Kelley. today. joining Good for us morning, Thanks, everyone. Thanks
we results in up brand reflect quarter sales strong to or XX% $XX the million entire last $XX Our across see total QX our portfolio. momentum year. nearly this delivered revenue, We continue million company to compared
with driven events. American in courses Golf XX delivering by solid for in same our million at $X.X coming business total above million strong remains revenue, Our last core $XX year's demand quarter,
business just total drove year, slightly revenue million million, Shack over while Drive a with down $XX in $X they delivered quarter. venues event just last of over this four Our strong events revenue versus and
with deliver which gain proof-of-concept our to in line continue Puttery, continues expectations. We to with results
combined of total For Colony two million. Charlotte in The $X.X revenue venues generated and QX, our
second which QX June more $XX days seen significantly located quarter. is D.C.'s future the generated was opened million categories Quarter translate EBITDA event $XXX,XXX increase Adjusted the at which in on into XX year, corporate few both was with the related last the growth and events the was in year. last Our for to with made $X this in was opened We've and than of American it development expected investments below the private other the revenue support in the quarter and across demand rise, to the public social $X in over Puttery. second revenue expenses $XX Golf. half at newest Puttery million quarter, from for Penn up continue and million $X.X year's and Total headcount strong sales was million of above to which coming we've event will the million, strategic back to in just results for
venues core our American and in foundation strong Golf Drive our a have exceptional Shack results. continues each courses We and with business to deliver
pleased performance X. venues, been of the for Puttery Colony, XX and has now extremely are which has opened We with open The been which for months, Charlotte, our two
expected ahead within the of entertainment range. these of plan business. venue-based generating both large delivering well their clear margins concept two results slightly in Our proof market unit venues, a and with addressable the is profitability sales There's economic
are Kansas represents new opening Houston expect a the We Puttery now of as to towards of Pittsburgh City of with invest XXXX We in for growth. additional Chicago and early to QX QX. end venues development near Behind the and capital openings late continue QX. new path by the Puttery planned in term open these, best total in forward four
openings operating. pushed venue early we delays with zoning are dates Unexpected national to leases Miami new in will XXXX speak and this to a in I'll venues partnered together, moments. a We a XXXX. and broker, just pursuing beyond. seven of few have permitting end recently and licensing We've for aggressively opening and more total Puttery XXXX the new and both with Manhattan of open
of a Orleans. longer As development our Shack venue Drive reminder, last quarter no New in we made decision to the pursue the
of lease with termination XX, effective right-of-use we when and to we a coupled agreement rights year, removed sheet. longer lease Manhattan from $X we've million use premises. Drive June to the our and entered our associated this continue we site above fees Shack our liabilities and QX Drive with During into Randall's with And plan landlord Island the deliver the that, venue this will EBITDA it With have no lease, on and in the balance well believe asset XXXX, terminations associated the We venues. margins sales quarter. net exit a of developing current Shack recorded loss to on the any
So turning the deck. to
you Shack will operating an to entertainment see traditional Page As X, the has transformation Inc. a four last significant on years. Drive business golf undergone from during company
of we last since Beach in Puttery developed Raleigh, September The Orlando. our owned courses entertainment newest four to today business of portfolio, managed a development course Dallas into During year. and number Drive and using in venues golf our our We've in golf fund opening the growth experience entertainment first this our of the Shack the that operate and Richmond, of Palm sold Colony converting just them the Puttery, West we of time, with proceeds outside help majority
ago Our XXXX DC's in June. second Charlotte most zone weeks mid-December few Penn entertainment of premier and recently in in opened in late a Quarter, venue
XX meeting to of our goals underway Puttery are XXXX. by We of open venues end the total a to
courses and now to summary Page and Turning for of a X view timeline venues. our
one states business, leased end nine and Golf courses. we of across with side American managed owned, On of XX QX the XX at held our XX courses the
mentioned, entertainment As golf and I Richmond currently venues four Shack Palm. we Drive in Raleigh, have Orlando, located just West
on Kansas With to these, today committed of We Houston, we open open to XXXX. operate we Colony, one Manhattan venue-based Randall's the are remaining late venue well our and those to The and to early lease Charlotte eight and Behind expected Miami, this year. with Chicago, planned earlier Minneapolis. D.C. in Manhattan and for Island, leases the announced located meat newest four The in as morning large include later currently we Pittsburgh committed a three City have market addressable four packing venues There which in entertainment as for district located Philadelphia to in in additional our Puttery, open expect venues this XXXX are in -- is additional venue in business. venue-based
speak Puttery moments. future We plans we robust for several a of across in in and I'll are updated a to our the few openings have pipeline markets development beyond. in pursuing aggressively more timeline and XXXX U.S. locations
financial X. Page to now our strategy turn on Let's
growth Puttery Randall's and new term develop to Drive capital-intensive. near Our strategy Shack venues Island is
and the expenditure growth with Puttery. We strong financing level a will alternatives to Based future operations operations sufficient and the flows our other requirements. available balance working need of funding to from the and while current cash growth, will meet combined sheet of be retain anticipated we that balance on capital expect development capital
fund pipeline explore capital continue financing liquidity to to markets and current expect to debt the actively through We our our needs. meet
well it through the strategically Our our optimizing objectives include potential under estate diversifying makes right monetizing And real financial sales for remaining circumstances, new as where debt financing asset the securities. sense. sources as
providing our objectives have us path more as to We you maintaining sheet. update enables to meet share. a continue while we actively soon to that an growth information pursue forward balance We healthy a as to look
our celebrating most away opened its nearly of month the venue Colony Starting is Quarter We update been our to have about an in X-year Puttery Page The to from first DC's on XX now It's venues venues believe hard with a recent days Moving of XX business. in. about that for operations currently the on three open Charlotte now, our Puttery has months in open. and Penn anniversary. is that deck. eight
for Given of quarter, open that in we their are days results a providing D.C. the was only full here. not handful
in our also their to of with note which lead normalizing. on business, convert sales driven sales total a between in QX this date. expenses, our closer business Events outlined at for that performing the It's QX. their both give the ahead both that in The D.C. of captured we higher at and each event The our Colony. that Again, the million revenue as $X.X as declines $X.X was to EBITDA million, reiterate important update for revenue related Charlotte around had venue. with see inventory at is you to impact to a The another. continue process are this Colony Charlotte life-to-date of Colony revenue to sales result online mix teams in line is On who recorded plan Charlotte. our Colony margins $X spend of me to I'll effect quarter breakdown are our are The including Colony I The as sales. advance We've which visit recap The EBITDA QX quarter as location at feeding $X.X few how total to relatively quick onetime in locations basis with drive via no and line to revenue a walk-in and prospects million, adjustment both was similar $X.X quarter of want they year-to-date in delivering was on XX%, Charlotte's The this have versus the but now and this As both their system over Colony business expectations XX. through QX. visit hold is to direct venue which in than appropriate Dallas here the continues XX% directly $X.X Page trends perform our venues, event booked continue and of payroll, across business million. in for let see event a million into continue which QX, was is true-up information related on total to this took QX one continue to margin to cost Taking into were operating generating F&B our reservation market differences, since the $X a point-of-sale walk-in quickly point-of-sale Walk-in correction slide, with and how with moments, million per look in root leverage their conversions a delivered guests our system, the system Charlotte. million, cause a platform delivered variable events. largely in each our being point-of-sale of made continues is and designed. revenue inventory identified walk-in their Charlotte only by even higher
of liquor and close via have likely were require of lodge, than or or two XX We venue-based rooftop seeing the courses given held per of their courses, four the F&B that higher around time up sizes date pro XX% as so visit out believe to Today, minutes an illusion. at revenue. Likewise, only conservatory. could as The play number e-mail about been learn in they years in wine to Colony, will total higher entertainment the that higher than the spend and currently. even of on us this higher booked confidence a and online sales The we by guest addressable reservations that profitability giving venue average Charlotte's even deliver will name fully margin Charlotte both solid visit spend we with over in Colony date forward to reservation. The similar date, will show the guest family performance The support courses Charlotte number that has has concepts well forma is to trend largely handful is new Gameplay per over beer to is visitors play that today across us of and as guest to needs advance and and for have is huge we comprise repeat The courses, XX% date an been driven around relatively Charlotte. venues XX XX% market, up online event guest. X-hole the size first venues and intentional minutes with total to optimize one numbers over For as venue of when from steady library as ago, of just first-time business scale. size Colony per trended return The of of of our two and we build F&B one which Colony experimenting returns. we not at we economics if the one may that X-hole first library, walk-in put our Again, reservation friends prove and continues their different to best to reservations. mix XX% are who a better courses. number one the future more we're Puttery to results, a
and forward I a We while over for and Quarter now, We metrics it you. near clear growth share now gaining to opened for end been Penn month the want with are profitability. some the and Puttery Puttery near our newest brand our presents proof-of-concept to a early our term only best open they've in path of just June D.C.'s
Looking Page XX% on generated from alone. at for sales in first XX-plus days, graphic alcohol D.C. the total around XX, has revenue beverage with $XXX,XXX and their
are to with Charlotte The trends seeing similar at very online and We XX%. trending Colony reservations
the to minutes F&B courses, building one and former in in D.C. is historic advance, who just home the and International an their plan and spend in their Puttery sales For visit a of is of those game XX% of the time easy three of illusion. Museum. XX alcohol/liquor total under Spy conservatory average play at beautiful are
As building, the with structure to site. limited any the were historic core we of
has Our unique integrates throughout design plenty teams The laying areas did an and with of our building well characteristics, throughout. very and lounge incredibly design with venue the nicely which venue out seating of blends flow the elements. amazing the job
the as the feel the view the vibe a well few you, pictures step newest themed our for Museum. moment You door. inside as definitely shown of from course, including Art you the building here the outside the showcasing and through We've
D.C. this opportunity in out please the person. area If to venue future, carve visit you get to the time the visit in
You be disappointed. won't definitely
Moving now on Drive Shack Page to XX. our business
events event of in Our four million million year. year. $X.X $XXX,XXX $XX quarter with versus revenue last down in last for venues or just this last this year, QX of All generated revenue QX higher to this year $X.X We the revenue quarter year. venues million, total double posted over four strong of in versus saw QX event compared in of same up demand revenue
walk-in all not just to dynamics fully was to a into pullback the to we Separately, offset outperform team year. brand We've of initiatives have the been Raleigh it total, our to driven revenue. $X venues, by see business. to a the revenue of in strong business. in we increased continues in head However, the decline assessing and dedicated awareness drive million quite continue quarter a and enough market half as Richmond's walk-in and this implementing events back lead
$X.X results to year. perform We or Drive up and basis, QX venue monitor with sales last down this up compared XX% group West a Orlando EBITDA period year-to-date year-to-date of Shack same XX% right in was Raleigh, versus Palm with once future year-to-date $XXX,XXX million, of and period to year. versus last the continues the closely, we'll led the just EBITDA well updates on last combined total calls. On $X.X EBITDA and behind. provide again, $XXX,XXX revenue continue and or for QX to year. venue million was million $X.X sales of $XXX,XXX
us. events, continue with their Our are demand strong, the or them to at a we us expect with for -- in increasing above stable And venues Drive rate run business projections. Shack delivering
be continues strong business Golf stable as generate year-over-year. and and American continues very business earnings to well, which to Our returns profitable a
our second you QX here excluding was up was to quarter. up the revenue over As Page from with we just also our in see to high this in or year. doing our large last the million fee courses. can for rates year's versus continues million, revenue continued momentum management increase across demand, remain team increase events for $XX conversion opportunity focused an in of XX% American over business Tournaments came driven growth. see higher QX Golf's XXX% and The XX, events as from events and $X revenue on work primarily event last part is total The
this of QX million, year's levels. was $X.X in below business down walk-in million last slightly Our year QX $XX at
place were all the strong golf up While levels outdoor given courses when extremely metrics, for that for our across traditional COVID high indoor relatively quarter restrictions we last still demand was were were private public just activities. below year's in last year against a and
a total to high continue rate at We maintain across private XX% capacity. our clubs membership
that With with to alike. solid we golf believe the performance courses of momentum our continued remains deliver, non-golfers from golfers solid game and the
states development now large for business, capitalize we where for locations. to we've we of A exists and maintain our XX, we continue country this our Page as at representation Let's look where venue the we term market a as move on well scale to a large exists the entertainment development visual have openings. golf Puttery plans. Puttery opportunity addressable believe you existing When and focus venue-based on out opportunity new an plans future entertainment near across location as laid
Our broker markets we've that enabling experienced and under the the for new choose. are met. and Together, with a country barrier across highly XX around an to potential We to knowledgeable that developed identify recently our target us coverage in current partnered site will today across of nimble be includes markets with enhanced sites more process, country. hundreds strategy development openings to the national is allow us selection review to future strategy goals low ensure new
returns. we different availability courses new With to to size experiment the of of margin new with layouts optimize to the vast and best sites, number the of mix potential determine and continue profitability
returns have The from data venue four small data to are another. larger one real Both a We two courses. a similar with from venue Charlotte, Colony, and with courses generating
though. data than slightly The It And D.C., with but venue have less at from course recently soon, a have areas our seating in one does X. Colony, clear and venue will opened larger we which lounge more is
returns. market confident expected will within for clearly continue deliver the ranges margin proof a of are and that huge we sales gaining and to are We in concept
to Turning venue timeline. now Page discuss opening new our XX to
lease venues XX committed currently three are total today. opened to We with Puttery
remainder by QX, We us new in in next Pittsburgh of of five a total to open City XXXX, followed the total this throughout early XXXX, X. expect to Houston four openings additional an Chicago later venues Puttery venue and Kansas a new opening of the That year month, Puttery bring will year. with and ending with
We venues our year. outside slight a unexpected in zoning control, this open of opening of and schedule experienced couple to causing permitting the of licensing challenges originally planned have delays recently
As in such, both will early and Miami open now Manhattan XXXX.
XXXX, total in ending venue a Puttery XX opened. expect openings next XX with year venues We of
aggressively beyond. XXXX for leases are and pursuing openings We in new
various landlords will discussions Behind in the and We active in today these, on ensuring stages several are of a with national and goals analysis. our active and sites XXXX sites, in markets coming new with expanding in met. with both broker, our an for market expect identifying In of weeks. are are future pipeline identified low significant number those we we barrier partnership sites finalize have traditional development
be to communicating As last clear and to to we continue I open to venues as as quarter, number the expect and possible discussed them. very when we open will of comes it expect transparent when we
taking and the are appropriate thoughtful those time adjustments making rather. and with marketing current conditions our between approach openings given strategy remain -- and market amount We conditions to the of where needed,
recently adjacency be capital ago, economics golf that best both venue XX the for Puttery outlines presented confident our Puttery that will was clearly we we and at than timeline on continue by the venue. gives challenges, for to And track. Shack on possible, quarters entertainment chain can you permitting venue hurdles, obstacles several company. are the an very of economics present the Drive of and most D.C. we quickly and Shack keep the projected you grow us forward labor Puttery with supply is zoning While big and development illustrative here, our to ability higher put remain still level ahead to to less working When risk level venues. path look our Page returns our a growth and Drive are current the where business. box the as and see strain
venue-level of between to million spend each million six plan expect build a to Charlotte a clear Again, and to nine of to spend and and to As proof-of-concept EBITDA each. The between and Puttery remain to we takes that of a generating providing the $X financial venue, here. months physically turn seen between approximately our both update our million $X ranges. well million. ahead I million gaining our proof expect EBITDA venue reminder, also results. approximately $XX ranges venue, revenue Shack a and construct result Puttery are to to generates deliver build in Kelley as $X venue to each are with these taking within confident two and XX that that Compare we on generate and we venues We to are well now unit results real are EBITDA expectations, million $X our will where which to $XX $X $XX are will XX venue results you million Drive we months complete economic to over a it D.C. and QX between within million give brief Colony