Drive Shack Inc. (NASDAQ: DS) stock declined by 3.94% at last close while the DS stock-price surged by 7.38% in the after-hour session. Drive Shack Inc. is a major golf-related leisure and entertainment company that aims to bring people together using competitive socializing. American Golf, Drive Shack, and Puttery are now part of their portfolio.
Recent Past Development
Drive Shack has revealed that it has reached a deal with Rory McIlroy and his crew, the world’s most famous golfer. Puttery, Drive Shack’s latest professional socializing and entertainment golf experience, will receive a strategic investment from its investment partnership, Symphony Ventures.
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Symphony Ventures has agreed to spend at least $10 million throughout the course of Puttery’s three-year development plan in exchange for a 10% stake in the equity of each Puttery venue set to open by 2023, at a price equivalent to 10% of the entire cost of construction.
On a quarterly basis, the investment group will receive a pro-rata cash distribution of venue total cash flows equivalent to the ownership percentage. Instead of receiving a cash payout, the investment group has the option of depositing cash returns into a capital account that will be used to support future venue investments until 2023. The investment group may opt to change all or a portion of the venue LLC shares into common stock of the Company beginning in 2024.
McIlroy commented that,
Puttery is a comprehensive, one-of-a-kind entertaining golf experience also it’s an exciting and natural fit for him and his investing group. He has been working on Puttery with the Drive Shack crew for over two years and have been involved during its development. He is excited for their first Puttery locations to open this summer in Dallas and Charlotte, and he is dedicated to investing in the progress and expansion of future Puttery locations, ensuring their prosperity in the years ahead.
Drive Shack Inc. President and CEO Hana Khouri said,
Rory and his crew have been fantastic collaborators throughout the Puttery journey. From the beginning, their input and perspectives have aided in the development of this revolutionary concept. DS is delighted to forming a long-term partnership with Rory and his team, and to bringing their Puttery vision to reality in the coming weeks.