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The opening of Puttery Charlotte on
Drive Shack reported a record $76.4 million in revenue for Q3 2021, its highest in three years, marking a significant rebound post-COVID. The company also achieved positive adjusted EBITDA of $3.3 million for the quarter. Despite these gains, Drive Shack faced an operating loss of $5.9 million, slightly better than the previous year's loss of $6.0 million. The launch of its first Puttery venue in The Colony, Texas, contributed positively to revenue, while overall performance continues to improve with expectations for more venue openings.
Drive Shack Inc. (NYSE: DS) will report its third quarter 2021 financial results on November 8, 2021, before the markets open. A live conference call and webcast are scheduled for 9:00 a.m. Eastern Time that day, with earnings release details available on the company's Investor Relations website. Interested participants can access the call via designated phone numbers or through the web. A replay of the call will be available soon after its conclusion and accessible until November 15, 2021.
Drive Shack Inc. (NYSE: DS) is set to launch Puttery, an adults-only entertainment venue, in The Colony, Texas on
Drive Shack Inc. (NYSE: DS) reported strong second-quarter results for 2021, achieving $73.9 million in total revenue, up from $32.1 million in Q2 2020. The company posted operating income of $1.1 million, its first in three years, and positive Adjusted EBITDA of $7.7 million, a substantial increase from a loss of $7.0 million last year. The Drive Shack venues saw significant walk-in revenue, exceeding pre-pandemic levels. Despite this, the company reported a net loss of $2.0 million, showing improvement compared to a loss of $39.5 million in the same quarter last year.
Drive Shack Inc. (NYSE:DS) announced the opening of Puttery in Houston’s Rice Military neighborhood, marking its second Texas market and fifth location nationwide. This 23,000-square-foot venue features an adults-only vibe with four nine-hole putting courses, bars, and DJs. CEO Hana Khouri emphasized the venue's unique offering and strategic growth plans in a rapidly expanding market. Puttery aims to redefine mini-golf with upscale cuisine and innovative auto-scoring technology, enhancing the socializing experience. Locations are also being developed in Dallas, Charlotte, Washington, D.C., and Miami.
Drive Shack Inc. (NYSE: DS) will release its second quarter 2021 financial results on August 9, 2021, before market opening. A live conference call will occur at 9:00 a.m. Eastern Time, available via phone (1-877-876-9177 for U.S. callers) and webcast on their Investor Relations site. A replay of the call will be accessible later that day until August 16. Drive Shack Inc. operates golf-related leisure and entertainment businesses, including American Golf, Drive Shack, and Puttery.
Drive Shack Inc. (NYSE: DS) has entered a strategic investment agreement with golf superstar Rory McIlroy and his group, Symphony Ventures, committing at least $10 million for a 10% equity stake in each Puttery venue planned through 2023. This immersive golf entertainment concept will launch its first venues in Dallas and Charlotte this summer, with plans for a total of seven new locations by the end of 2021. Drive Shack anticipates quarterly cash distributions from venue net cash flows to investors, further expanding the Puttery brand's growth potential.
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