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Drive Shack reported Q1 2022 total revenue of $69 million, a 13% increase from Q1 2021. This growth was led by increased event sales and a 19% rise in revenue from Drive Shack venues, alongside a 6% increase from American Golf. The company’s two Puttery venues contributed $4.4 million in revenue. However, the operating loss widened to ($18.4 million) from ($7.9 million) a year prior, attributed partly to impairment charges. Cash reserves fell to $44.1 million from $58.3 million.
Drive Shack Inc. (NYSE: DS) will release its first quarter 2022 financial results on
Drive Shack reported updates to its March 11, 2022 financial results, revealing a $1.5 million increase in lease termination expenses for Q4 2021. This adjustment raised the consolidated net loss for Q4 2021 to $10.0 million, compared to a net income of $9.9 million the prior year. Despite the revisions, total revenue for Q4 2021 rose 17% year-over-year to $70.5 million. For the full year 2021, revenue increased by 28.1% to $281.9 million, with consolidated net loss improving to $31.8 million.
Drive Shack Inc. (NYSE:DS) expands its Puttery brand with the opening of its 10th venue in Kansas City, Missouri. The new location at Country Club Plaza spans 23,600 square feet and includes uniquely themed nine-hole courses along with bars and lounges.
The venue targets local sports fans and tourists, enhancing the area’s nightlife. Puttery combines a lively atmosphere with innovative scoring technology and culinary offerings, contributing to the company’s growing portfolio of entertainment options.
Drive Shack Inc. (NYSE: DS) reported a 17% increase in total revenue for Q4 2021, reaching $70.5 million, compared to the same period in 2020. For the full year 2021, revenue surged 28% to $282 million, the highest in three years. The company improved its operating loss by 48% to ($19.2 million) and reported an Adjusted EBITDA of $16.2 million. Despite challenges, total event revenue was at its highest since pre-COVID levels, bolstered by strong performance from both Drive Shack and Puttery venues.
Drive Shack Inc. (NYSE:DS) has announced the opening of its largest Puttery venue in New York City's Meatpacking District. The 26,600-square-foot location will feature themed courses, a rooftop lounge, and a chef-driven menu. Driven by a desire to innovate, the company aims to provide a unique socializing experience in one of Manhattan’s trendiest areas. Puttery venues are also planned for other cities, including Washington, D.C., and Miami. This expansion aligns with Drive Shack's commitment to competitive socializing in its golf-related entertainment portfolio.
Drive Shack Inc. (NYSE: DS) will release its fourth quarter and full year 2021 financial results on March 11, 2022, before market opening. A conference call is scheduled for 9:00 a.m. ET, accessible via phone and webcast on the company's investor relations website. The call can be replayed from 12:00 p.m. ET the same day until March 18, 2022. Drive Shack is a prominent operator in the golf leisure and entertainment sector with brands like American Golf and Puttery.
Drive Shack Inc. (NYSE:DS) announces the opening of a new Puttery venue in Pittsburgh, marking its eighth location in a rapid nationwide expansion. Located in the Strip District, this 19,000-square-foot establishment will feature three themed nine-hole courses, bar areas, and a chef-driven menu. Designed to cater to modern entertainment demands, Puttery Pittsburgh aims to complement the area's vibrant culture and dynamic workforce. Other locations in development include Washington, D.C., Miami, and Chicago.
Drive Shack Inc. (NYSE:DS) announced the opening of a new Puttery location in Fulton Market, Chicago, making it the seventh Puttery venue in the U.S. This 23,000-square-foot facility will feature two themed nine-hole putting courses, two indoor bars, and a rooftop patio. Drive Shack's President, Hana Khouri, emphasized Chicago's vibrant atmosphere as an ideal market for Puttery. The venue aims to combine casual dining with social golf activities, enhancing the competitive leisure landscape in the city.
Drive Shack (NYSE: DS) spreads holiday cheer with various seasonal activities at its venues through December. Notable events include the Snowman Game where guests aim to hit targets to build virtual snowmen, and New Year’s Eve celebrations featuring ticket options across multiple locations such as Raleigh, Richmond, Orlando, and West Palm Beach. The company also offers corporate holiday events at both Drive Shack and Puttery venues, accommodating diverse group sizes in festive environments.
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