Ronald,
Not sure. Just as when the golf design/build industry touted a golf course a day, and it proved not to be true, the current marketing (including yours truly) touts how renovations add to the bottom line. Initially, they do, but just in the last few weeks, I have seen certain facts and/or articles suggesting that the renovations come back down to earth, and it is still possible that you will lose money and have more debt. If truly a trend, total rebuilds (which I have seen at $8-10M budgets, even for non-signature architects) will become rarer and precision surgery will become more the norm, because folks will realize golf is still a tough biz.
Where possible, the next major design phase might be to design for supplementary income stream, i.e., give up land or use unused land, for real estate, even if in small parcels, to offset debt. That might result in shorter courses, maybe executive courses, but the Millennials and subsequent generations might not view 7K yards as essential to their golf experience. And, where possible, the entire thing might be planned with an "exit strategy" from golf altogether into some other land use.