7/24/2023 0 Comments Drive shack dallas![]() Since launching the 2-Bay reservation options, event revenue is up nearly 4x. The company also launched 2-Bay reservations last September to encourage small event bookings across all Venues. On its most recent earnings call, Drive Shack said that it is offering online single-bay reservations for all of its locations and is seeing a positive response from customers. Given the fast rollout of the vaccine and low risk of contracting COVID outside, it looks probable that Drive Shack Venues will experience strong growth in 2021. The bays function as private suites, allowing each group their own defined, segmented space with physical barriers between groups. Their open air, outdoor layouts provide guests with an ideal setting for safe socializing. Recently, due to the pandemic and increased interest in outdoor activities, there has been a resurgence of interest in golf, and this has benefited the traditional golf business in the second half of 2020 and will continue to be a tailwind in 2021.ĭrive Shack Venues are the perfect post-pandemic activity. The proceeds have been used to fund construction of new Drive Shack Venues. At the time, the company announced that it would sell the 26 golf courses that it owned but keep the lucrative and higher margin management contracts associated with its golf courses.Īs of December 31, 2020, Drive Shack has successfully sold 25 of 26 owned golf properties for a total aggregate sales price of $204.2 million. ![]() Since 2019, the traditional golf business has been a secondary focus for Drive Shack. The company’s plan is to open/nearly complete seven Puttery Venues in 2021 and 10 more in 2022. The appeal of Puttery Venues is they are less expensive to create, and management believes they will generate very attractive returns on investment. Guests will enjoy indoor mini golf through auto-scoring technology that presents digital scores in real time.Įach location will feature a series of tech-enabled miniature golf courses anchored by bars and other social spaces and exceptional food and beverage offerings that will serve to create engaging and fun experiences for guests. ![]() The Puttery is a modern take on mini golf. Drive Shack will initially open two Puttery Venues this summer (in Dallas, Texas and Charlotte, North Carolina). The Puttery is the company’s new business focus. Its Drive Shack location in New Orleans is currently on hold. The company expects to open another Drive Shack Venue on Randall Island in Manhattan in 2022. Each Drive Shack Venue features expansive, climate-controlled, suite style bays with lounge seating augmented-reality golf games and virtual course play a restaurant and multiple bars an outdoor patio with lawn games and arcade games.Ĭurrently, the company has four Drive Shack locations that were launched in 20. In recent years, Drive Shack’s business plan has been to sell off its golf course ownership to free up capital to invest into its Entertainment Golf segment which segment consists of Drive Shacks and Puttery Venues.ĭrive Shacks are a modern take on driving ranges. Given substantial recent cost cuts, operating leverage should drive earnings growth in 2021 and beyond. Drive Shack ( DS) is my newest recommendation its traditional and entertainment golf businesses are set to boom in 2021, asserts Richard Howe, editor of Cabot Micro-Cap Insider.
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