Cleaner distribution, less discounting and the retail bankruptcies reduced competitive pressure on surviving independents and green grass pro shops, but participation declined in 2017 after two years of gains, and the new tax bill passed in Dec. eliminated deductions for entertainment expenses such as corporate golf outings. The new tax bill is worrying, but has yet to be quantified in terms of ultimate impact to the industry.

Of greater concern to attendees at the PGA Show held this week in Orlando was the loss of participation momentum that had buoyed the industry for the past couple of years. Through Nov., rounds ... Log in to view full article.