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Drive Shack Inc. (NYSE: DS) announced its plan to voluntarily delist from the NYSE and deregister its common stock under the Exchange Act. This decision follows a notice of non-compliance with NYSE listing standards, prompting the Company to seek cost savings. Drive Shack plans to transition to the OTCQX platform for trading and expects this to be effective around January 3, 2023. The shift aims to allow management to focus on business management rather than reporting obligations, although trading liquidity and market interest may be affected.
Drive Shack Inc. announced the opening of Puttery Chicago on Nov. 4, 2022, marking the fifth location for its golf entertainment concept. Puttery Chicago, located in the Fulton Market District, features a 23,000-square-foot venue with themed nine-hole courses called the Library and Lodge. The venue aims to provide an immersive social experience with culinary and cocktail offerings. Puttery Chicago operates from 12 p.m. to 2 a.m. CT. Reservations for guests aged 21 and over are now available, and private events can accommodate up to 450 guests.
Drive Shack Inc. (NYSE: DS) announced on October 5, 2022, that it received a notification from the NYSE regarding non-compliance with the minimum average closing price requirement of $1.00 per share. The Company retains its listing during a cure period but will be marked with a '.BC' designation. To regain compliance, Drive Shack must achieve a closing share price and a 30-day average of at least $1.00 within six months. The notice does not affect the Company's debt or lease agreements.
Drive Shack Inc. (NYSE:DS) announced the opening of Puttery Houston, its second venue in Texas and fourth nationwide, on Sept. 16 at 12 p.m. CT. Located in Sawyer Yards, the 23,000-square-foot venue features three themed putting courses, multiple bars, and a lively atmosphere with DJs and live music. Puttery offers guests an immersive entertainment experience, attracting locals and visitors with unique social competition. Reservations for individual play and private events are now available online.
Drive Shack Inc. (NYSE:DS) is gearing up for the grand opening of Puttery Chicago in
Drive Shack Inc. is set to open Puttery Houston, a new entertainment golf venue, soon. Accepting event bookings for groups of 9 to 600 guests, the venue features private spaces, AV-equipped rooms, and catering services. Puttery Houston spans 23,000 square feet, featuring three themed courses: Lodge, Library, and Conservatory. Additionally, the company is hiring hospitality professionals and offers benefits like discounted golf and medical plans. Puttery already operates locations in The Colony, Charlotte, and Washington, with more planned for cities like Miami and New York.
Drive Shack Inc. (NYSE:DS) announced the opening of a new Puttery venue in
Drive Shack (NYSE: DS) reported Q2 2022 total revenue of $86.7 million, a 17.3% increase from Q2 2021, driven by strong event sales and growth in new Puttery venues. American Golf event revenue surged 311%, while Drive Shack event revenue rose 106%. Despite these gains, the company faced an operating loss of $6.4 million and a consolidated net loss of $9.6 million, attributed to pre-opening costs and strategic investments for Puttery. Adjusted EBITDA decreased to $4.6 million from $7.7 million in the previous year.
Drive Shack Inc. (NYSE: DS) will release its second quarter 2022 financial results before the market opens on August 9, 2022. An earnings supplement will be available on their Investor Relations website. Management will hold a live conference call at 9:00 a.m. Eastern Time, accessible via phone or webcast. A telephonic replay will be available from 12:00 p.m. Eastern Time on August 9 until 11:59 p.m. Eastern Time on August 16, 2022.
Drive Shack operates golf-related leisure businesses, including American Golf and Puttery.
Drive Shack Inc. (NYSE: DS) announced the opening of Puttery D.C. in Penn Quarter on June 23, 2022, at 12 p.m. EDT. This venue marks the third location for its innovative golf entertainment concept. Puttery D.C. features three themed nine-hole courses: the Art Museum, Conservatory, and Illusion, enhancing the social entertainment experience in a 19,000-square-foot area. The venue aims to be a popular destination for various social events and is open from 12 p.m. to 2 a.m., with reservations currently available.
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