SEOUL - When nearly 40% of South Korean outbound travelers headed to Japan this May, most saw a trend fueled by a historically weak yen, short flights, and affordable prices. Cho Sung-joon saw an empire in the making.
Cho, the visionary founder who revolutionized Korea's golf scene by creating the booking giant XGOLF in the early 2000s and opening the club-style Show Golf driving range at Gimpo Airport in 2021, is now executing his most ambitious play yet: acquiring a network of Japanese golf resorts and transforming them with a distinctively Korean operational approach.
Speaking from the Show Golf Gimpo Airport branch in Seoul, Cho outlined his aggressive global expansion strategy.
“Following the Satsuma and Akamizu golf courses we have acquired and are operating, we plan to acquire at least three more golf courses and resorts in Osaka, Kyushu, and elsewhere within five years, building a chain of at least five locations in total,” Cho revealed. “We will transplant the DNA of K-golf service into the Japanese golf market and grow into Asia's top golf brand.”
Cho’s pivot to Japan was driven by a sharp decline in Korea's domestic golf market following the post-pandemic cooldown. Frustrated by soaring domestic green fees and rigid pricing structures, Korean golfers began looking abroad.
Where others saw risk in Japan’s aging demographics and struggling regional courses, Cho recognized high-potential assets available at reasonable valuations. His initial international step came in late 2023 with the acquisition of the historic Satsuma Golf Resort in Kagoshima from Daiwa Securities Group.
SHOW GOLF'S JAPANESE EXPANSION METRICS
┌─────────────────────────┬──────────────────────────────────────────┐
│ Satsuma Golf Resort │ • 41% YoY Revenue Surge (Year 1) │
│ (Acquired Late 2023) │ • 100% Increase in Operating Profit │
│ │ • Ranked #1 in Growth across 198 Kyushu │
│ │ Golf Courses (Japan Golf Course Assoc.)│
├─────────────────────────┼──────────────────────────────────────────┤
│ Akamizu Golf Resort │ • Revenue increased ~2.3x over first 7 │
│ (Acquired Late 2024) │ months post-acquisition │
└─────────────────────────┴──────────────────────────────────────────┘
Securing these historic properties required navigating complex negotiations and intense competition:
Community-First Strategy at Satsuma: Despite facing skepticism from local financial experts and strict demands from Satsuma's former owners—who prioritized community preservation over top-dollar offers—Cho won approval by promising deep local engagement. Today, Show Golf supports local orphanages and offers free hot spring access to nearby residents.
Beating Out Tech Giants at Akamizu: When acquiring Kumamoto's 27-hole Akamizu Golf Resort—a former Japan Golf Tour host venue—a major global semiconductor firm attempted to hijack the deal by offering double the deposit to use the property for employee housing. Show Golf rapidly mobilized capital within seven days to secure the deed.
Instead of imposing rigid overhauls, Show Golf modernized operations by streamlining outdated practices and introducing tailored Korean hospitality:
Tech & Dress Code: Replaced analog paper check-ins with app-based check-ins via XGOLF, while shifting staff attire from formal suits to modern casual wear.
Operational Flow: Abolished traditional Japanese mandatory hour-long meal breaks between 9-hole turns, replacing them with fast-paced, continuous 18-hole play options.
Culinary Appeal: Introduced authentic K-food staples like dolsot bibimbap and dak-hanmari, cooked by Korean chefs, which have drawn acclaim from both visiting South Koreans and local Japanese regulars.
With two turnarounds successfully executed and revenues surging across both properties, Cho is focused on achieving economies of scale through further acquisitions across Osaka and Kyushu—exporting his proven K-golf operational model across Asia.
