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DRIVE SHACK Drive Shack Inc. Announces First Quarter 2021 Results and Preferred Stock Dividends for Second Quarter 2021 May 7 , 2021 Reported Total Company Revenue of $ 61.1 Million , Flat Compared to First Quarter 2020 Operating Loss of $ 7.9 Million , an Improvement of $ 7.0 Million , or 47 % , Compared to First Quarter 2020 Delivered Positive Adjusted EBITDA of $ 2.7 Million , an Increase of $ 7.4 Million Compared to First Quarter 2020 DALLAS -- ( BUSINESS WIRE ) -- Drive Shack Inc. ( the " Company " ) ( NYSE : DS ) , a leading owner and operator of golf - related leisure and entertainment businesses , today reported its financial results for the first quarter ended March 31 , 2021 . " 2021 is off to a strong start for the year given the performance in both our Drive Shack and American Golf businesses this quarter . We are extremely pleased with our first quarter progress as our results demonstrate impressive momentum in the golf and entertainment sector with nearly a full recovery from the walk - in sales side of our business . Our strong results validate our team's ability to adapt to the constant changes as well as the wants and needs of our guests , " said Chief Executive Officer and President Hana Khouri . " Total walk - in revenue for the quarter at our Drive Shack venues was 96 % of last year's first quarter levels , the highest we have seen since the onset of the pandemic . We delivered our third consecutive quarter of positive adjusted EBITDA , which increased $ 7.4 million to $ 2.7 million this quarter compared to the same quarter last year and continues to be positively impacted by our relentless focus on revenue driving initiatives and continued expense control discipline . " Khouri continued , " The entire organization remains centered on our 2021 strategic priorities to drive growth and profitability , including the launch and expansion of Puttery . We recently announced our third location in Penn Quarter , Washington DC's premier entertainment zone , and our plans remain on track to debut our first two Puttery venues in Dallas and Charlotte this summer . We are energized by the robust pipeline of potential sites we are pursuing in multiple key markets and we look forward to sharing future Puttery locations with you as we finalize new leases . We believe 2021 will be an instrumental year for us as we advance our growth priorities throughout the year and beyond . " Business Update The Company's four entertainment Drive Shack golf venues generated total revenue of $ 8.2 million in the first quarter 2021 , a decrease of $ 1.9 million compared to the first quarter 2020 . The decrease was primarily due to lower event revenue , which declined $ 1.6 million compared to the same period last year and continued to be impacted by local restrictions on