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Walters doesn't seem concerned
Sunday, July 21, 2002
Las Vegas Review-Journal
Local golf course developer Walters buys shares of American Golf
By KEVIN IOLE
REVIEW-JOURNAL
Bill Walters, the largest golf course developer in Southern Nevada, expanded his reach in the industry Friday with the purchase of 9.85 percent of the stock of American Golf.
American Golf recently merged with National Golf Properties. The yet-to-be-named corporation is the largest golf course company in the world.
According to a document filed with the Securities and Exchange Commission, Walters Golf purchased 1,289,900 shares of stock in National Golf Properties, which was trading at between $11.10 and $11.15 a share Friday.
Walters Golf owns four properties in Southern Nevada: the 54-hole Stallion Mountain Country Club and Desert Pines Golf Club, Bali Hai Golf Club and Royal Links Golf Club, all of which are 18-hole facilities. He is developing a course he plans to call El Grande Hombre Golf Club in southwest Las Vegas, which he hopes to make the longest golf course in the world.
American Golf and National Golf Properties operate 246 properties in the United States, including Wildhorse, Painted Desert, the Badlands, Desert Rose, Las Vegas Golf Club and Las Vegas National in Southern Nevada. Of the 246 properties it operates, it owns 124 and has more than 50,000 dues-paying members at 78 private country clubs.
"I obviously feel it's incredibly undervalued at its current price," Walters said.
Walters would not comment specifically on speculation within the golf industry that he is considering a purchase of the majority of shares of the merged company, but he did not rule it out.
He reiterated his commitment to the golf market in Southern Nevada, but said he would not limit Walters Golf's options to local facilities.
"Who knows what will happen, but I have recommitted myself for years, not months, to this company, which is why I have brought on such quality people in the last few months and why I've been looking to acquire more properties," Walters said.
"The golf market in Las Vegas is clearly overbuilt, but we're still looking at this market. We're also looking beyond this market."
Las Vegas Review-Journal
Local golf course developer Walters buys shares of American Golf
By KEVIN IOLE
REVIEW-JOURNAL
Bill Walters, the largest golf course developer in Southern Nevada, expanded his reach in the industry Friday with the purchase of 9.85 percent of the stock of American Golf.
American Golf recently merged with National Golf Properties. The yet-to-be-named corporation is the largest golf course company in the world.
According to a document filed with the Securities and Exchange Commission, Walters Golf purchased 1,289,900 shares of stock in National Golf Properties, which was trading at between $11.10 and $11.15 a share Friday.
Walters Golf owns four properties in Southern Nevada: the 54-hole Stallion Mountain Country Club and Desert Pines Golf Club, Bali Hai Golf Club and Royal Links Golf Club, all of which are 18-hole facilities. He is developing a course he plans to call El Grande Hombre Golf Club in southwest Las Vegas, which he hopes to make the longest golf course in the world.
American Golf and National Golf Properties operate 246 properties in the United States, including Wildhorse, Painted Desert, the Badlands, Desert Rose, Las Vegas Golf Club and Las Vegas National in Southern Nevada. Of the 246 properties it operates, it owns 124 and has more than 50,000 dues-paying members at 78 private country clubs.
"I obviously feel it's incredibly undervalued at its current price," Walters said.
Walters would not comment specifically on speculation within the golf industry that he is considering a purchase of the majority of shares of the merged company, but he did not rule it out.
He reiterated his commitment to the golf market in Southern Nevada, but said he would not limit Walters Golf's options to local facilities.
"Who knows what will happen, but I have recommitted myself for years, not months, to this company, which is why I have brought on such quality people in the last few months and why I've been looking to acquire more properties," Walters said.
"The golf market in Las Vegas is clearly overbuilt, but we're still looking at this market. We're also looking beyond this market."