Operating loss for the third quarter 2022 was ($5.2) million compared to an operating loss of ($5.9) million for the third quarter 2021. The increase in total revenue was primarily due to higher event sales this year of $9.0 million, up $3.0 million or 51% versus the same period last year. Total revenue included $16.4 million of managed course expense reimbursements in the third quarter this year compared to $14.7 million in the third quarter last year. As a reminder, the Company debuted its first Puttery venue in The Colony, Texas in September 2021, which was open for one month in the third quarter 2021.įor the third quarter 2022, the Company’s traditional golf business, American Golf, generated total revenue of $71.8 million, an increase of $6.7 million or 10.4% compared to total revenue of $65.1 million in the third quarter 2021. Additionally, the Company’s four Puttery venues open at the end of the third quarter this year generated total revenue of $6.6 million compared to $0.8 million in the same period last year. While slightly down to last year, the four Drive Shack venues drove a solid events business with $2.5 million in total event revenue this quarter, up $0.4 million or 22% versus the third quarter last year. Total revenue at the Company’s four Drive Shack venues totaled $10.1 million in the third quarter this year compared to $10.5 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 $16.7 million in the third quarter 2022, an increase of $5.4 million, or 47.4% compared to $11.3 million in the third quarter 2021. Total revenue for the third quarter 2022 was $88.7 million, an increase of $12.3 million or 16.1%, compared to $76.4 million in the same period last year. There are five additional venues committed and scheduled to open in 2023.' We continue to gain a clear proof of concept with our Puttery brand. Our newest Puttery opened on November 4 th in Chicago, IL. Puttery Houston opened on September 16 th, and while they are still in their initial stages of operations, their key metrics are aligning closely to our other venues. Khouri continued, 'Puttery delivered another quarter of great results, with event revenue trending 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 this quarter is over $3 million higher than prior year. Drive Shack’s performance was slightly lower than last year driven mostly by weather,' 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 American Golf and Puttery.

(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 nine months ended September 30, 2022. Puttery Venues Delivered Total Revenue of $6.6 Million in Third Quarter 2022ĭALLAS, November 21, 2022-( BUSINESS WIRE)- Drive Shack Inc. Third Quarter 2022 Total Company Revenue of $89 Million, Up 16% Compared to Third Quarter 2021 Led by Increased Event Sales and New Puttery VenuesĪmerican Golf Event Revenue up 51% and Drive Shack Event Revenue Up 22% Compared to Third Quarter 2021

Drive shack earnings call