The study includes 41.5 18 hole equivalents representing 901,096 rounds (0.4%) of all rounds played in the United States. The average net operating loss is $341,602 which is before interest, depreciation, taxes and amortization. If you eliminate the efficiently run Alamo City Golf Trail which generated $1,761,606 in net operating income, the net loss per municipality soars to $532,803. The average rounds per 18 holes are 29,067. Click here to download report Download. Oh well!