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Sunday, April 21, 2024
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Drive Shack Reports Strong Q3, Debuts New Venture

  • Drive Shack posted $76.4 million in revenue in Q3 2021.
  • The golf company reported $66.5 million in revenue for the same period last year.
Drive Shack/Design: Alex Brooks

Drive Shack, owner of golf-related leisure and entertainment businesses, generated $76.4 million in revenue in Q3 2021, up from $66.5 million for the same period last year. 

The results were driven by American Golf, the company’s traditional golf business, which posted $65.1 million in revenue during the quarter, a jump from $60.3 million in Q3 2020.

Comprising Drive Shack and Puttery, Drive Shack’s entertainment golf business reported $11.3 million in revenue during the quarter.

Indoor golf experience Puttery debuted in Denton County, Texas, in September, with venues under development in Houston, Dallas, Charlotte, Miami, and Washington, D.C. 

The business received a major investment in July from four-time golf major champion Rory McIlroy and his investment group, Symphony Ventures, which has committed at least $10 million for 10% ownership of each Puttery venue that opens through 2023. 

The company’s strong earnings report is the result of a growing and diverse golf market.

  • 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.
  • Lamborghini and Indian EV maker Kinetic Green Energy are developing golf carts, with sales to start next year.

Drive Shack reported a net loss of $8.9 million in Q3 2021 compared to $9.4 million for the same period last year. 

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