Drive Shack and international golf star Rory McIlroy this past January announced a partnership on the former’s Puttery mini-golf concept, but the deal has yet to be consummated.
Drive Shack CEO Hana Khouri said today her company “is actively working,’’ on the deal and there are “no issues’’ with the agreement.
“It’s just taken a little bit longer than we had initially anticipated – or than I had initially anticipated,’’ Khouri said.
“Rory and his team are actively engaged with us on the first few Puttery venues. They’re excited about it. They remain excited about it.’’
Khouri didn’t further elaborate, but said she hopes to provide more details in the next few weeks.
“We’re at the very kind of end of our process with that, with finalizing some of the agreement,’’ McIlroy’s team, Khouri said.
Drive Shack today reported Q1 revenue of $61 million – basically identical to Q1 of 2020 – with a loss of $7.875 million versus $14.843 million in Q1 of 2020. The company’s American Golf division of approximately 60 traditional golf courses accounted for $52.9 million of that revenue.
Khouri said Drive Shack this summer plans to open its first Puttery venues in Dallas and Charlotte, N.C. this summer. A third location – Washington, D.C. – is in the planning stages.
“We’re also actively engaged with landlords and brokers in several prospective markets, and we expect an additional four venues to open or be near completion by the end of this year,’’ Khouri said. “We really believe that Puttery is the best path forward for our near-term growth.’’