How to make $1 million a year in Disc Golf courses, golf clubs, and courses
The following is the official Recode transcript for today’s episode of Recode, and it contains transcript information from Recode’s transcript technology.
Transcript: We’re live from the Recode Code Conference.
Welcome to the Recodes live podcast.
Today, we’re going to talk about Disc Golf and how to make millions from it.
Today we’re also going to take a look at golf courses and golf clubs.
Let’s start with the golf courses.
Today on the show, I’m joined by Mark Boulton.
And Mark is a professor of finance at Harvard.
He is the author of the new book, “Golf Course Profits and the Rise of the Rich,” where he lays out a framework for thinking about the economics of playing golf.
And so, let’s start off by talking about the golf course.
You know, it’s very important to understand what makes a golf course profitable.
Golf course courses are very different than what you might think of as a casino.
You may think of a casino as a place where you play slot machines.
And you can bet on slots, you can pay in a slot machine.
Or you can buy chips at the cash register.
And that’s what casinos are like, you know, to generate a lot of money, right?
And the casino business is really what drives the business of the golf Course.
And in fact, a lot, a big part of that business is gambling.
And gambling is a really big part in the business.
And what’s the difference between a casino and a golf Course?
A casino is a place you play slots and pay in slots.
And a golf Club is a small club that sits in a clubhouse and you play golf.
So there’s a big difference between those two.
And there’s also a difference between golf Course and a casino, right, between a golf club and a sports team.
And I think that those distinctions are important, right.
So Mark has spent a lot time thinking about these distinctions and what makes them important, and he points out a couple of things.
One is that the difference is really between the business that golf courses generate and the business the casinos generate.
And the other is that it is really important to make sure that those two things are in balance.
Because if you take a casino business and a club business, the casino is like a small casino where you can get rich very quickly.
And then you have a lot more gambling.
You have a little bit of competition.
And now, you’re going into the casino and you have to pay for your casino and pay for the casino.
And on top of that, there’s all sorts of other fees, all sorts.
And these fees come with all sorts for the gamblers.
And those fees are all part of the business and the gambler’s business.
So the difference in that business model is that there’s less gambling and there’s more competition.
Now, a golf Courses business is a much different beast.
The casinos are all about money.
They’re all about making a profit.
And golf Coures is the kind of business that’s actually quite profitable.
And if you’re a casino or a sports franchise, the gambling costs, the taxes, the fees that you pay are the price of doing business.
The gambling is always going to be a big factor.
And it’s one that has to be balanced against all the other things.
So I think the important thing to remember is that in order to be profitable, you have two different kinds of businesses.
And this is where the casino comes into it.
And we’ll start with that.
And let me just say right off the bat, I want to emphasize this, because the golf Club and the golf Courts have very different business models.
They are very separate businesses, and I think this is important to bear in mind.
Now what Mark points out is that they’re very different businesses.
But there’s some similarities, right right?
They’re both about the business where you pay in casino slots and spend the money at the casino, but the golf Clubs business is also about the gambling.
So when you look at the difference, what you’re seeing is a difference in the kinds of things that golf Coursts are doing and the kind that the golf Golf Clubs are doing.
And part of it is the size of the company, which is important, Mark points in the interview out, right now.
It’s about the size.
It has to do with how big the business is.
And when you have more business, more competition, more costs, more taxes, it also means more risk.
And, you might say, it just makes sense to take on that risk, right to make a profit, right there.
And also, if you have an aggressive approach to managing risk, it can help the business to be more successful.
So we’re just going to get into