a calendar year is nobody. So, yeah, this Inbee Park thing is a big deal. Plus, she could win No. 4 at the long-recognized home of golf, where everyone knows Park when they see her, right?

"Is it Nancy Lopez?" says a veteran Old Course caddie as I show him the photo of Park.
Uh, that would be a big negatory. Lopez won three majors in her entire career; Park has that many in the past three-plus months. But never mind that. The woman in the photo is clearly of Asian descent; Lopez is of Hispanic descent.

Regardless, Inbee's Grand Slam quest begins at 7:03 am Thursday.

Punters Note: Tiger Calls Oak Hill's Greens "Spotty"

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The enthusiasm in his voice is pretty telling. Someone misses Muirfield!

Bob Harig reports:

"The greens are spotty, and it'll be interesting to see what they do because they were running just under 9 on the Stimp [Stimpmeter]," Woods said. "They don't have much thatch to them, so it'll be interesting to see what they do for the tournament and how much they're able to speed them up with kind of a lack of grass."

The video:

Jack Nicklaus Golf Club Korea And Its Mounds Land '15 Prez Cup

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Look at those mounds! And that width!

The description from the press release announcing the 2015 Presidents Cup venue selected by the PGA Tour:

Jack Nicklaus Golf Club Korea features a par-72, 7,413-yard Signature Golf Course designed by the Golden Bear, and offers world-class amenities, including an award-winning, 60,000-square-foot clubhouse. For The Presidents Cup 2015, the course has undergone some minor renovations and the holes rerouted to accommodate hospitality and the match-play format. Songdo IBD is a joint undertaking by Gale International, POSCO E&C, and Incheon City and a model of international collaboration. Songdo IBD is globally recognized as the world’s foremost smart, sustainable city-scale development. In 2012, the Green Climate Fund (GCF) selected a site in Songdo as the home for the GCF Secretariat.  It is believed that many of the sustainable infrastructure and technological innovations being pioneered in Songdo will be applied to GCF-funded projects in developing nations. 

Price Tried To Get Presidents Cup Format Changed; Tim Said No!

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Nick Price was probably a little more blunt about his attempts get the Presidents Cup format changed, all but saying the event will struggle if something isn't done.

An unbylined SkySports report was one of the few to report Price's comments that might have had Commissioner Finchem longing for a Greg Norman captaincy.

"When you've only got four pairings and you've got 12 guys to choose from, that's a lot easier because you take your best players.

"The Europeans put out the eight best players they can. It would be really interesting to see if the Ryder Cup was played under the Presidents Cup points system what the outcome would be."

Price and Ernie Els put the idea of a change of format to PGA Tour commissioner Tim Finchem, who has opted to retain the 34-match schedule for this year's contest.

"Initially Tim was receptive and then he phoned me back three weeks later and said he wasn't prepared to change," added Price. "He didn't think it needed a change. Ernie and I were really disappointed with the outcome.

Can Rory Turn It Around At Firestone Like Last Year?

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Maybe the only intriguing storyline at the WGC Bridgestone is Rory McIlroy's attempt to kickstart his season as he did last year.

Derek Lawrenson in the Daily Mail wonders if it's simply a matter of losing focus while noting an alarming number for the European Tour: McIlroy is 84th in the Race to Dubai where only 60 qualify. McIlroy has four starts to get into the top 60.

Kevin Garside in The Independent makes a case that "McIlroy’s problem is every player’s problem. It’s called form. And no game demands more of body and mind than golf."

I'm just still worried about his dental pain.

"Park arrives at St. Andrews with destiny oddly intertwined with her name."

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Installed as a 5-1 favorite from our good friends at Ladbrokes according to Randall Mell, Inbee Park has karma on her side based on her distant namesake relatives, the Parks of Musselburgh!

Mell writes:

Yes, she’s South Korean, but the name Park is revered in Scottish golf. Willie Park Sr. won the very first British Open ever played back at Prestwick Golf Club in 1860, beating the favored Old Tom Morris by two shots. Park won four British Opens overall. His brother, Mungo, won the Open in 1874. Willie’s son, Willie Park Jr., won two Open titles.

As for the whole Grand Slam debate, David Fay ended the debate on Morning Drive today, reminding us during his hit in between a visit from the latest Big Break winner that Grand Slam was taken from baseball's four-bag home run. Four.

And in our poll here, it's clear you all (69%) agree that she's going for a Grand Slam this week.

As for her game, Ron Sirak says the beauty of her performance to date has been in her "lack of distinctive quality."

Here is how Inbee gets it done: She keeps her ball out of trouble; she never loses her composure, at least not outwardly; and she can putt. All of those are skills that anyone can master with discipline and focus.

In the 216 holes Park as played in winning three consecutive majors she has only had one hole higher than bogey, a double on No. 18 in the first round of the LPGA Championship.

She has done that in large part because she hit 126 of 168 fairways -- 75 percent -- including a remarkable 51 of 56 in the U.S. Women's Open at Sebonack on Long Island.

Inbee has also averaged 28.08 putts for the 12 rounds of her triple.