Drive Shack Is Bringing Its High-Tech Mini Golf Concept to Dallas This Summer » Dallas Innovates
Once the world’s largest golf course management company, now Drive Shack, plans to launch its brand into miniature golf courses, which include technologically advanced indoor putting, entertainment, and fine dining and drinks.
The Puttery combines Topgolf’s auto-scoring technology with the social nature of miniature golf in an upscale, vibrant cocktail setting. The first venue opens at The Colony, a high-end development in Dallas-Fort Worth.
Last month, Drive Shack, based in Santa Monica, California, had an IPO that met its goal of selling $ 50 million worth of shares. Simultaneously, the company announced both its expansion into the mini golf industry and a new partnership with professional golfer Rory McIlory, a four-time major champion, two-time FedEx Cup winner and first place in the Official World Golf Ranking.
McIlroy became interested in the idea of a golf-themed adult entertainment option, which led him to enter into a no-obligation agreement with Drive Shack to develop, invest in, and market Puttery, according to a press release.
The creation of the Puttery brand is a strategic strategy that Drive Shack says will be influenced by the disruption in the golf industry resulting from the COVID-19 pandemic, as well as increased demand for social and active entertainment. The company said indoor putting locations reduce the cyclicality of its originally more seasonal demand and take up less space, which in turn allows access to more populated areas, improves capital efficiency, and much more.
While traditional Drive Shack venues cost $ 25 to 40 million, puttery venues cost $ 7 to 11 million, increasing development returns from 10 to 20 percent for Drive Shack venues to 25 to 40 percent for Puttery – Venues contributing.
Drive Shack’s growth plans also extend beyond this summer, as it has already announced it will have five puttery locations by the end of this year and ten locations by the end of 2022.
“Once COVID-19 is under control, the ability to combine high-tech mini golf with a quality menu and drink menu will make Puttery a great experience for any social event,” McIlroy said in a statement. “Personally, I am financially investing in the growth of future puttery venues across the country and I can’t wait to see our first puttery in Dallas this summer.”
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