If Topgolf were to file for initial public offering, as expected, the Dallas-based company could be valued at $4 billion, according to media reports. Please click to read the full article which lists where they expect to open the new U.S. locations.
Topgolf Entertainment Group features indoor, simulated driving ranges for golfers. They could be closer to filing for an initial public offering that would give the business a value of $4 billion to try to capitalize on growing worldwide interest in playing the sport indoors.
The Dallas-based company, which uses micro-chipped balls to track performance data at its driving range-style venues, has started working with some banks on the proposed IPO, according to Bloomberg.
Topgolf competes with other indoor golf simulator companies such as BigShots Golf at a time when participation is increasing at the indoor entertainment venues popular among millennials while rounds played on physical courses were flat.
In 2018 alone, nearly 200 courses closed nationwide, and closings have outpaced openings for 13 consecutive years.
Clubs across the country are struggling to turn a profit as more residents give up their memberships. Former courses are being redeveloped with homes, apartments and commercial projects.
If Topgolf decides to file for an IPO, the company could exponentially add to its growing portfolio of venues. They have about 60 locations in the United States, the United Kingdom and Australia that entertain more than 20 million guests each year.
Topgolf plans to add another eight new locations in Arkansas, California, Florida, Maryland, Nebraska and New Mexico, as well as expand its global footprint with new locations in Canada, Mexico and the United Arab Emirates.
In November, the company signed a franchise agreement with Sports Entertainment Asia H.K. Ltd. to open venues in Mainland China, Hong Kong, Macau, Taiwan and the Philippines. In August, Topgolf signed a partnership agreement with Greenreb Ltd. to open venues in Germany, Switzerland, Italy and Austria.
WestRiver Group, which was the U.S. licensee that helped develop the first three Topgolf locations in the United Kingdom, brought Topgolf to the U.S. in 2005. A year later, Callaway Golf Co. became an investor and in 2011 Dallas billionaire Thomas Dundon, who owns the NHL's Carolina Hurricanes, came on board.
This year, Topgolf expects to open the following U.S. locations:
A 48,000-square-foot, $8.31 million facility at 3919 S JB Hunt Drive in Rogers, Arkansas.
A 72,000-square-foot facility at 4701 N First St. in San Jose, California.
A second facility in the Orlando area on about 22 acres at the northwest corner of Lake Emma Road and Greenwood Boulevard.
A more than 67,000-square-foot facility at 220 Carrillon Parkway in St. Petersburg, Florida.
A 65,000-square-foot facility at 20101 Century Blvd. in Germantown, Maryland.
A facility near the Horseshoe Casino at 301 Stockholm St. in Baltimore, Maryland.
Nebraska's first Topgolf venue is expected to open at 908 N. 102nd St. in Omaha.
Topgolf's golf and entertainment facility is expected to open this year at the southwest corner of Montaño Road and Interstate 25 in Albuquerque, New Mexico.