Another publicly traded East Coast company relocates HQ to Dallas
Updated: Nov 5, 2021
A public New York company tied to the golf industry has relocated its headquarters to North Dallas.
Drive Shack shifted its executive hub to Dallas from New York earlier this year, CFO Michael Nichols said during a call with analysts this month while noting charges related to the transition. Drive Shack has a market valuation of more than $200 million.
The company now lists its main address as 10670 N. Central Expressway, Suite 700 in Dallas, according to a regulatory filing. It had earlier listed an address on West 18th Street in New York as its headquarters.
The move adds yet another public company to the Dallas area, joining a list with names like Schwab and CBRE that have made the transition. This year, East Coast companies like Ribbon Communications and 5G LLC have opted to relocate to North Texas.
Drive Shack is an owner and operator of golf-related leisure and entertainment venues. That puts it in competition with Topgolf, which earlier this year merged with Callaway Golf Co., a deal that combines two of the largest names in the industry and is now headquartered in Carlsbad, Calif. Topgolf's headquarters remain in Dallas.
Already, Drive Shack has eyed North Texas with a new venue for what it calls “Puttery,” which employs a smaller footprint and uses technology to help with real-time scoring and other features, according to a regulatory filing. The Dallas area is one of the metros that will have these new sites that are set to open this summer. It aims to draw in visitors with a “modern spin on indoor mini golf,” the company said.
“The entire organization remains centered on our 2021 strategic priorities to drive growth and profitability, including the launch and expansion of Puttery,” CEO Hana Khouri said in a statement this month with the release of the quarterly financials. “We believe 2021 will be an instrumental year for us as we advance our growth priorities throughout the year and beyond.”
The company's entertainment golf segment started in 2018 and includes venues in Florida and Virginia.
Drive Shack’s overall business was hampered in 2020 by COVID-19 as sales dipped nearly 20 percent from 2019. In the first quarter, revenue was stronger — showing relatively flat results.