Drive Shack Inc. is Hosting an Invitation-Only
Investor Meeting After-Market Close Today at its New Puttery Venue
Located in The Colony, Texas
Announces Preliminary Revenue Results for Third
Quarter 2021 of Approximately $75 Million
Drive Shack Inc. (the “Company”) (NYSE: DS), a leading owner and
operator of golf-related leisure and entertainment businesses,
announced it is hosting an invitation-only investor meeting
after-market close today at its debut Puttery venue located in The
Colony, Texas. The Company opened its first Puttery venue – a new,
competitive and social immersive entertainment experience – on
Friday, Sept. 3, 2021.
Hana Khouri, President and CEO, and other leadership executives
will be in attendance to share the Puttery experience first-hand
with current and prospective investors and analysts. In advance of
the meeting, the Company has posted a presentation to its investor
relations website at https://ir.driveshack.com.
The Company also announced today preliminary revenue results for
the third quarter ended Sept. 30, 2021 of approximately $75
million1, which includes approximately $0.8 million in revenue from
Puttery for the month of Sept. 2021.
“We are beyond excited with the debut of our first Puttery
located in The Colony, Texas just outside of Dallas,” said Drive
Shack Inc.’s President and Chief Executive Officer Hana Khouri.
“The guest response has been overwhelmingly positive since it
opened early last month, and its performance to-date is on pace
with our expectations. Charlotte remains on track to open during
the fourth quarter 2021 and we look forward to continue expanding
the Puttery experience across the country in 2022 and beyond.”
Additional Puttery venues are under development in Charlotte,
N.C., Washington, D.C., Miami, FL., and Houston, TX.
The Company expects to report its full third quarter 2021
financial results in early November 2021.
1 Estimated revenue results, including management fee and
reimbursable expense revenue for American Golf Corporation, are
preliminary and are thus subject to change as we complete our
customary quarterly close and review procedures as of and for the
three months ended Sept. 30, 2021, and there can be no assurance
that our final results for this period will not differ from these
estimates.
Additional Information
For additional information that management believes to be useful
for investors, please refer to the investor presentation posted
earlier today on the Company’s investor relations website,
https://ir.driveshack.com. For consolidated information, please
refer to the Company’s most recent Quarterly Report on Form 10-Q or
Annual Report on Form 10-K, which are available on the Company’s
investor relations website, https://ir.driveshack.com.
About Drive Shack Inc.
Drive Shack Inc. is a leading owner and operator of golf-related
leisure and entertainment businesses focused on bringing people
together through competitive socializing. Today, our portfolio
consists of American Golf, Drive Shack and Puttery.
About Puttery
Puttery is a modern spin on putting, re-defining the game with
unique twists at every hole. Bold and full of possibilities, guests
can enjoy a high-energy atmosphere, combining competitive
socializing and innovative technology within an immersive
experience as they move from one course to the next. With plentiful
curated culinary offerings and inventive craft cocktails, all
centered around a lively bar area with great music, guests can
relax and enjoy their evening before, during and after their tee
time.
Forward-Looking Statements: Certain statements regarding
Drive Shack Inc. (together with its subsidiaries, “Drive Shack”,
“we” or “us”) in this release may constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. You can identify these forward-looking
statements by the use of forward-looking words such as “outlook,”
“believes,” “expects,” “by”, “approaches”, “nearly”, “potential”,
“continues”, “may”, “will”, “should”, “could”, “seeks”,
“approximately”, “predicts”, “intends”, “plans”, “estimates”,
“anticipates”, “target”, “goal”, “projects”, “contemplates” or the
negative version of those words or other comparable words. Any
forward-looking statements contained in this release, including
statements regarding our preliminary estimated revenue for the
period ended September 30, 2021, the expected development schedule
and timing of specific milestones for our facilities, including The
Puttery and Drive Shack venues, our expected and the remaining cost
for our development projects (both individually and in the
aggregate), the expected capabilities of our development projects
once completed, our intentions to make use of capital or free cash
flow and our future financial position and liquidity are based upon
our limited historical performance and on our current plans,
estimates and expectations in light of information (including
industry data) currently available to us. The inclusion of this
forward-looking information should not be regarded as a
representation by the Company or any other person that the future
plans, estimates or expectations contemplated by us will be
achieved. These statements are subject to a number of factors that
could cause actual results to differ materially from those
described in the forward-looking statements, many of which are
beyond our control. We can give no assurance that its expectations
regarding any forward-looking statements will be attained.
Accordingly, you should not place undue reliance on any
forward-looking statements made in this release. Factors that could
cause or contribute to such differences include, but are not
limited to, the risk that our construction schedules will take
longer than we expect, that our expectations about the consumer
demand for our product will not prove accurate, that our operating
or other costs will increase or our expected remaining costs for
development projects underway increases and the effect of the
COVID-19 pandemic on our business and financial results. For a
discussion of some of the risks and important factors that could
affect such forward-looking statements, see the sections entitled
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in the Company’s
most recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q. In addition, new risks and uncertainties emerge from time to
time, and it is not possible for the Company to predict or assess
the impact of every factor that may cause its actual results to
differ from those contained in any forward-looking statements. Such
forward-looking statements speak only as of the date of this
release. We expressly disclaim any obligation to release publicly
any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company's
expectations with regard thereto or change in events, conditions or
circumstances on which any statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20211007005753/en/
Investor Relations and Media: Kelley Buchhorn Head of
Investor Relations Drive Shack Inc. 646-585-5591 ir@driveshack.com
pr@driveshack.com
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