Rory McIlroy-Backed Puttery Unveils Aggressive Growth Plans With 3 New Locations Coming Soon
Social golfing experience Puttery is coming to Minneapolis, the latest move by a brand that has rapidly expanded since its Texas debut in September.
The more than 21K SF venue slated for the Twin Cities is the fourth location for Puttery, owned by golf leisure and entertainment company Drive Shack Inc. Locations in Houston and Chicago are expected to open in the coming months, according to a release.
“Together, the Twin Cities boast one of the strongest economies in the region,” Drive Shack Inc. President and CEO Hana Khouri said in the release. “Their growing population is always in search of unique destinations for corporate events, happy hours, and date nights. Puttery Minneapolis will be the perfect enhancement to the city’s booming entertainment landscape.”
Drive Shack’s annual revenue was up more than 17% in the second quarter of this year, with Puttery venues contributing $4.5M of $87M, per a company release. The remaining funds came from the brand’s four Drive Shack locations and its traditional golf business, American Golf. New Puttery locations and a resurgence of events provided a healthy boost for Drive Shack’s Q2 revenue, Khouri said.
“Event revenue was up significantly this quarter at over $10 million higher than last year’s second quarter,” she said. “Puttery delivered another quarter of great results, with walk-in revenue trending well ahead of our expectations.”
Back in July 2021, 28-time PGA winner Rory McIlroy made a $10M strategic investment in Drive Shack to advance expansion plans for Puttery, a tech-infused mini-golf experience similar to what is offered at Topgolf. McIlroy’s investment firm, Symphony Ventures, will have 10% ownership in each Puttery venue that opens through 2023, according to D Magazine.
Since then, things have moved quickly for the company, which has seven additional locations in the works. By the end of 2024, Dallas-based Drive Shack plans to have 50 locations across the U.S., Chairman Wesley Edens told D Magazine.
“We could very well get to 100 or 200 sites over time,” Edens said in the article. “We have no limit on how well this particular type of entertainment asset will perform, but we know we’re onto something tremendous.”