26/05/2026
This was a post on the Pegasus Residents page.
It’s important to recognise that the golf club was and could be a viable, much loved and supported proposition.
It is very disappointing to see so many ignorant, foolish and just plain stupid comments about the viability of the Pegasus Golf course. Sam Huo bought the golf course from Todd Corporation via his company Pegasus Golf Ltd. in 2017 for about $4.8 million which included a number of empty sections around the course which he later sold for well over $2 million. He transferred ownership of Pegasus Golf Ltd to Sports & Education Corporation Ltd and increased the value of the asset to $14.5 million, using this valuation to borrow $6 million plus to fund other totally unrelated ventures. A large part of the golf course annual loss was the interest and other payments for this borrowing. There were over 550 members of the golf club when he bought it and by deleting a number of membership categories he managed to reduce membership to 200 last year. With the average sub at least $1250 he has reduced annual income by over $400,000. He failed to pay the suppliers to the Pro Shop (like Titleist, Nike etc.) so the shop had nothing to sell. He failed to pay the lease of the golf carts, so they were taken away last year - $50 per round gone!
We as members of a privately owned golf course had no say in what was happening, but we do know that if it had been run as a properly promoted golf course and not as a cash cow for Mr. Huo, it would be a very profitable operation.