Royal Oaks needs more time to grow
Published Tuesday June 30th, 2009
It was raining yesterday but there were still golfers out on the rolling links of Royal Oaks Estates and Golf Club in Moncton. That's a good sign for the nine-year-old course, which has seen business more in the rough than the middle of the fairway in recent years.
It would be easy to suggest the recent news that Royal Oaks is in receivership is just the next step in the eventual bankruptcy of the property; that homeowners who built high-end homes in the curving streets that snake through the property will be left with devalued properties when this business challenge plays out.
We think there are brighter days ahead, even if the weather suggests otherwise.
For starters, the property is now in the capable hands of receiver A.C. Poirier and Associates. It has installed long-time Royal Oaks employee Vince MacDonald as the general manager and he appears to have a firm hand on the day-to-day business needs.
We might also note that the Goguen family that developed Royal Oaks is no longer in the management picture. We have to give Ron Goguen Sr. and his son, Ron Jr., credit for their vision and bold determination to create one of Canada's premier golf course properties on the outskirts of the city. But it was clearly time for new management to assume control and it could be that a new structure to be put in place by the receiver will lead to some bona fide offers to purchase Royal Oaks.
Aside from the course itself, the new $1 million clubhouse and restaurant is an outstanding property. There are still plenty of opportunities for housing growth, both in single-family homes and condos.
The important point to get across now is that it is business as usual at Royal Oaks. We should still be vigilant on the nearly $5 million in taxpayer money that is outstanding. The province has a stake in the future of the development and we have every indication we will one day see that investment returned. What is important is that the receiver and those it has put in place to run the facility make the right decisions to grow the business.
Royal Oaks remains a first-class golfing experience with a sparkling new clubhouse. There is no reason to suspect it won't find its way -- and new ownership -- to celebrate its 10th anniversary next year.
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By the way, 5 mil last year and 3.3 mil in 98 for a total of 8.3 million dollars.