GBR Friday | Golf’s New Big Landlord You’ve Probably Never Heard Of… Until Now: Japanese, Publicly Traded, and Built on Slot Machines
Heiwa Corporation has become the largest publicly traded course operator in the world — a milestone explored in our 96-page dossier, "INSIDE THE GLOBAL GOLF COURSE MARKET 2025".
Hello GBR community,
We’ve been genuinely moved by the response to INSIDE THE GLOBAL GOLF COURSE MARKET 2025. The feedback, the shares, and the new subscriptions over the past few days have confirmed that this project speaks to something real in the industry. The offer remains open: paid subscribers can download the full report for free until this Sunday, March 30.
If you haven’t joined yet, this is the moment. In today´s newsletter, we’re diving into one of the most surprising stories we uncovered while researching the dossier — a corporate power move hiding in plain sight. It’s the first we’re sharing today. Let’s get into it.
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1. INDUSTRY
HOW A JAPANESE SLOT MACHINE GIANT QUIETLY BECAME THE WORLD’S BIGGEST PUBLIC GOLF LANDLORD
In the past decade, Heiwa Corporation — a Japanese leisure conglomerate best known for its slot machines and pachinko halls — has transformed itself into the most quietly dominant force in global golf. Once fierce competitors, Accordia Golf and Pacific Golf Management (PGM) are now part of a single corporate giant. In late 2024, Heiwa Corporation acquired Accordia’s parent company, merging the two operators under one umbrella. Finalized in early 2025, the deal gave Heiwa control of 321 courses—nearly 14% of Japan’s 2,300 golf facilities—and made it the largest owner of golf properties in the world by number of courses.
Heiwa’s stock trades on the Tokyo Stock Exchange under the code 6412 and currently has a market capitalization of ¥244 billion (approximately $1.63 billion). Its enterprise value, based on the December 2024 balance sheet, stood at ¥280 billion ($1.9 billion). However, this figure could rise significantly — to around ¥800 billion ($5.4 billion) — once Heiwa’s March 31 balance sheet reflects the full impact of the Accordia acquisition, which was entirely debt-financed. This would place Heiwa among the largest publicly listed companies in the global golf industry, a rare example of scale and financial visibility in a sector traditionally dominated by private ownership.
This analysis is just one of the many in-depth stories featured in INSIDE THE GLOBAL GOLF COURSE MARKET 2025: An Industry Intelligence Dossier — a comprehensive research report designed to help decision-makers, investors, and industry professionals navigate what comes next. Spanning 96 pages and 24,000 words, the dossier offers an unmatched overview of the forces shaping the global golf course business in the decade ahead. It combines market data, corporate profiles, regional insights, and trend forecasting into a single resource.
Key highlights include:
A snapshot of the 38,000+ golf facilities worldwide, spanning 208 countries
Data revealing the United States as the largest single market, with approximately 42% of all golf courses
Rapid development and future projections across Asia and the Middle East, including high-profile builds in Saudi Arabia, Vietnam, and the UAE
An examination of shifting business models, from member-based clubs to diversified revenue strategies
Emerging trends in sustainability, technology integration, and player experience enhancement.
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CALLAWAY GOLF LAUNCHES SPRING CAMPAIGN WITH ANDY MURRAY NARRATION
Callaway Golf Europe has released a new brand film titled Get Sprung, celebrating the start of the golf season with a nod to the frustrations of winter and the joy of longer, sunnier days ahead. Narrated by tennis icon and avid golfer Andy Murray, the 60-second film captures the emotional highs and lows experienced by golfers during the colder months. The campaign features well-known Callaway ambassadors, including the ForeBrothers, Inci Mehmet, Trey Niven, and George Blackshaw, alongside PGA Tour star Xander Schauffele, who is seen enjoying warmer fairways compared to his European counterparts. The film was developed with MSQ Sport + Entertainment and produced by Homeground. Supplementary behind-the-scenes footage will be released via Callaway’s social media channels, offering fans an inside look at the campaign’s creative process. Callaway is running an Instagram competition on @CallawayGolfEU to further engage viewers, with prizes including Chrome Tour balls, Tour Authentic gloves, and a round at the Old Course in St Andrews. Get Sprung is now available across all Callaway Golf Europe digital platforms. You can watch the full video here:
ROGER CLEVELAND RETURNS TO CLEVELAND GOLF, REIGNITING A LEGACY OF INNOVATION
Cleveland Golf has announced the return of legendary club designer Roger Cleveland to the brand he founded in 1979. Renowned for his meticulous craftsmanship and engineering excellence, Cleveland will now serve as Founder & Advisor, lending his expertise to the company’s Tour and R&D teams. His return marks a full-circle moment for the pioneer who launched the brand with reproductions of classic clubs, notably Bobby Jones’s Calamity Jane putter, before revolutionising persimmon woods and elevating Cleveland Golf’s presence with the introduction of high-performance irons and wedges.
1995 saw Cleveland leave the company he founded. Cleveland joined Callaway Golf the following year and began a long and successful stint with Callaway Golf, helping their wedge and iron development until he left last year. Roger Cleveland’s comeback is expected to usher in a new era of product innovation, rooted in the same design philosophy that, to date, has delivered over 400 PGA TOUR victories and 33 Major titles. His enduring legacy—most notably the creation of the iconic 588 Wedge—has helped sell more than 15 million wedges globally, making Cleveland Golf a truly venerated name in the golf industry. More information on Cleveland Golf.
NEW SERIES OF ELITE JUNIOR GOLF SHOWCASES TARGETS ACADEMICALLY DRIVEN PLAYERS
The admissions path to college golf may be narrowing for many — but a new platform aims to open doors for a very specific group: academically ambitious junior golfers.
Collegiate Academic Golf Showcases (CAGS) has launched The Draw, a series of summer events designed to connect high-performing student-athletes with coaches from top academic institutions. The goal is to streamline a process that is often fragmented and time-consuming for both families and college programs.
According to CAGS, the showcases serve two underrepresented sides of the recruiting equation:
– Families navigating the overlap between competitive golf and elite academics
– College coaches at academically selective programs who lack the bandwidth to identify talent within a saturated junior golf landscape
CAGS was created to address both sides of that challenge. Its primary strategy is to deliver high-quality events at premier golf venues, offering targeted visibility to a select group of college coaches. More than 30 coaches have already committed to attend.
The inaugural year is focused on three events this summer:
– The Draw Northeast (boys): June 22–24 – Ballyowen Golf Club, Hamburg, NJ
– The Draw Mid-Atlantic (girls): July 21–23 – Hayfields Country Club, Hunt Valley, MD
– The Draw Southeast (boys): August 3–5 – Finley Golf Club, Chapel Hill, NC
More information at the Collegiate Academic Golf Showcases website.
TRUMP ORGANIZATION TO LAUNCH $1.5 BILLION GOLF AND REAL ESTATE PROJECT IN VIETNAM
The Trump Organization has confirmed plans for a multi-billion-dollar expansion into Vietnam, with the first phase of investment—a $1.5 billion development near Hanoi—set to break ground in May. The project, described as the Trump Organization’s largest in East Asia, includes three 18-hole golf courses and an expansive residential complex. The first two courses are scheduled to open by mid-2027, reinforcing the group’s commitment to Vietnam despite geopolitical tensions and looming U.S. tariff decisions.
This ambitious initiative comes as Vietnam faces pressure from Washington to reduce its significant trade surplus with the U.S. In a bid to ease tensions and pre-empt tariffs, Vietnam has pledged to ramp up American imports and has granted Elon Musk’s Starlink a pilot operation in the country. The Trump Organization’s spokesman also indicated a second Vietnam-based project could be announced later this year, adding to the company’s growing golf and real estate portfolio in Asia, which already includes two golf clubs in Indonesia. Read Francesco Guarascio’s report in Reuters here.
SHOT SCOPE LAUNCHES PERSONALISABLE G6 GPS GOLF WATCH WITH FULL HOLE MAPPING
Shot Scope has unveiled the G6, the company’s latest golf watch designed to combine advanced technology with enhanced personalisation. The G6 offers full hole maps—an overhead view of each hole—previously only available in Shot Scope’s premium tracking models. With over 36,000 preloaded courses globally, golfers can navigate hazards, doglegs, and layup points, while accurate front, middle, and back green distances aid in precise club selection.
Weighing just 42 grams, the G6 features a daylight-readable colour screen, a built-in scorecard, and a large-digit display for clear distance readings. Users can customise their watch with 12 interchangeable strap colours, multiple clock face designs, and a selection of themes. More information here.
ZEN GOLF STAKES CLAIM TO TWO-YEAR LEAD IN MOVING FLOOR TECHNOLOGY
Zen Golf has declared a significant lead over its rivals in the emerging category of adjustable playing surfaces, citing unmatched accuracy, durability, safety, and programmability as key differentiators. Speaking after the PGA Show 2025, where Zen's Green Stage and Swing Stage attracted huge interest, the company said its systems offer a level of robustness and range of movement that other platforms cannot match. Zen’s technology enables seamless slope adjustments for both putting and full-swing training, supporting advanced coaching through integrations with tools like SAM PuttStudio and Swing Catalyst. Zen says its surfaces provide a fully programmable, data-driven environment that accelerates player improvement. Full story on Golf Business News.
2. CIRCUITS
PGA TOUR AMERICAS INTRODUCES STRICTER PACE OF PLAY POLICY FOR 2025 SEASON
The PGA Tour has launched a revised Pace of Play policy for the 2025 PGA Tour Americas season, marking a significant shift in response to widespread fan feedback gathered through its Fan Forward Initiative. Under the updated policy, a first “bad time” – when a player exceeds their allotted time to play a stroke – will now result in a one-stroke penalty, a departure from the previous rule which required a second offense before a penalty was issued. Subsequent infractions will lead to escalating consequences, with a two-stroke penalty for a second violation and disqualification upon a third. The policy will be enforced throughout the PGA Tour Americas season, which started yesterday with the Abierto Telecom del Centro in Argentina, and across the Korn Ferry Tour beginning in April.
As part of the initiative, a new Speed of Play Working Group is collaborating with the Player Advisory Council to study the impact of these changes, with a view to potential implementation across all PGA Tour-sanctioned events. Players will be allowed 40 seconds to play a stroke, with up to 50 seconds in specified situations, such as being first to play on a hole or around the green. Timing may begin with or without warning, particularly when a group falls significantly behind or disrupts others. More information at the PGA Tour.
TRUIST CHAMPIONSHIP SET TO DELIVER ECONOMIC BOOST TO PHILADELPHIA REGION
The 2025 Truist Championship is poised to generate a significant economic impact for the Philadelphia area when it arrives at the historic Wissahickon Course at Philadelphia Cricket Club from May 8–11. As a no-cut, $20 million signature PGA Tour event. The tournament has already sold out Saturday tickets and is nearing capacity for Friday, with over $100,000 in ticket sales generated in recent weeks. Organizers have also confirmed the construction of 54,000 square feet of temporary hospitality infrastructure and the mobilization of 1,600 volunteers spanning 21 U.S. states and three countries.
The Philadelphia region as a result of the PGA Championship being held at Quail Hollow, North Carolina. Quail Hollow is the traditional home for the signature event, one of eight on this year’s PGA Tour schedule, and used to be sponsored by Wells Fargo. Truist is taking over as the lead sponsor starting this year, beginning a seven-year deal. The tournament marks a rare PGA Tour appearance in the nation’s fifth-largest media market, helping to boost interest in the tournament. Read more in Neil Geoghegan’s article in the Daily Local.
LIV GOLF LAUNCHES “THE DUELS” TO MERGE LIV STARS WITH DIGITAL CREATORS
LIV Golf has unveiled a new competition format called The Duels: Miami, pairing six of its marquee professional players with six leading golf content creators. Set for April 5 and hosted during the league’s first U.S. event of the 2025 season at Trump National Doral, this nine-hole scramble will see pairings like Phil Mickelson with Grant Horvat and Dustin Johnson with Wesley Bryan compete in a made-for-YouTube format designed to blend traditional competition with the entertainment power of digital influencers. The matchups aim to appeal to younger audiences and fans of creator-driven content, reinforcing LIV Golf’s mission to innovate and expand the sport’s reach. Commentary will be led by well-known media personalities, including Mason Nutt and Robby Berger, adding to the event’s entertainment-first tone. Fans can catch the full action exclusively on Grant Horvat’s YouTube channel, with extended highlights and behind-the-scenes footage rolling out across LIV team platforms following the broadcast. More information at LIV Golf.
STINGER GC FOUNDATION LAUNCHES TO EXPAND PHILANTHROPIC IMPACT ACROSS SOUTH AFRICA
Stinger GC has officially launched the Stinger GC Foundation—an evolution of Louis Oosthuizen’s Louis57 Foundation—marking a significant step in its mission to uplift South African communities. Building on a legacy that began in 2009, the Foundation will broaden its focus to include youth golf development, healthcare support for children with severe conditions, early childhood nutrition programs, and vital environmental efforts, such as anti-rhino poaching. The initiative will continue to host key fundraising events, including Oosthuizen’s charity tournament at Pinnacle Point Estate, while pursuing new corporate and global partnerships to ensure long-term sustainability. According to Oosthuizen, this unified platform will enhance the team’s ability to deliver lasting change on and off the course. More information available through the Stinger GC Foundation’s website.
ATLANTA DRIVE CLINCHES INAUGURAL TGL TITLE AS LEAGUE LOOKS TO EXPAND
The debut season of TGL wrapped up with Atlanta Drive Golf Club claiming the $9 million SoFi Cup after defeating New York Golf Club in the final. Backed by Falcons owner Arthur Blank and led by Justin Thomas, Patrick Cantlay, Billy Horschel, and Lucas Glover, Atlanta topped a six-team league that distributed $21 million in total prize money. All matches took place at the purpose-built SoFi Center in South Florida, though league officials are already exploring expansion into new U.S. markets, including the West Coast. With viewer numbers averaging 513,000 during the regular season and interest building, TGL’s future may also include women’s teams or mixed-gender matches, signaling a bold evolution for Season 2, expected to return in January. More information can be found in David Rumsey’s report for Front Office Sports.
3. EQUIPMENT
GOLF PRIDE LAUNCHES 2025 HONORARY STARTER COLLECTION AHEAD OF THE MASTERS.
Golf Pride has unveiled its 2025 Honorary Starter Collection to coincide with the season’s opening major, The Masters, celebrating a legacy of trust with 44 past champions using Golf Pride grips en route to winning the coveted green jacket. The limited-edition collection features a vibrant azalea-inspired Tour Velvet grip in standard and midsize, alongside a themed Reverse Taper putter grip designed with visual elements reminiscent of Augusta’s iconic landscape. Available from March 24 at GolfPride.com and select retailers, U.S. customers who buy 13 or more grips will receive a complimentary limited-edition valuables bag while supplies last. More information here.
TOUR EDGE UNVEILS NEW WINGMAN 800 PUTTER SERIES WITH MAXIMUM MOI PERFORMANCE
Tour Edge Golf has launched the Wingman 800 Putter Series, introducing six precision-engineered models designed to deliver superior stability, enhanced feel, and consistent roll. Building on previous iterations, the Wingman 800 Series incorporates advanced MOI (moment of inertia) designs with a new hollow aluminum sole plate and redistributed weighting at the heel and toe for improved control and forgiveness. The putters also feature VIBRCOR technology—a soft TPU insert behind a thin 431 stainless steel face—to enhance sound and feel, while the W Precision Milled Face minimizes spin to promote a straighter release. Crafted from soft 304 stainless steel and finished in a sleek Navy PVD, each model is designed to match different stroke types: the 801 and 802 offer high-MOI mallet options; the 803 and 804 cater to compact mallet preferences; and the 805 and 806 blend blade-style playability with mallet-like stability. Available in 34” and 35” lengths for right-handed players only, each putter comes equipped with a Golf Pride Pro Only Midsize Pistol Grip. The Wingman 800 Series hits retail shelves on April 15, 2025, with a suggested price of $169.99 (£130.99, €155.99). More information at Tour Edge.
4. PEOPLE
Dave Pelz, scientist-turned-golf guru, leaves lasting legacy on the short game. Pelz, the former NASA physicist whose data-driven approach revolutionized golf instruction, passed away at age 85 in Dripping Springs, Texas, due to complications from prostate cancer on March 23. Best known for turning his analytical brilliance toward the short game, Pelz challenged the belief that great putters were born, not made. His research-led teachings transformed how golfers practiced and improved, and his emphasis on shots from 100 yards and in—where he found 80% of strokes were lost to par—helped elevate countless amateurs and professionals alike. He founded the Dave Pelz Scoring Game School, authored best-selling instruction books, and created over 40 training aids, including the widely used Pelz Putting Tutor. Pelz’s methods left an indelible mark on the careers of players like Phil Mickelson, Vijay Singh, and Tom Kite, with his students combining for more than 20 major victories. His scientific innovations included pioneering the use of wedge-specific training and influencing the development of the now-standard 60-degree wedge. Holding 20 patents, including the iconic two-ball putter licensed by Odyssey, Pelz's legacy as golf’s foremost short-game expert lives on. “Practice makes permanent,” he often said, and his life's work ensured generations of golfers would practice the right way—with precision, purpose, and Pelz’s unwavering belief that improvement was possible for all.
The Golf Course Superintendents Association of America (GCSAA) has named Joshua Tapp its new director of environmental programs. With over 20 years of experience in environmental science, Tapp will lead the development and management of environmental and research initiatives while guiding GCSAA members in implementing Best Management Practices. His role also includes supporting the association’s advocacy efforts through collaboration with regulators, government agencies, and environmental organizations. More information here.
Keith Waters, the European Tour Group’s longest-serving executive, will retire following the 2025 Open Championship at Royal Portrush in July. Waters, 67, has spent nearly 47 years in professional golf, first as a player for 17 seasons and later as a senior administrator since joining the Tour in 1995. He has played a pivotal role in shaping the Tour’s commercial strategy, international partnerships, player relations, and regulatory framework. Appointed Chief Operating Officer in 2007, Waters leaves a legacy of influence across all aspects of the European Tour’s operations. More details here.
Golf technology innovator Golf.ai has named David Mullins General Manager of Europe, signalling its ambition to expand across the continent. Mullins brings over 10 years of expertise in digital marketing and business growth. He will oversee regional operations, foster partnerships with national golf associations, and elevate awareness of the platform’s AI-powered tools. His appointment marks a key milestone in Golf.ai’s mission to deliver personalised, data-driven golf experiences for players of all levels. By Golf Business News.
5. MUST READ AND WATCH
MASTERS WEEK BECOMES GOLF’S SUPER BOWL FOR RETAIL. Mike Dojc, on Forbes, highlights how Masters Week has evolved into a retail bonanza, with brands launching themed collections that hint at Augusta without naming it—avoiding legal trouble with the famously protective tournament by using azalea-inspired designs, pimento cheese references, and other subtle nods.
THREE KEYS TO RORY MCILROY’S GRAND SLAM BID AT AUGUSTA. After a triumphant Players Championship, Rory McIlroy heads to the Houston Open to sharpen three critical areas before Augusta: fix his erratic driving, sustain his short-game edge, and keep Scottie Scheffler winless in 2025. Full story from James Corrigan on Irish Independent.
ST ANDREWS FIGHTS COASTAL EROSION WITH SAND AND SHEEP. In The Scotsman, Martin Dempster reports that St Andrews Links Trust is using 28,500 tonnes of sand and Hebridean sheep to combat coastal erosion threatening its historic golf courses. The nature-focused strategy aims to preserve both the landscape and local biodiversity for future generations.
GOLF’S GROWTH ISN’T SLOWING—IT’S EVOLVING. In his March newsletter for The Perfect Putt, Jared Doerfler explains why golf’s growth since 2019 isn’t a blip—it’s a sustained surge. On-course participation reached 28.1 million in 2024, up 3.8 million since 2019, while off-course golf doubled to 19.1 million players.
LOYALTY: GOLF’S UNDERVALUED INNOVATION FRONTIER. In a new report from the National Golf Foundation, researchers spotlight a growing disconnect: despite golf’s booming success, many Core golfers feel like “just another customer,” lacking emotional ties to courses or brands.
TO CADDY AT A PGA TOUR EVENT IS A GREAT EXPERIENCE. Rick Zurak, on New England Golf, shares his day as a Pro-Am caddy for former MLB manager Joe Maddon at the 2025 Valspar Championship, calling it a "cherished walk" filled with stories, laughs, and bunker trouble.
PROSECCO, PEARLS, AND PAR-4S: MYTHS ABOUT FEMALE GOLFERS, BUSTED. Charlotte Ibbetson, on Women & Golf, kicks off the “(Female) Club Golfer” series by dismantling tired stereotypes—from gossip and Prosecco to weak drives and outdated tees. “Technique trumps strength,” she writes, and the shift to ability-based tees shows golf’s inclusivity is finally catching up.
HOW A PROFESSIONAL GOLFER GAINED 20 YARDS WITH SUPERSPEED. One of the latest trends in golf is speed training. At the forefront of it is Superspeed Golf, who has developed a three-weighted “clubhead” system for golfers to build up their clubhead speed. Does the system work? Superspeed Golf provides a case study of professional golfer, Anna Hedlund, who uses the system and is aided by Dr Tyler Standifird, a professor of biomechanics at Utah University.
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