Drive Shack Reports $70.5M In Q4 Revenue

Drive Shack, owner of golf-related leisure and entertainment businesses, reported a 17% increase in fourth-quarter revenue to $70.5 million.

Despite recording a consolidated net loss of $8.6 million for the quarter, Drive Shack saw revenue increases across the company following its September launch of the brand Puttery, an interactive putting experience with food, cocktails, and music.

• American Golf, its traditional golf business, brought in revenue of $56.5 million — a 6.4% year-over-year increase — driven primarily by total event revenue, daily fee rounds, and higher public-course green and cart fees.
• Drive Shack’s entertainment golf business, which includes Drive Shack and Puttery venues, recorded $14 million in revenue, a 95.1% year-over-year increase. The company’s second Puttery venue opened during the quarter in Charlotte, North Carolina.

The company also announced plans on Friday to open its third Puttery location in Kansas City, Missouri.

Three-Year High

The company’s full-year revenue reached its highest level in three years at $281.9 million, a 28% increase from the same period the year prior. American Golf’s revenue jumped 21.6% year-over-year to $236.8 million, and the company’s entertainment golf business recorded a 78.3% year-over-year increase to $45.1 million.

Drive Shack’s consolidated net loss for the year was $30.3 million, a 46.2% improvement from the year prior.