⛳ $20 million For Five Iron Golf
⛳ $20 million For Five Iron Golf
Golf entertainment continues to grow with further investment.
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This week we’re taking a look at golf entertainment and the news that Five Iron Golf has received a boost to the tune of $20,000,000.
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Danny Meyer, the entrepreneur behind Shake Shack, is set to infuse $20 million into Five Iron Golf, an indoor golf and entertainment venture, through his investment firm Enlighted Hospitality Investments.
In the past, Danny had difficulty finding time to play golf, this led him to use an indoor simulator and eventually become familiar with Five Iron Golf.
Reflecting on the synergy between Five Iron Golf and his restaurant philosophy, Meyer remarked,
'What they’re doing with golf is what we’ve always tried to do with restaurants – make something more accessible to more people with quality.'
Since its inception in 2017, Five Iron Golf, under the stewardship of CEO and founder Jared Solomon, has catered to a diverse array of golf enthusiasts. Solomon articulated the company's ethos:
'The core of Five Iron Golf is to be the best place for the serious golfer as well as the entertainment-type person.'
This fusion of golf and entertainment has invigorated the sport, with a record-breaking 45 million Americans engaging in some form of golf in 2023, venues like Topgolf, Five Iron Golf, and standalone driving ranges playing a big role. This marks a 9% increase from 2022, in contrast to traditional on course golf being in decline.
The shift in golf's landscape prompted Solomon to challenge conventional discourse on sustaining growth rates. 'Golf is fun, and hitting a golf ball brings a sense of euphoria,' he asserts, emphasizing the importance of nurturing diverse entry points into the sport.
Solomon's journey into golf mirrors Meyer's, as he navigated the noisy streets of New York City, seeking solace on a simulator amidst a demanding finance career. From its inaugural Manhattan location, Five Iron Golf has expanded to 24 venues across 13 states and four countries, epitomizing its commitment to providing a welcoming space for both seasoned players and novices.
The burgeoning trend of 'eatertainment' – blending dining and social experiences – has found a niche in golf, exemplified by Topgolf's exponential revenue growth and strategic merger with Callaway. Callaway's subsequent investment in Five Iron Golf underscores the industry's collective belief in democratizing access to the sport.
Beyond Topgolf, innovative concepts like Puttshack and Puttery have garnered substantial investments, signalling a paradigm shift in recreational entertainment. While bowling has traditionally dominated this space, emerging activities such as axe throwing and darts are gaining traction, mirroring consumer demand for immersive social experiences.
The food and beverage industry has faced challenges due to the Pandemic and this new drive to bring entertainment and food together has gained real momentum as it creates an additional draw for people to leave their homes and dine out.
I grew up with British pub culture being a cornerstone of the community. A lot of this was due to the pubs having pool tables, dart boards, and music that brought people together for some friendly fun and competition. Over the years, these activities inside our local pubs have become less and less, with many establishments becoming food-focused rather than entertainment. They’re also not as busy.
I know there are many factors such as the cost of living and pandemics that have impacted this industry but I have always felt that bringing back the entertainment for some venues could be beneficial, especially if a venue is the only one in its town providing it. The unique selling point (USP) seemed to have been forgotten for a while in this industry.
So to me, it makes sense that things like TopGolf, Putt Shack, Five Iron Golf, Whistle Punks (Axe Throwing), and Flight Club (darts), are gaining so much momentum in this era. Entertainment, activity, competition, a few beers and a burger is something that always brings people together. It was a proven model back in the day and it seems that it’s something society has been wanting more of by the look of the current industry trajectory.
Meyer, drawing parallels between the dining and golf sectors, underscores the importance of convenience and communal engagement. 'People crave being together,' he observes, emphasizing the imperative for golf courses to adapt to evolving consumer preferences.
Atomic Golf Las Vegas
In addition to the above sports and entertainment venues mentioned, a new addition is hitting Las Vegas on March 22nd.
100,000 square feet of space, that sits right next to The Strat, with a walkway between the two. The space will have over 100 golf bays and a Putting District with eight bays that use projection mapping. All bays have seating and clubs if you don’t bring your own. There is also a tap room that features locally brewed beers and an ‘Astrocade’ with huge screens for a sports & entertainment viewing zone. See more: Atomic Golf
The convergence of golf and entertainment exemplifies a transformative era for the sport, where accessibility, inclusivity, and experiential engagement can further drive golf participation forward.
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