![]() ![]() We currently have two Puttery venues opened with an additional seven planned openings for 2022. Our venues in Charlotte and the Colony generated just under $3 million in revenue in Q4 and just under $4 million for the year. We are seeing the same pattern with our Puttery venues. We’ve had great success in both AGC and Drive Shack venues and courses coming out of COVID. Our walk-in business this quarter was around 95% of our pre-COVID levels in Q4 2019, while events were just over 75%. In Q4, the four Drive Shack venues generated almost $4 million in event revenue and $7.5 million in walk-in revenue. Orlando also broke even for the first time in its history.Īt the beginning of the year, the revenue was mainly being driven by walk-in guests, but the events business grew over the course of the year and as regulations around gathering and group lucent. Our Drive Shack venues outperformed our expectations in 2021, ending the year just over $41 million in revenue and $13.5 million in EBITDA, coming in slightly above our run rate projections in a non-COVID year. Based on the numbers we’ve generated, the game of golf is here to stay and will only continue to gain momentum with golfers and non-golfers elect. As you are all aware, 2020 was a hugely transformative year for the game of golf in terms of its rebounding popularity due to COVID. ![]() Revenue from green and cart fees is also up nearly 30% versus 2020. Our private clubs remain at 99% membership capacity with a notable increase in total rounds and daily fee rounds of approximately 15% each over prior year. In 2021, AGC did around $240 million in revenue, an increase of over $40 million versus prior year. The demand for traditional golf remains high, so even versus pre-COVID levels. For 2021, we also delivered around $16 million in total company adjusted EBITDA, the highest since transforming our traditional golf business into an entertainment company.įor the fourth quarter, total company revenue exceeded $70 million and generated adjusted EBITDA of $2.5 million. We reported the highest total annual revenue in three years, finishing 2021 with just over $280 million in revenue, which is $62 million above prior year. 2021 was a record year for Drive Shack Inc. We encourage you to review the disclaimers in our press release and investor supplement and to review the risk factors contained in our annual and quarterly reports filed with the SEC.Īnd with that, I’d like to now turn the call over to Hana. Actual results may differ materially from those considered by these statements. I’d like to point out that certain remarks made today will include forward-looking statements. If you haven’t had a chance to download the presentation, please take the time to do so right now if you haven’t done already. We’ve posted the investor supplement to our Investor Relations website at ir. Joining me today is President and Chief Executive Officer, Hana Khouri and Chief Financial Officer, Mike Nichols. I’d like to welcome you to Drive Shack’s Fourth Quarter 2021 Earnings Call. Īt this time, I would like to hand the call over to Kelley Buchhorn, Head of Investor Relations and Treasury, Ms. ![]() At this time, I would like to welcome everyone to Drive Shack’s Fourth Quarter and Full Year 2021 Earnings Conference Call. My name is Brittany, and I will be your conference operator today. Hana Khouri – President and Chief Executive Officer Kelley Buchhorn – Head of Investor Relations and Treasury (DS) Q4 2021 Earnings Conference Call Ma9:00 AM ET ![]()
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