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Trends <br />Golf <br /> <br />24% participation reduction from peak in 2002 to <br />current 23 million in 2015 <br /> <br />1% reductions in 2015 golf course supply (203 <br />permanent closures) <br />*National Golf Foundation <br /> <br />Minnesota –25 closures * <br />Star Tribune <br /> <br />Golf course closures will continue <br /> <br />All golf courses are capital and maintenance intensive <br /> <br />Golf course management firms are hired with mixed <br />results <br />