8/30/2023 0 Comments Drive shack cost(the “Company”) (NYSE: DS), a leading owner and operator of golf-related leisure and entertainment businesses, today reported its financial results for the second quarter and six months ended June 30, 2021. No specific opening date has been scheduled, but Godfrey anticipates Drive Shack will be open to the public before the end of summer.Reported Total Company Revenue of $73.9 Million and Operating Income of $1.1 Million for the Second Quarter 2021ĭelivered Quarterly Operating Income for the First Time in Three Yearsĭelivered Positive Adjusted EBITDA of $7.7 Million for the Second Quarter 2021ĭrive Shack Inc. The Better Business Bureau of Eastern North Carolina is hosting a tournament to help benefit their educational foundation and outreach programs. Charlotte, Winston-Salem and Greensboro are "leveraging Drive Shack's strong real estate and entertainment expertise," according to these documents.ĭespite not opening yet, Drive Shack is already planning an event for October. An active pipeline of more than 30 potential sites have been identified, according to a press release.ĭrive Shack released documents in 2016 hint that Raleigh might not be the only location in North Carolina that Drive Shack has a future in. Orlando saw a total of $1.7 million in revenue during the first quarter of 2019 and a 13 percent increase in total visitors since the end of last year, according to documents on their website.īesides Raleigh, a site in Richmond, Virginia and West Palm Beach, Florida are planned to open this year, with locations in Manhattan, Newport Beach, Portland, Houston, New Orleans and Chicago signed for future development, according to documents. Raleigh will be the company's second location to Orlando, Florida. It will allow us to be more innovative with our range games and give us the ability to develop concepts that will truly make us stand apart from other golf entertainment providers." "The radar-based technology they have is the best in the world and it opens up endless possibilities for us. "We want to provide our guests with the best golf and entertainment experience out there," Drive Shack Chief Executive Officer Ken May said in a press release. TrackMan is widely used in the PGA Tour and the strike zone in Major League Baseball games uses the same technology, Godfrey said. "What it gives us the ability to do is track 96 balls taking off at the same time, the speed, the height, the distance, the carry, all the things a traditional golfer would like to see," Godfrey said. Each bay will have room to sit six people, have 14 Taylor-Made clubs and will be equipped with TrackMan technology that will provide real-time feedback during game play on ball impact and trajectory, measuring the ball's flight from launch to landing. Raleigh's location will feature 96 hitting bays, 32 on each floor, and over 400 televisions, according to its website. The location will welcome different corporate groups with a few meeting rooms spread throughout the building, and a PGA Tour instructor will be on-site every day giving lessons. In addition to a full-service restaurant and bar, there will also be space for live music on their rooftop patio and comedy shows in the event areas, Godfrey said. There’s a lot of event space in the venue that we can sell for private and corporate events and social events." "We’ll have a patio area that’s going to be turfed and have picnic tables and corn hole and other fun games for them as well. "What’s fantastic about the location is it’s for everybody," Godfrey said. Even though the driving range is outdoors, Drive Shack will have two large heaters to keep golfers playing in the colder months. This three-story driving range will welcome golfers and non-golfers alike. I don't think anyone has what we're going to be able to offer." It’s an area that really needs this cool, interactive, fun feel. "Depending on whose reports you read, you’ve got anywhere from 70 to 100 people moving into the area a day. "The Research Triangle is a really quickly growing area," said Dan Godfrey, the general manager of Drive Shack's Raleigh location. The venue will be located off of Trinity Road in Raleigh, just over a mile from PNC Arena and Cardinal Gibbons High School and is the first of its kind in the area.
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