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New York City Officials Award Coveted Randall’s Island Golf Center Site to Drive Shack

November 8, 2018

NEW YORK--(BUSINESS WIRE)--Nov 8, 2018--Today, Drive Shack Inc. (NYSE: DS), formally announced plans to open a new golf entertainment and recreation complex in Manhattan, after New York City Department of Parks and Recreation (“NYC Parks”) officials awarded the Company a site at Randall’s Island Park. Drive Shack will completely rebuild and replace the existing golf driving range with a year-round golf-centric recreation facility. The current Randall’s Island Park driving range is undergoing improvements and will reopen in April 2019 under Drive Shack’s subsidiary, American Golf. Operations will continue under American Golf’s supervision until breaking ground on the 3-story venue.

The development is expected to generate significant economic growth for the City including the creation of 350 permanent positions and over 150 construction jobs. American Golf has worked with NYC Parks for over three decades, a partnership that Drive Shack will continue. A key focus will be community outreach, where alongside internal instructional programs, Drive Shack plans to work with school golf teams, Randall’s Island Park Alliance (RIPA) sponsored youth and development programs and other organizations, to utilize the Company’s enhanced golf technology and introduce a larger audience to golf while improving players’ skills. The completed facility will also include a renovated miniature golf course to further draw young people and their families to Randall’s Island Park.

“We know that the golf center is a beloved and a much-needed recreational resource at Randall’s Island Park. We are excited to welcome Drive Shack to the Island,” said Aimee Boden, President of Randall’s Island Park Alliance. “This state-of-the-art facility will create an environment for all levels of golfers (and New Yorkers) to come out and enjoy the Park.”

The new 18-acre facility will offer 96 climate-controlled hitting bays each holding up to 6 guests, which will not only dramatically increase recreational capacity, but allow guests to play all year long.

“We could not be more thrilled to add an iconic site like Randall’s Island to our rapidly growing national footprint,” said Drive Shack’s Sarah Watterson. “We look forward to continuing our more than 30-year partnership with the City to reimagine the golf center and further evolve the recreational offerings cultivated by the Randall’s Island Park Alliance.”

Compared to a traditional driving range concept geared exclusively towards experienced golfers, Drive Shack offers something for everyone – no matter if you’re visiting for a corporate event, a child’s birthday party, a night out with friends or just to hit a few balls. Using custom, complimentary TaylorMade clubs, guests can hit golf balls into the 220-yard outfield where the flight of the ball is tracked and layered onto Drive Shack’s proprietary gaming software. Drive Shack’s state-of-the-art, addictive games offer a new way to gain exposure to golf as guests practice, compete and engage with other players regardless of skill-level. For example, visitors can hit basketball hoop outfield targets in “S-H-A-C-K” or destroy monsters to save the princess in “Monster Hunt.”

“Our secret sauce is the gamification,” explained Sarah Watterson. Drive Shack technology developers have strategically designed games to engage a broader spectrum of guests. “We’ve created an environment that lowers the barrier to entry for the first-time golfer, while challenging the established player.” For the avid golfer, Drive Shack provides the optimal practice setting with technology that delivers real-time feedback on swing speed, ball speed, apex height, spin rates and distances. Guests can also virtually play full rounds at some of the most famous courses in the world.

Those visiting just to grab lunch or to catch a game on TV will also enjoy full-service food and beverage options at our restaurant and grill. The venue will also have corporate and group event space for outings and special events, an open-air rooftop terrace and a game lounge. Drive Shack is the perfect recreation venue to enjoy the best aspects of Randall’s Island Park and the sport of golf, but off the course.

For any questions, please contact Drive Shack Investor Relations by phone at (516) 268-7460 or email at ir@driveshack.com. For more information on Drive Shack, visit http://www.driveshack.com.

Drive Shack New York City is a subsidiary of Drive Shack Inc., a publicly traded owner and operator of golf-related leisure and entertainment businesses. Drive Shack is developing venues across the country that are reimagining the traditional concept of a golf course through blended, industry-leading technology, design and service. Drive Shack Inc. also owns American Golf, a leading owner and operator of golf properties.

Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the timing, frequency and successful execution opening new Drive Shack venues, whether in New York City or elsewhere. These statements are based on management’s current expectations and beliefs and are subject to several trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond Drive Shack’s control. The License Agreement for Drive Shack Randall’s Island is currently pending registration at the comptroller’s office. The Company can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could cause actual results to differ from such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K. Furthermore, new risks and uncertainties emerge from time to time and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181108005294/en/

CONTACT: Drive Shack Investor Relations

(516) 268-7460

ir@driveshack.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: GOLF OUTDOORS ENTERTAINMENT GENERAL ENTERTAINMENT GENERAL SPORTS SPORTS

SOURCE: Drive Shack Inc.

Copyright Business Wire 2018.

PUB: 11/08/2018 06:00 AM/DISC: 11/08/2018 06:00 AM

http://www.businesswire.com/news/home/20181108005294/en

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