Aureus Greenway Holdings Inc

Aureus Greenway Holdings Inc owns and operates two public golf country clubs in Florida, acquired in 2014, with a business centered on golf access, club amenities, and related on-site spending. Its properties include two golf courses, clubhouses with food and beverage offerings, aquatic golf ranges, and pro shops across more than 289 acres of recreational land. The company monetizes its facilities through annual green fee subscriptions, one-time green fees, food and beverage sales, merchandise sales, and ancillary income. Its customer base is broad and includes both local patrons and overseas visitors who use the courses and club amenities on a pay-in-advance basis.

−141,2 %

−124,0 %

−10,1 %

22.48

22.45

— Aureus Greenway Holdings Inc
%
Golf operations74% Access to the golf courses through annual subscriptions and one-time green fees, including cart use and round-of-golf services.
Food and beverage12% On-site clubhouse food and beverage offerings sold to golfers and visitors.
Merchandise6% Pro shop merchandise and golf-related retail items sold at the clubs.
Ancillary income8% Other club-related income streams tied to the operation of the recreational properties.

The company serves public golfers who buy access to its Florida courses either through annual subscriptions or on a...

  • Annual subscription golfersprimary

    Local repeat customers who prepay for year-long access to the course and cart, mainly to secure recurring play at a discounted rate.

  • One-time green fee playersprimary

    Casual golfers and visitors who pay per round, driving the largest share of golf-operations revenue.

  • Food and beverage patronssecondary

    Golfers and guests who spend on clubhouse dining and drinks while on property.

  • Merchandise buyerssecondary

    Players purchasing golf-related retail items and accessories from the pro shops.

  • Tourist and overseas visitorssecondary

    Non-local customers attracted by the Florida golf destination and public-access model.

The company’s operations are concentrated in Florida, where it owns and runs two public golf country clubs...

  • •Operations are concentrated in Florida
  • •Two public golf country clubs are the core assets
  • •Greater Orlando is a key demand market
  • •Local patrons drive recurring subscription demand
  • •Tourism and overseas visitors add non-local traffic
  • •One course closure can materially affect rounds and revenue

Management’s near-term strategy is to promote, market, and operate the golf country clubs to attract and retain...

01
Grow share in the greater Orlando golf marketshort-term

The company needs higher utilization of its public courses to offset volatility from course closures and seasonal demand.

02
Diversify and broaden the customer basemedium-term

A wider customer mix reduces dependence on a narrow set of repeat players and supports steadier cash flow.

03
Improve operating efficiency and cost controlshort-term

Golf-course operations are labor-, maintenance-, and vendor-dependent, so efficiency directly affects margins and liquidity.

The company is exposed to demand volatility because its revenue depends on golf rounds, subscriptions, and on-site...

high

Course closure and renovation disruption

One golf course was closed since mid-May 2025, reducing rounds and annual membership demand.

Scope
Golf operations revenue and subscription renewals
Materiality
high
high

Vendor concentration

A single vendor accounted for a large portion of accounts payable and operating costs, increasing bargaining and supply risk.

Scope
Operating costs and service continuity
Materiality
high
medium

Demand concentration in Florida leisure markets

The business is concentrated in Florida and depends on local and visitor golf demand, which can weaken with tourism or consumer spending slowdowns.

Scope
Course utilization and ancillary sales
Materiality
medium
medium

Weather and seasonality

Outdoor golf operations are sensitive to weather conditions and seasonal traffic patterns, which can create quarter-to-quarter volatility.

Scope
Rounds played and food/beverage sales
Materiality
medium
Revenue recognition for annual subscriptions
Contract liabilities and monthly revenue timing
Deferred revenue balance
Reported liabilities and future revenue visibility
Impairment of property and equipment
Asset carrying values and earnings
Lease accounting
Liabilities and interest/lease expense recognition

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: 11/08/2026