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Sep 30, 2021
Drive Shack Q3 2021 Earnings Report
Reported highest quarterly revenue in three years with the launch of Puttery.
Key Takeaways
Drive Shack Inc. reported a total revenue of $76.4 million for the third quarter of 2021, the highest in three years, and an operating loss of $5.9 million with a positive adjusted EBITDA of $3.3 million. The company debuted its first Puttery venue in The Colony, Texas in September 2021.
Total revenue for Q3 2021 was $76.4 million, compared to $66.5 million in the same period last year.
American Golf generated total revenue of $65.1 million in Q3 2021, compared to $60.3 million in Q3 2020.
Entertainment golf business generated total revenue of $11.3 million in Q3 2021, compared to $6.2 million in Q3 2020.
First Puttery entertainment golf venue debuted in September 2021, generating total revenue of $0.8 million.
Drive Shack
Drive Shack
Forward Guidance
Drive Shack looks forward to opening additional Puttery venues in the coming months, including the Charlotte location which is planned to open later this quarter. The company remains centered on its strategic priorities to drive growth and profitability this year and beyond.