Three Crowns taps new revenue ideas to weather recession
The Three Crowns Golf Course at the former Amoco refinery site had been making steady progress toward breaking even, but the recession is giving its management some pause, its general manager said Wednesday.
"I don't know where we're going to end up this year, just like everyone else," Chris Moore said.
But Moore and Three Crowns have a few revenue-generating ideas to better make ends meet, he said.
The Amoco Reuse Agreement Joint Powers Board, which oversees the economic development of the former refinery property, paid for nine of the course's 18 holes and advanced more than $2 million to cover operating costs since the course opened four years ago.
The land upon which the course sits is still owned by BP and is leased to the ARAJPB for 99 years at a cost of $1. The board hired OB Sports of Scottsdale, Ariz., to manage the course.
During its first year of operation, Three Crowns ran about $800,000 in the red, which was expected.
Since then, it has reduced those amounts to about $400,000 during the 2008 fiscal year and further down to about $240,000 in the current fiscal year, Moore said.
At this rate, the board and Three Crowns have estimated the golf course will break even in 2012, he said.
But the economic downturn, which has spared Wyoming the grief affecting most of America, still has Three Crowns officials feeling cautious for the future, Moore said.
So to fight back, officials are making improvements such as better lighting to the club house and restaurant to attract non-golf functions and boost revenues, he said.
"Receptions look real good," Moore said. "People get married regardless of the economy."
Likewise, people want an attractive place for club meetings, baby showers and charity events, and the restaurant can meet those needs, he said.
Tournament booking is encouraging, too, Moore said.
While the numbers of individual participants in tournaments may not be as strong because of belt-tightening, overall bookings by groups will be strong for 2009, he said. "We are full."
Three Crowns - including the golf course, restaurant, pro shop and other amenities - has done well since its 2005 opening, its executive director Alice Kraft said Wednesday. "Up until now they have met the expectations of the board in requesting funding."
When Three Crowns breaks even, it will begin to repay the $2.8 million it owes the ARAJPB, which will use that money to fund other projects, Kraft said.
Those rules apply to other projects on the refinery site now known as the Platte River Commons and the former tank farm now known as the Salt Creek Heights Business Center, she said. "Like every entity that comes out here they have to be self-sufficient."
Reach Tom Morton at (307) 266-0592, or at tom.morton@trib.com.
Posted in Local on Wednesday, March 25, 2009 12:00 am
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