TWC is engaged in golf club operations under the trademark “ClubLink”.
ClubLink is Canada’s largest owner and operator of golf clubs with 53 ½ 18-hole
equivalent championship courses and 3.5 18-hole equivalent academy courses at
41 locations in Ontario, Quebec and Florida.
TWC is also engaged in rail and port operations based in Skagway, Alaska,
which operates under the trade name "White Pass." The railway stretches
approximately 177 kilometres (110 miles) from Skagway, Alaska, through British
Columbia to Whitehorse, Yukon. In addition, White Pass operates three docks
primarily for cruise ships.
Golf Club Operations Segment
The Golf Club clusters are located in densely populated metropolitan areas and the
resort destinations frequented by those who live and work in these areas. By
operating in Regions, ClubLink is able to offer golfers a wide variety of unique
membership, corporate event and resort opportunities. ClubLink is also able to
obtain the benefit of operating synergies to maximize revenue and achieve
economies of scale to reduce costs.
Revenue at all golf club properties is enhanced by cross-marketing, as the
demographics of target markets for each are substantially similar. Revenue is
further improved by corporate golf events, business meetings and social events that
utilize golf capacity and related facilities at times that are not in high demand by
Member and Hybrid Golf Club revenue is maximized by the sale of flexible personal
and corporate memberships that offer reciprocal playing privileges at ClubLink Golf
Clubs and, on payment of an additional fee, inter-regional play within ClubLink and
ClubCorp of America Golf Clubs. Daily Fee Golf Club revenue is maximized through
unique and innovative marketing programs. Resort revenue is maximized by the
integration of high quality golf facilities, which are recognized throughout the
leisure industry as the key amenity for successfully attracting corporate groups and
Corporate Operations Segment
TWC's objective at the corporate level is to identify opportunities to generate
incremental returns and cash flow. Historically, the nature of these investments
included debt and equity instruments in both public and private organizations.
Currently, management is focused on improving the returns of both operating
Rail and Port Operations Segment
The railway was constructed by White Pass during the Klondike Gold Rush of
1898/1899 and completed in 1900. From 1900 until 1982, it was used for the
carriage of general freight, ore concentrates, petroleum products and passengers.
Railway operations were suspended in 1982 when a major ore concentrate
customer shut down its mine. The South Klondike Highway between Whitehorse
and Skagway, subsequently constructed in 1985, transferred the transportation of
ore concentrates from rail to road service. The railway reopened in 1988 and has
since been operating as a seasonal passenger tourism railway. ClubLink acquired
White Pass in 1997.
White Pass operates three docks, which provide four berths for cruise ships
operating west coast schedules throughout the May to September tourism season.
The largest of the three docks, with two berths, is owned while the two remaining
docks are situated on state and city property and operate under long-term tideland
The primary market is the cruise industry, which recognizes Skagway as a marquee
port on its Alaskan cruises. White Pass maintains a symbiotic relationship with the
cruise lines - carrying almost half of all cruise passengers - making it Alaska's most
popular shore excursion and a high volume, highly rated and profitable shore
excursion for the cruise lines. The relationship is supported with an existing
incentive program and extensive cooperative pre-cruise and on-board promotion.
White Pass also markets to motorcoach tour companies and independent travelers
who arrive via ferry and the South Klondike Highway.
The results of White Pass are self-sustaining and its US operations are translated
into Canadian currency using average exchange rates during the period. Changes in
average exchange rates will impact the net earnings of the Company.