Consolidated net loss was ($9.6) million for the second quarter this year compared to consolidated net loss of ($2.0) million in the same period last year.Īdjusted EBITDA was $4.6 million for second quarter 2022 compared to Adjusted EBITDA of $7.7 million for second quarter 2021. The change to last year was primarily due to increased pre-opening costs for new Puttery venues, strategic investments in headcount and other related expenses to support the development and growth in Puttery and the loss on lease termination following the Company’s decision to fully exit its Drive Shack New Orleans lease. Operating loss for the second quarter 2022 was ($6.4) million compared to operating income of $1.1 million for the second quarter 2021. The increase in total revenue was primarily due to higher event sales this year of $9.5 million, up $7.2 million or 311% versus the same period last year. Total revenue included $15.2 million of managed course expense reimbursements in the second quarter this year compared to $12.9 million in the second quarter last year. which opened in late June 2022.įor the second quarter 2022, the Company’s traditional golf business, American Golf, generated total revenue of $70.8 million, an increase of $8.5 million or 13.6% compared to total revenue of $62.3 million in the second quarter 2021. As a reminder, the Company debuted its first Puttery venue in The Colony, Texas in September 2021, followed by its second venue in Charlotte, North Carolina in mid-December 2021 and most recently its third venue in Washington D.C. Additionally, the Company’s three Puttery venues generated total revenue of $4.5 million in the second quarter this year, which included $1.0 million in total event revenue.
While slightly down to last year, the four Drive Shack venues drove a strong events business with $3.2 million in total event revenue this quarter, up $1.6 million or 106% versus the second quarter last year. Total revenue at the Company’s four Drive Shack venues totaled $11.2 million in the second quarter this year compared to $11.6 million in the same period last year. The Company’s entertainment golf business, comprised of both Drive Shack and Puttery venues, generated total revenue of $15.7 million in the second quarter 2022, an increase of $4.1 million, or 35.6% compared to $11.6 million in the second quarter 2021. Total revenue for the second quarter 2022 was $86.7 million, an increase of $12.8 million or 17.3%, compared to $73.9 million in the same period last year. We are gaining clear proof of concept with our Puttery brand, and we are confident it presents the best path-forward for growth and profitability for the foreseeable future." Puttery Houston is planned to open next month and Chicago will follow shortly thereafter. Our newest Puttery opened on June 21st in Washington D.C.’s Penn Quarter and while they are still in their initial stages of operations, their key metrics are aligning closely to those in The Colony and Charlotte. Khouri continued, "Puttery delivered another quarter of great results, with walk-in revenue trending well ahead of our expectations. We have seen the demand for future events across both the corporate and social categories continue to rise, which will translate into strong revenue results in the back half of this year." "Event revenue was up significantly this quarter at over $10 million higher than last year’s second quarter. We have a solid foundation in our core businesses with our Drive Shack venues and American Golf courses and each continues to deliver exceptional results," said Drive Shack Inc.’s President and Chief Executive Officer Hana Khouri. "Our sales results this quarter reflect the strong momentum we continue to see across our entire brand portfolio. (the "Company") (NYSE: DS), a leading owner and operator of golf-related leisure and entertainment businesses, today reported its financial results for the three and six months ended June 30, 2022.
Puttery Venues Delivered Total Revenue of $4.5 Million in Second Quarter 2022ĭALLAS, August 09, 2022-( BUSINESS WIRE)- Drive Shack Inc.
Second Quarter 2022 Total Company Revenue of $87 Million, Up 17% Compared to Second Quarter 2021 Led by Increased Event Sales and New Puttery VenuesĪmerican Golf Event Revenue up 311% and Drive Shack Event Revenue Up 106% Compared to Second Quarter 2021
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