>>But I do believe they will be VERY profitable in the future.<<
Well, them or whoever buys their infrastructure if they go TU.
In commercial real estate, sometimes you see a building go up in an apparently great location, but nobody moves in. After a year or so, the owner defaults, it is sold at auction, and the new owner, having much less in the building, rents it out at rates that actually attract tenants.
The conventional wisdom is that the third owner of a golf course is the first guy to make money.