Puttery is planning to open 50 venues by the end of 2024.The company’s entertainment golf business, comprised of both Drive Shack and Puttery venues, generated total revenue of $11.3 million in the third quarter 2021, an increase of 45% over third quarter 2020 primarily associated with 2020 COVID impacts.It’s far faster and less risky than developing Drive Shack’s 12- to 15-acre locations that require an average development cycle of 18-24 months and $35M-$45M in capital. ![]() The development cycle is 6-9 months and $7M- $11M per Puttery location. Puttery indoor venues are projected to average 21,000 square feet and be located adjacent to other entertainment venues. Puttery presents the best path forward for near-term growth. Hana Khouri, president and CEO of Drive Shack Inc., said the smaller footprint concept has faster development cycles versus the original sister concept, Drive Shack. The next location will open next month in Charlotte while 13 others are planned for 2022. The Dallas-launched venue experienced late Saturday nights as its busiest daypart with average stays of two hours and 60% of customers planning their visit ahead. Puttery offers competitive socializing with unique putting courses, craft cocktails, music and food in an adults-only playground. ![]() The brand’s latest entertainment concept, Puttery opened its first door in The Colony, Texas, over Labor Day weekend. Bullish on the opportunities, Drive Shack plans to take on $85M in debt capital in 2022.Drive Shack has sold off all but one of its owned golf courses to help fund the pivot to the off course, entertainment business.FY 2022 is projected to grow from YE – 2021 projections from $280M.EBITDA of $3.3M, the fifth consecutive quarter of positive adjusted EBITDA Operating loss of $5.9 million in Q3-21 vs.$76.4M total revenue in Q3-21, the highest quarterly revenue since Q3-18.30, 2021.ĭrive Shack experienced revenue growth in core businesses and began highlighting its entertainment golf concepts. ( NYSE: DS), owner and operator of golf-related leisure and entertainment businesses, on Monday reported its financial results for the third quarter and nine months ending Sept. ![]() The new Drive Shack complex is expected to be a direct competitor to Dallas-based Topgolf, which last fall opened its three-level, 65,000-square-foot sports venue on Orlando’s International Drive tourist corridor.Drive Shack Inc. The complex still has positions available on its careers webpage, ranging from bay caddy to senior operations manager. The new three-story, 57,000-square-foot sports center - the next piece of Lake Nona’s 300-acre Sports and Performance District - features a restaurant, lounge, bar, 90 hitting bays and meeting spaces on 15 acres at 7675 Lake Nona Blvd.ĭrive Shack began hosting several hiring events in November to prep for its opening, as previously reported by OBJ. 14, Tavistock Sports Ventures Vice President Andy Odenbach told attendees at Orlando Business Journal’s Jan. (NYSE: DS) will debut its $20 million-$25 million golf-themed driving range and entertainment complex on Feb. ![]() New York-based global golf entertainment company Drive Shack Inc. Lake Nona’s newest sports-themed complex is getting ready to open its doors to the area’s golf fans.
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