“New York City is synonymous with innovation, which is at the center of our company’s DNA. President and Chief Executive Officer Hana Khouri said. “As one of the trendiest, nightlife-driven areas in the city, we are thrilled to bring Puttery to Manhattan's iconic Meatpacking District,” Drive Shack Inc. Additionally, guests will be able to enjoy a chef-driven menu alongside expertly curated craft cocktails. The largest Puttery yet, this 26,600-square-foot venue will span multiple levels featuring uniquely themed courses, a rooftop lounge area and several bars throughout. As one of Manhattans’ trendiest hubs for nightlife, food and fashion, the Meatpacking District is the perfect complement to the Puttery experience. It’s also home to the first stretch of the world-famous High Line, a 1.45-mile linear park built atop a former rail line. Renowned for its dynamic, 24-hour atmosphere, the Meatpacking District borders Chelsea to the north and the West Village to the south. (the “Company”) (NYSE:DS), a leading owner and operator of golf-related leisure and entertainment businesses, today announced plans to bring Puttery, its newest competitive socializing experience, to New York City’s Meatpacking District. It is our estimation the company could eventually open 100 to 200 locations nationally within the next five to ten years.DALLAS-( BUSINESS WIRE)- Drive Shack Inc. That makes each location worth 130 basis points of revenue growth relative to Q3 levels. In their view, each location could be worth $2 to $3 million in EBITDA with revenues in the range of $100 million annually. The most recent shout-out came from BTIG which finds the Puttery concept alluring. The two current ratings see the stock trading near the $5 level and the consensus which is more than 100% upside from current price action. The rest are more than 12 months old and don't reflect current conditions. There are only two analysts' ratings worth mentioning but they are both bullish. When adjusted for one-time costs the company produced the 5th straight quarter of adjusted EBITDA and is on track to continue operating profitably. This produced a GAAP loss of $0.11 per share but there is good news. Moving down to the earnings, the company experienced a tighter margin than expected due to reopening costs, normalized operations, and opening Puttery. The golf segment grew by 8.3% on top of last year's gains while the entertainment segment grew a whopping 82% on top of last year's pandemically-restricted quarter. Strength was seen in both the gold and entertainment segments but growth in entertainment was much stronger due to the comps. The company reported $76.36 million in consolidated revenue to produce the highest revenue in three years and beat the consensus estimate by 300 basis points. Drive Shack Hits The Green In Q3ĭrive Shack had a good quarter even without the $0.80 million brought in by the Puttery. We look forward to opening additional Puttery venues in the coming months, including our Charlotte location which is planned to open later this quarter," said President and CEO Hana Khouri. 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 3rd in The Colony, Texas, one of the most exciting entertainment districts in North Texas. With the company's core business back to growth and this concept in play, we think now is a great time to start nibbling on this stock if you aren't already. In our view, it is a concept long overdue and one we see taking hold in markets around the country. The Puttery concept is miniature golf for adults to include adult beverages and food. The company recently launched a new concept called Puttery that we see driving this company to new highs. The pandemic put a tailwind into the golfing industry and Drive Shack (NYSE: DS)but that's not what has us excited now. Puttery Expansion To Push Drive Shack Higher
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