Heard Giles Kibbe speak (general counsel for Jim Crane). Some highlights about the Houston Open and Memorial Park redevelopment:
- October Tournament is set. They are excited about creating a more social environment (think along the lines of the Waste Management Open, but admittedly not that robust). Tailgates, beer garden, concerts, etc. are being added to make it a more festive event. That said, they know it's OU-Texas, A&M-Alabama, and potentially 'Stros-Yankees ALCS weekend, which will provide headwinds for attendance.
- When they lost their April weekend, the PGA Tour gave them two options: July 4th weekend, or 2nd weekend in October. Easy to see why they made the choice they did.
- Houston Open has first rights on the first spring weekend that opens up in the future. This may be decades away though.
- Memorial Park re-opens on November 4th. Houston residents green fee will be ~$40. Out of town guests will be much higher.
- Driving range will continue to be the main revenue generator for the park.
- Beck's Prime will stay on site. The existing clubhouse facility will be renovated, but likely not expanded or materially modified.
- They are building a 17,000 sf STEM Education Center on site. Will be situated near a new 4-hole First Tee short course, which I believe he said was near the old maintenance shed. Education Center will convert to a 152-player locker-room and player dining facility for Tournament Week. Very versatile facility.
- Total redevelopment cost (golf course, existing clubhouse, driving range, new education center) is ~$32MM (can't remember exact number but that's close).
- Parking was an initial concern, and when the spoke to PGA Tour about parking, PGA Tour laughed and said parking is an issue at every tournament. Golf Club of Houston actually has one of best parking setups on tour. Memorial Park has 1,500+ parking spaces, but vast majority of fans will be shuttled in from parking sites located all over the city. Not an issue.
- They chose Tom Doak over all of the other big-name architects (Fazio, Hanse, Jones, etc.) because Tom has never designed a course where a PGA Tournament is held. When Tom was young, he said he never wanted to design a PGA course. It's now something he regretted so when Astros Golf Foundation reached out to Tom he was all over it.
- 18 bunkers on the course; multiple holes with no bunkers
- Par 71, 7,200 yards with 5 par 3's. Effectively plays like a 7,400 yd Par 72. Brooks Koepka was big on fewer bunkers and more difficult green surrounds. He said a PGA player hits it in a bunker and it's not a penalty, so why have them and the associated maintenance requirement.
- Because of timing they had to keep the same fairway grass. Didn't have time to fully kill old grass and reseed.
- Brooks wanted to play in this years event, but has prior engagements in Asia on the Monday after the tournament and can't get there in time.
- Brooks, Dustin Johnson, and Rickie Fowler have all committed to play in the tournament in 2020.