Japan Recession Results in Closing of Hakusan Golf Course – $184K Fees Uncollectible
Submitted by Bill Belew on Wednesday, 7 January 2009No Comment
The recession in Japan has hit one of Japan’s golf courses – the Hakusan Golf course.
I reckon the course management couldn’t collect the membership fees that had DROPPED to $184,000.
The Hakusan Golf club filed bankruptcy with liabilities of Y10B ($110 million!). That’s an awful lot to go into the hole, no?
The club had been in business since 1973. Declining membership over the past five years is to blame.
I wonder, had they considered lowering the membership fee? Just how much can it cost to keep a golf course running in Japan?
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