Such is the state of the global economy at present, that this year's Goodwill golf tournament came within days of being scrapped.

The event, in its 57th year, had just 35 team entries less than a month ago, well down from the normal 80-100 teams that have taken part in the past.

While that number has since jumped to 62, next month's event is one of the smallest in recent years and highlights the impact that the global recession has had on Bermuda's golf tourism.

And tournament organiser Alex Madeiros, who runs golf tour operator To A Tee, Bermuda, said the struggle to get teams to travel to the Island was indicative of an industry he doesn't expect to fully recover until the end of next year, or even the beginning of 2011.

The last nine months have been particularly slow for Madeiros, whose business generated just $163,997 for Bermuda's golf courses between January and October, that's a drop of almost $400,000 from the $562,064 he generated between May and December, 2008.

And those figures only include green fees and cart rental, not the added revenue which gets pumped into the Island's economy from associated expenditure, such as food and beverage, and hotel stays.

In addition, the average green fee for 2008 was $114, whereas this year it has risen to $145, the result of the re-opening of Port Royal Golf Course. More tellingly, however, is the split between the amount generated from tour operators ($26,917) and the cruise ships ($101,132).

"The numbers are dismal," said Madeiros, "and even when you add in the Goslings and the Goodwill, it's still going to be well down.

"You can clearly see that the economy has had a major impact this year, with no relief in sight until the end of 2010, early 2011. Last year we were lucky, we were just flying, but when you've got hotels running at 40 percent and less, what can you do."

Of the Island's courses, Riddell's Bay fared the best, earning $49,668 so far this year through To A Tee, Belmont Hills was next with $34,624, and Port Royal raked in $31,535. At the lower end of the scale the Fairmont Southampton's revenue was a miserable $1,110.

"Port Royal's numbers aren't bad considering they were closed for a while, and then they only opened nine holes," said Madeiros, "but I think Port Royal is actually going to supercede everyone else, and I think we'll see them jump in the future."

It's not all doom and gloom though. The Goslings Invitational and Goodwill tournament will both go ahead in the next two weeks, albeit with slightly fewer participants, and Madeiros is confident that the shortfall in American tourists can be made up by tapping into the European market more heavily.

"I'm so used to 80 or 90 teams, but the economy has played such a role in decisions for everybody, we should be fortunate we have got any teams, so I'm pleased we've got 62," said Madeiros of the Goodwill event.

"At one stage we actually considered cancelling it, that's how low it was, people were just struggling. I'm a little disappointed personally, but I have to be realistic, and when you put it into perspective Bermuda should be thinking itself very fortunate that we have 62 teams."

The To A Tee owner has just returned from a tourism conference in Spain, and is confident that the shortfall in American visitors can be balanced out by an increased interest from the other side of the Atlantic.

"That's one of the things we discovered in Spain. Germany's basically never been in a recession, Spain's dragging itself out of it, but the US is still deep into it," said Madeiros. "We spoke to 40 tour operators and they all want to work with Bermuda, the excitment level is pretty high on that side of the world.

"We came out of there very optimistic, it's not all doom and gloom, people are travelling, we met people from 14 different countries who want to promote Bermuda, and all of them want that four-star, or five-star, accommodations, and golf, and we can give them that."

Revenue generated by green fee bookings through To A Tee

May-December 2008

Average green fee ($114)

Web/Direct: $562,064.50 in green and cart fee revenue.

Total rounds: 4,930

January 2009-October 2009

Average green fee ($145)

Web/Direct $35,948.00

Tour Operators $26,917.00

Cruise Ships $101,132.00

Total Revenue $163,997.00

Breakdown

January 2009 - October 2009

Belmont Hills $34,624.00

Fairmont $1,110.00

Mid Ocean Club $13,440.00

Ocean View $11,645.00

Port Royal $31,535.00

Riddell's Bay $49,668.00

Tucker's Point $21,975.00

Total Revenue $163,997.00