Drive Shack, an owner of golf-related leisure and entertainment businesses, generated $73.9 million in revenue during Q2 2021, a jump from $32.1 million in the same period last year.
The strong quarter was fueled by American Golf, the company’s traditional golf business, which posted $62.3 million in revenue during the quarter, up from $30.3 million in Q2 2020.
Puttery, the company’s indoor golf experience, received a major investment from four-time golf major champion Rory McIlroy and his investment group, Symphony Ventures.
Symphony has committed at least $10 million for 10% ownership of each Puttery venue that opens through 2023.
Drive Shack’s impressive earnings report is the result of a growing and diverse golf market.
- Centroid Investment Partners, a South-Korea based private equity firm, acquired TaylorMade Golf for $1.7 billion in May.
- The same month, Puttshack, a mini golf venture, completed a growth capital round of $60 million, led by Promethean Investments.
- Bruin Capital acquired a controlling stake in swing simulator company Full Swing for $160 million in July.
- Swingers, a high-end mini golf experience from the U.K., is opening in Washington, D.C. and New York after raising $20 million from Cain International.
Puttery is slated to open later this year with locations in Dallas, Charlotte, and Houston.