The report found declining membership, increases in operating costs, a lack of variety in golf courses and untapped target markets were "critical issues" in the industry.
Mr Gould said an ageing population in Wairarapa was a factor in declining membership at the club.
He said merging the three clubs would mean more members, less overhead costs, better turnover, more volunteers and support.
But they were only talking about it at this point and there were no plans as yet, he said.
The report said one of the main costs for golf clubs was maintaining the grounds and scarcity of water was expected to become an issue in many parts of New Zealand, significantly increasing costs.
"Golf must adapt to changing societal and market needs if it is to survive long term ... if these rural golf facilities do not merge or change, they will not be financially sustainable in the long term."
One issue for rural areas was an oversupply of clubs - many were established in the last century in rural areas and had ignored the migration of people to cities.
Masterton Golf Club was established in 1899.
