Drive Shack Inc. has been granted a permit to allow them to begin construction of a new golf attraction at Lake Nona, Orlando.
According to the Orlando Business Journal, the 57,000 square foot, three story driving range entertainment facility will be built on a 15-acre site and includes hitting bays as well as places to eat, drink and socialise.
“Not quite golf, but golf‐like”
The company’s December 2016 Investor Presentation states that the $70 billion a year US golf industry declined during to the recession and is still sluggish. Drive Shack hopes that making golf a little more fun and will reap rewards with new golf entertainment venues appealing to a wider audience. Technologically-enhanced golf games will be available as the company delivers an experience that will be “not quite golf, but golf-like”.
Each site will require an investment of between $15 and 25 million, and is expected to generate EBITDA of between $3 million and $6 million within three to five years.
The Orlando site is expected to open withing 12 months with a second proposed for Richmond, Va and more to follow.
Image: Drive Shack Inc.