The Company’s traditional golf business, American Golf, generated total revenue of $65.1 million in the third quarter 2021, which included $14.7 million of managed course expense reimbursements, compared to $60.3 million in the third quarter 2020, which included $15.2 million of managed course expense reimbursements. Total revenue for the third quarter this year was $76.4 million compared to $66.5 million in the same period last year. 2021 has been an instrumental year and we remain centered on our strategic priorities to drive growth and profitability this year and beyond.”
Our American Golf and Drive Shack businesses have largely returned to pre-COVID levels, and our events business continues to meaningfully increase as we near the important, key holiday months. Khouri continued, “We delivered strong results for the third quarter, including the highest quarterly revenue in three years and our fifth consecutive quarter of positive adjusted EBITDA. We look forward to opening additional Puttery venues in the coming months, including our Charlotte location which is planned to open later this quarter.” I am beyond proud of the countless team members that worked hard to deliver our first venue and I thank them for their unmatched dedication and commitment to bring our Puttery brand and vision to life. Guests are responding favorably to our inaugural Puttery and the feedback on their experience remains overwhelmingly positive. “Our first Puttery venue debuted in our home market on September 3 rd in The Colony, Texas, one of the most exciting entertainment districts in North Texas. “The third quarter was a historic quarter for our Company with the launch of Puttery, our new, competitive socializing and immersive entertainment experience,” said Drive Shack Inc.’s President and Chief Executive Officer Hana Khouri. (the “Company”) (NYSE: DS), a leading owner and operator of golf-related leisure and entertainment businesses, today reported its financial results for the third quarter and nine months ended September 30, 2021. Reported Operating Loss of $5.9 Million and Positive Adjusted EBITDA of $3.3 Million for the Third Quarter 2021ĭebuted First Puttery Venue in The Colony, Texas in September 2021ĭrive Shack Inc. Reported Total Company Revenue of $76.4 Million for the Third Quarter 2021 Highest Quarterly Revenue Reported in Three Years
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