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Drive Shack Inc. reports developments for an OTC-traded owner and operator of golf-related leisure and entertainment businesses. Company news centers on quarterly and annual financial statements, operating updates for golf-entertainment venues, and shareholder voting or capital-structure matters. Venue announcements include renovations and entertainment additions such as Puttery mini-golf courses, bay games, culinary updates, and golf-simulation technology at the West Palm Beach location.
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Drive Shack (OTCQX: DSHK) has secured a $26.5 million senior secured term loan to fund the construction of its developing Puttery venues. An initial borrowing of $16 million was made on March 3, with $10.5 million available until September 1, 2023. The facility features a five-year term with interest set at SOFR plus 8.50%. Quarterly amortization begins in 2024 at 5% per year. The loan is guaranteed by subsidiaries and is secured by all assets within the entertainment golf segment. Investors can find full details in the upcoming 2022 Annual Report.
Drive Shack Inc. (OTCQX: DSHK) announces the opening of Puttery Pittsburgh on February 17, 2023, at 12 p.m. ET. Located in the Strip District, this 19,000-square-foot, adults-only venue features three immersive nine-hole courses, including Garage, Lodge, and Library, alongside various bar and lounge areas. The opening aims to capitalize on Pittsburgh's vibrant sports entertainment culture. Reservations are encouraged as the venue accommodates private events for up to 400 guests. Drive Shack aims to enhance its portfolio of golf-related leisure experiences with this unique offering.
Drive Shack Inc. is excited to announce the upcoming grand opening of Puttery Pittsburgh in the Strip District, designed for competitive socializing and entertainment. The venue will feature immersive nine-hole courses and is now accepting event bookings for groups of nine or more starting March 1, 2023. The adults-only location spans 19,000 square feet with multiple private spaces, catering options, and job openings for hospitality professionals. Puttery offers an innovative golf experience for corporate events and celebrations.