Dead right about the head in the sand approach. That's what NZTR have being using for the last 2 decades whilst as a recent CEO told me, keeping on looking for the next pot of gold. They've tried the tax-payer, a corporate rescue, overseas product, pokies and now aiming at the online casino business. I'm afraid however, they may be coming to the end of a rainbow that has no pot of gold.
Clubs were run as businesses for a century living on their own earnings. As with all industries a few ran into financial difficulties from time to time, but few actually went out of business because of that.