Do My Assignment!

Are coursework assignment or deadlines stressing you?

We can assist you, we solve problems, answer questions and write papers for top grades

Check our clients testimonials and rest assured you’ll get a high quality, plagiarism-free paper, 100% according to your instructions and deadline!

Special offer! Get 20-30% discount on all orders - Check Coupons Section

Posted: November 24th, 2022

9111

CASE: SPM-57 DATE: 02/28/20

TOPGOLF: BUILDING A GLOBAL SPORTS ENTERTAINMENT COMMUNITY

Topgolf hopes to be like Starbucks, except for the golf industry. —Quote from Golf Inc. magazine (November/December 2018)

INTRODUCTION

Erik Anderson, Executive Chairman of Topgolf, appeared at No. 3 for the second year in a row on Golf Inc. magazine’s November/ December 2019 list of “Most Powerful People in Golf—the list of individuals who wield the most clout in the golf industry.” At No. 3, Anderson was only behind such traditional long-term industry figures as the CEO of Troon Golf and the CEO of Club Corp., and ahead of the CEO of the PGA Tour at No. 4 and Tiger Woods at No. 7. He had not been on the 30-person list at all until 2015, when he made his debut at No. 21.01 (See Exhibits 1 and 2.)

The meteoric rise of Anderson and Topgolf in an industry that was widely considered to be in decline was remarkable. Between 2003 and 2017 the number of traditional “on course” golf course participants had declined by 22 percent, and between 2003 and 2018 the number of traditional golf courses by 10 percent.2,3 (See Exhibit 3.) In contrast, under Erik Anderson’s leadership, Topgolf had grown from an obscure enhanced driving range entity with three venues in the U.K. and three in the United States at the end of 2010 to be characterized in 2018 as the “savior” of golf,4 and embraced by the PGA and LPGA tours as “a strategic partner to grow golf.”5

By February 2020 Topgolf was the story of 24 years of dogged entrepreneurship. In 1996 Topgolf demonstrated first mover application of emerging technology to a niche problem as well as solving such mundane problems as “product-market fit.” The growth phase started with the

Cor van der Wal, DDS, MS (1994) and Professor George Foster prepared this case solely as the basis for class discussion. Stanford GSB cases are not intended to serve as endorsements, sources of primary data, or illustrations of either effective or ineffective handling of an administrative situation. Funding for this case was provided by the Stanford Graduate School of Business. This case was reviewed and approved before publication by a company designate.

Copyright © 2020 by the Board of Trustees of the Leland Stanford Junior University. All Rights Reserved. Please contact our distributors, Harvard Business Publishing (hbsp.harvard.edu) and The Case Centre (thecasecentre.org) to order copies or request permission to reproduce materials. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means––electronic, mechanical, photocopying, recording, or otherwise––without the permission of the Stanford Graduate School of Business. Contact us at: businesscases@stanford.edu or Case Writing Office, Stanford Graduate School of Business, Knight Management Center, 655 Knight Way, Stanford University, Stanford, CA 94305-5015.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

mailto:businesscases@stanford.edu
https://thecasecentre.org
https://hbsp.harvard.edu
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 2

recognition of an intellectual property opportunity “up for grabs” and expansion of the enterprise far beyond its traditional industry boundaries. Subsequent innovation through off-balance sheet financing that was novel for the industry, “model thinking,” and broad product offering expansion later created a worldwide audience of 100 million and resulted in “hockey stick” enterprise growth. By January 2020 the financial press speculated about a Topgolf IPO with a value as high as $4 billion.6

ERA 1 – IDEATION, TECHNICAL DEVELOPMENT AND PROTOTYPE (1996 – OCTOBER 2000)

Twins Steven and David Jolliffe, born in the U.K. in 1955, decided at grammar school that they wanted to go into business together. In 1996 Steven and his friend Geoffrey Emmerson—both avid golfers and dedicated enough to regularly go to driving ranges to practice their shots—said to each other that “hitting a sub-standard ball from an old mat” was frustrating.7 Given Steve’s philosophy on business, i.e., “find something that frustrates you, improve it, and start a business on the back of it,” it took only a day of discussions for Steve, Dave, and Geoff to come up with an idea to address their frustration with driving ranges specifically (“joyless mud fields”) and golf in general (“an expensive and time consuming exercise in frustration if one is not good at it.”)7

The concept seemed simple enough. Turning it into reality would not be. The founders spent four years and £10 million to apply an emerging technology—microchips—to create what they believed would be a “new” sport. They experimented with implanting a chip in a golf ball, perfecting the “ID ball” so that it was robust enough to withstand repeated pounding as well as the manufacturing process and yet had the “look and feel” and flight characteristics of a regulation golf ball (They made their patent application in 2000.)8 They developed a modified radar system to determine the “start” and “end” locations of the new ball and invented a new patentable game based on the concept that “players would hit golf balls toward a range of targets; points would be given based on accuracy; targets would reflect challenges on a regulation golf course and particularly good shots would acquire extra points; the score would be automatically relayed to a TV screen in the golfer’s bay; and groups of players would compete with each other for the highest total (patent application in 2000.)”9

Steve Jolliffe summarized Topgolf U.K.’s goal as follows: “We wanted to create a compelling and addictive game that would make even a child who chips a ball into a front target more excited than a seasoned golfer hitting a hole-in-one in a back target.” 7

To demonstrate the merits of their concept, the founders opened Topgolf Watford, approximately 20 miles northwest of central London in Hertfordshire, U.K. in October 2000, at the site of the four-year-old Jack Nicklaus Golden Bear driving range.10 As a traditional driving range, the site had revenues of approximately £300,000 a year and a few hundred customers a week who each spent an average of less than £5.7 A large Topgolf team of 30 had worked on the redesign and new operation of the new facility.

Topgolf Watford was marketed as a “gamified driving range” and had 48 bays (44 covered, 4 outside) over two floors, 11 targets in an all-weather (artificial turf) field, 3 games (TopGolf, TopChip, and TopPressure), 11 TVs, 18,492 square feet of building space, a patio, and miniature golf.11 It had cost £3.5 million to convert the facility12 for a total investment in the Topgolf

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://range.10
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 3

Watford facility of £7.1 million. The facility expected to have 300,000 visits per year.13 (See Image 1.)

To differentiate itself from conventional driving ranges, Topgolf Watford sold time slots rather than buckets of balls, used variable pricing based on time of day and day of the week, provided free clubs, and had a 150-seat café bar. Steve Jolliffe wanted to “borrow equity from other brands” and thus had negotiated partnerships with Compaq computers for the information systems, Imabay Compass Group for catering, American Golf Discount for the 3,000-square-foot retail store, and David Leadbetter Academy for lessons.12

Steve Jolliffe soon knew he had a major problem with the new facility: “It confused everyone…you had to explain what it was, and you couldn’t, really ‘it was…like golf…but not.’ This didn’t sit well with golfers. Golf companies…like Titleist wanted no part of it.”10 But, within months, their first proof of concept facility started to get traction after lots of basic marketing including leaflets and local newspaper ads.14

ERA 2 – ROLLOUTS IN U.K. (NOVEMBER 2000 – JULY 2005)

After Topgolf Watford started to outperform the Jack Nicklaus Driving Range, its predecessor in the same location, the founders quickly gained confidence. Not short of lofty aspirations, they planned for 42 more facilities in the U.K. and 200 globally.12 Topgolf’s site location targets in the U.K. were areas with 1 million in population within a 30-minute drive.13 Topgolf made a deal with global sports, events, and talent management giant IMG (originally International Management Group) to market and license Topgolf franchises worldwide.16 A typical franchise would cost £1 million plus an ongoing franchise fee of 15 percent of revenue.16

The euphoria did not last long. In 2002, World Golf Systems, Ltd (WGS), the Topgolf U.K. holding company, booked a net loss of £1.75 million, was looking for additional funding, and had not opened any more facilities. A glimmer of hope occurred in 2003, when American Richard Grogan, a Bain & Company Inc. veteran since 1981 and experienced in ventures in both Europe and the United States, showed interest in Topgolf.12 But after getting the facts he was unimpressed by Topgolf’s 5 percent return on investment. By the end of 2003, Topgolf had had contact with hundreds of potential investors without significant results.

Despite these setbacks, the founders opened what they then marketed as an “entertainment complex with driving range.” Topgolf Chigwell was approximately 20 miles northeast of central London in Essex and 30 miles due east of Watford. It had 55 bays over two floors, 10 TVs, 38,686 square feet of building space, and a patio.17

In a surprise, even though Richard Grogan was not initially impressed by Topgolf as a viable enterprise, by 2004 he had come up with an idea to improve its value proposition: “a visit to TopGolf needed to be an experience—a place with great food, parties and other ways to make money beyond the game itself.”10 After visiting Topgolf Watford in person Grogan bought the license for Topgolf in the United States.10 He incorporated Topgolf USA, Inc in Dallas, Texas as a vehicle for the license purchase.18 Flush with confidence at having sold their first license, the

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://purchase.18
https://States.10
https://patio.17
https://Topgolf.12
https://revenue.16
https://worldwide.16
https://drive.13
https://globally.12
https://lessons.12
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 4

U.K. founders opened a third U.K. facility in Addlestone, Surrey, approximately 25 miles southwest from central London in April 2004.20

After his site visit to Topgolf Watford, Grogan contacted a former Goldman Sachs colleague from 1982-1991, Erik Anderson, and persuaded him and his venture capital group, WestRiver Group (WRG), to become the lead investor in TopGolf USA in 2005 with an initial investment of $2.5 million.19 Anderson’s confidence in the investment was based on unbundling the various elements of a Topgolf operation into its constituent components (e.g., driving range, food, drink, meeting venue) and then redesigning and repackaging them to optimize the value of each element for the customer and to execute so as to maximize the substantial profit margins that were available in each area of the business and thus maximize total value of the enterprise.20 (See Exhibit 4.)

ERA 3 – 1ST ROLLOUTS IN US AND 1ST REORGANIZATION (AUGUST 2005 – APRIL 2011)

A year and a half after obtaining the U.S. license, Richard Grogan and Erik Anderson opened the first Topgolf in the United States on August 5, 2005, right next to Washington, D.C., in Alexandria, Virginia, on the site of a former driving range. It was TopGolf USA design version 1.0 with 76 bays over two floors, 2 miniature golf courses, 3 TVs, 22,300 square feet of building space, and a patio.22 (See Image 2.) The expected government employees seeking a place to entertain over a golf driving range experience did not materialize in the expected numbers.14

TopGolf USA had no brand name in 2005. But Callaway Golf—then valued at approximately $1 billion23 and a major golf industry entity—did, and an association with it had the potential to provide a reputational “halo effect” for TopGolf USA. Grogan and Anderson strategically convinced them to invest in TopGolf USA in 2006 by buying a 20 percent interest for $50 million,20 suggesting that Calloway valued TopGolf USA at approximately $250 million post- money.

The second Topgolf facility in the United States opened in Chicago in 2007. It was built there based on the premise that people would flock to a facility where they could hit golf balls even in bad weather.14 It was a version 1 design with miniature golf, 36 TVs, 44,000 square feet of building space, a patio, and a rooftop terrace.24 Like the public response in Alexandria, the public response in Chicago was also suboptimal.14 (See Image 3.)

The third U.S Topgolf facility was opened in Dallas, Texas, in September 2007 based on the assessment that the warm climate, the general popularity of sports and culture, and the presence of many Fortune 500 company headquarters would provide a welcome environment for the new game.14 It replaced the Hank Haney Golf Range and was also a version 1.0 venue with 3 miniature golf courses, 9 batting cages, 48,500 square feet of building space, and a patio.22 (See Image 4.) The site initially sat largely empty.14

A “build it and they will come” philosophy underpinned the first 6 Topgolf venues (3 U.K. and 3 U.S.) was not getting the traction desired. The Jolliffe brothers as well as Grogan and Anderson agreed on the source of the problem: “people didn’t understand what Topgolf was.”14 Brainstorming with staff led to low-tech solutions: sandwich boards on the streets and leaflets

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://empty.14
https://patio.22
https://suboptimal.14
https://terrace.24
https://weather.14
https://numbers.14
https://patio.22
https://enterprise.20
https://million.19
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 5

handed to cars. After six months, people started coming and telling their friends. Soon there were waiting lines outside Topgolf Dallas to hit balls and people from out of town and out of the country were “chatting” about Topgolf and coming not only to Topgolf Dallas but to other Topgolf sites as well. Finally, there was a crack in the messaging mystery of TopGolf.14 The “before” and “after” comparison of the financial performance data of the Dallas site confirmed it. (See Exhibit 5.)

By 2008 Anderson was convinced of the potential of Topgolf. As a result, TopGolf USA incorporated as TopGolf International and Anderson articulated a vision for the company that called for aggressive expansion in terms of size of facilities, number of facilities, and scope of offerings at the facilities. Topgolf started to make radical changes in the design for its next facility.21 It purchased the intellectual property rights for the TopGolf game from World Golf Systems, the British company founded by the Jolliffe brothers that had developed the high-tech software for the game in July 2009.26

To communicate the basis for the changes at Topgolf, in the 2008-2011 period Erik Anderson had formalized his communication of what he termed “model thinking” as applied to Topgolf. His approach to assessing value in business had its roots in the basic business model as taught by Peter Drucker at Anderson’s alma mater, Claremont McKenna College:

Source: created by authors to summarize discussions with Erik Anderson21

To address the specific pivotal question, “what are the sources of company value?” Anderson articulated the following model:21

Source: created by authors to summarize discussions with Erik Anderson21

One of the major conclusions Erik Anderson had come to as he considered how value is captured in the golf industry was that “the intellectual property that is golf is essentially free.” Anderson recognized that although the term “golf” was globally recognizable and ubiquitous, it was not patented. This realization enabled Topgolf to gain recognition with millions of people without having to pay royalties for use of brand or image. To Anderson “football = NFL” and “baseball = MLB.” “Golf does not equal the PGA.” He set out to create the image that “golf=Topgolf.”21

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://facility.21
https://TopGolf.14
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 6

ERA 4 – 2ND SET OF ROLLOUTS IN U.S. AND MAJOR STRATEGIC INSIGHTS (MAY 2011 – DECEMBER 2015)

In May 2011, Topgolf Allen, Texas, opened as the first of the new “bigger and better” Topgolf facilities (version 1.5) for which planning had started in 2008. This facility had 94 bays on 3 floors, 225 TVs, 64,000 square feet of building space, a rooftop terrace, and 230 employees.28,29 (See Image 5.)

Using Anderson’s “execution value” vs. option value” decision model described above, Topgolf leadership decided that the company needed to expand beyond driving ranges and commensurate planning commenced.21 Given Anderson’s basic investment philosophy of “firing bullets before firing cannonballs” he proceeded to vet his ideas for expansion with long-time friend Jim Sinegal, co-founder of Costco (originally Price Club), by addressing three basic questions: 1. “do the economics work?”; 2. “can the model be repeated in different locations?”; and, 3. if the answer to the first two is a resounding ‘yes’, then why not build as many venues as fast as possible?”21

To make the leap to aggressive expansion Anderson felt that Topgolf needed to hire the right people, find an optimal way to finance expansion, and to own the brand and the intellectual property. An aggressive goal was set—open 10 venues a year.

In early 2011 Topgolf leadership consisted of only a small team and Erik Anderson was involved only part-time. To execute on the aggressive plans, Erik Anderson replaced Richard Grogan as executive chair of Topgolf International, Inc (TI), Thomas Dundon, formerly CEO of Santander Consumer USA30 became a major investor in TI, the Jolliffe brothers sold all their Topgolf- related assets for $28 million to the major investors in TI at that time—WestRiver Group, Callaway Golf, and Thomas Dundon.27 In addition, in May 2013 Anderson replaced previous retail industry executive hires with Tom Leverton, previously a private equity consultant and CEO of Omniflight becoming CEO of Topgolf International, Inc31; and Ken May, formerly CEO of Krispy Kreme Doughnuts, becoming COO.32

TI’s expansion plans would be capital intensive. Each venue required 12-15 acres of land (with land value typically varying between $250,000 to $1 million per acre depending on location) and building costs for building, equipment, and improvements were expected to average approximately $15 million per venue.21 (See Exhibit 6.) To finance multiples of such numbers with equity would be expensive—and burdensome on the TI balance sheet.

Anderson recognized that he could now demonstrate that TI had enough economic viability to warrant a lower cost of capital from investors than was available by issuing equity. He had heard of property investors that specialized “in select enduring experiential properties in the real estate industry.” In particular, Entertainment Properties Trust (EPR), a leading experiential real estate investment trust, was a good fit for TI as its stated focus was “on real estate venues which create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. These are properties which make up the social infrastructure of society.”33

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://venue.21
https://Dundon.27
https://commenced.21
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 7

On March 12, 2012, EPR announced signed commitments for investment spending totaling $150 million, including a $20 million sale-leaseback for two Topgolf locations.34 This initial specialty REIT financing approach was so successful that it became the main financing vehicle for TopGolf venue expansion and over time five additional REITS participated.21 By 2019, a REIT typically would buy the land of a venue and lease it back to Topgolf (often for 20-50 years) and the REIT owned the building and leased it to Topgolf. TI itself typically participated by financing 15-20 percent of each venue itself.21

By 2011 Anderson realized that the mobile phone market was exploding and that smartphone users could be a potential audience for the company’s offerings. (See Exhibit 7.) TopGolf’s initial effort to get “in on the wave” was to roll out free download iPhone and Android apps to access menus and bay control at Topgolf venues, allow smartphone and tablet users to view personal scores and the site’s leaderboards, purchase VIP Priority Passes to jump to the top of the wait list, buy a Topgolf membership, and obtain news and information regarding each Topgolf location and all the Topgolf games.21,35 At the time electronic gaming was also exploding and Anderson wanted to be part of it. In 2015 TI bought World Golf Tour (WGT), an online multiplayer golf game, which created the world’s largest digital golf audience.36,37

Anderson was a big believer in “walking the factory floor.” By visiting the various venues he observed that guests loved to take and send images of themselves to their friends with their cell phones. By installing screens everywhere at Topgolf venues and posting guest-made images on those screens he encouraged guests to have a two-way interaction with the brand and created the opportunity for TI to monetize advertising on those screens, much like baseball used screens of fans at baseball games.21

To further spread the Topgolf brand, Anderson used the doors opened by the company’s association with Calloway Golf for an introduction to the Golf Channel. In 2015 only 50 percent of those in the golf industry thought of Topgolf as a positive force in golf. The Golf Channel was in that camp and a partnership was formed. In a reflection of Anderson’s view that “collaboration is a more positive force than competition,” he later forged a strategic alliance with the PGA and LPGA.21

By 2014 it was possible to take measure of how well Anderson and Topgolf had performed on its goal to “expand dramatically beyond a driving range experience with food and drink.”14 The three venues that opened in 2013 were venue version 2.0 with 3 stories, 102 bays, 65,000 square feet of building space, roof top terraces with fire pits (and one with a stage), sports bars, and over 500 parking spots. Topgolf published data on its 2013 operations at 10 venues. (See Exhibit 8.) Total sales for Topgolf in 2013 were $163.5 million.38 The company reported that in 2013 2,281,893 visitors played Topgolf, that there were 2.7 million visits to TI venues, and that 136 million balls were hit.38

With the adoption of version 2.0 venues, TI marketing strategy also changed. Starting with the opening in May 2013 of TopGolf Austin, the company marketed itself as “the premier entertainment destination in ‘fill in the blank city.’ And by entertainment destination, we’re talking about a place where you can come for birthday parties, bachelor or bachelorette parties, corporate events, date nights, or just a night out with friends, and everyone will have a great time. No matter the occasion or who you share it with, we believe that every great time starts

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://million.38
https://games.21
https://itself.21
https://participated.21
https://locations.34
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 8

with play, is fueled by food and drinks, moved by music and all made possible through community.”39

Because both the company and trends had changed since the design of the original logo, in 2014 the company wanted to make the logo more recognizable. A major concern had been that the embroidery of the old logo had made the background prominent at the expense of featuring the target symbol and name. With the letters larger relative to the image and in all caps on clothing (TOPGOLF), the new logo was deemed to be “more exciting and sporty.”40 (See Exhibit 9.) As part of the update, the spelling “TopGolf” would also be replaced by “Topgolf” in all electronic and written communication.

To further enhance the Topgolf brand and “grow the sport,” TI announced a partnership with the Golf Channel on January 25, 2015. The Golf Channel, a multimedia, golf entertainment and services company based in Orlando, Florida, was cofounded by Arnold Palmer in 1995 and then became part of the NBC Sports Group. The Golf Channel was available in more than 120 million homes in 83 countries and 12 languages around the world. The agreement included Golf Channel providing Topgolf with integration support on-air, online, across its social media brands, as well as through its email distribution platforms.41

In pursuit of the original goal of opening 10 venues per year, the pace of venue opening had quickened from previous years. Topgolf opened 5 version 2.0 venues in 2014 and another 8 in 2015. (See Exhibit 10.)

ERA 5 – CONTINUATION OF ROLLOUTS IN U.S., MAJOR REORGANIZATION, PARTNERSHIPS, MEDIA, LIFESTYLE BRAND, AND POSSIBILITY OF AN IPO

The year 2016 was a major inflection point for Topgolf. Commensurate with the “execution value” vs. the “option value” model, Anderson considered both a “defensive” strategy (execute in volume ahead of the competition) and an “offensive” strategy (be on the forefront of societal and business trends and thus branch into businesses with huge potential). Anderson elected to lead Topgolf’s global platform initiative while Topgolf restructured its organization in 2016.21

New lines of business that commanded particular interest for Anderson were media and international licensed partnerships. An umbrella organization called Topgolf Entertainment Group (TEG) with 3 divisions was formed:42

Source: https://topgolf.com/uk/company/press-room/press-releases/2015/topgolf-acquires-world-golf-tour-launches- new-media-and-international-divisions-plus-holding-company/.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://topgolf.com/uk/company/press-room/press-releases/2015/topgolf-acquires-world-golf-tour-launches
https://platforms.41
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 9

Since the overall motivation for the 2016 reorganization was to “better align growth with structure,” the Topgolf division would focus on U.S. and U.K. venues, Topgolf International would focus on international expansion, and Topgolf Media would focus on enhancing the Topgolf experience through digital media, strategic partnerships, and sponsorships.44 In addition, Erik Anderson became co-chair and CEO of TEG, Chip Brewer, CEO of Callaway Golf became co-chair of TEG and Tom Dundon became co-chair of TEG. Ken May continued as CEO of Topgolf.44 A Topgolf press release at the time read: “These new divisions will allow us to invest in the ‘global’ and ‘entertainment’ parts of our vision. One day, years from now, we’ll find it hard to believe that we were ever just Topgolf.”42

Besides the reorganization, a large number of significant developments in occurred in 2016 (for details see Exhibit 11):

– acquisition of multi-player golf game WGT43 – $300 million Providence Equity Partners investment44 – Topgolf version EZ for smaller and midsize markets21 – acquisition of Protracer and rebranding as Toptracer46,47,48 – strategic alliance with the PGA Tour and LPGA21 – opening “brand anchor” Topgolf Las Vegas50,52,53,54 (see Image 6) – introduction of WGT mobile app55 – $175 million loan and a $100 million revolving line of credit56

By the end of 2016 Topgolf had opened 8 new facilities for a total of 31 worldwide, with 28 in the United States.

2017 was to be another year of major developments in quick succession for TEG and Topgolf (for details see Exhibit 12):

– adoption of Toptracer in Topgolf venues57 – introduction of Toptracer Tournament Range for non-Topgolf owned driving ranges58 – the first pop-up Topgolf Crush event59 – entrance into the original content for entertainment sector60 – a partnership for 10 Topgolf venues in Mexico61 – partnerships with ClubCorp and Cineplex Canada62,63 – opening The Cowan, a 600-seat dedicated concert hall in Nashville64 (see Image 7) – additional investment by Calloway65 – Erik Anderson’s resumption of the executive chair role at TEG66

By the end of 2017, Topgolf had opened 9 more version 2.0 facilities, had 40 venues worldwide with 3 outside the United States, and had an average of 35,000 visitors per day. The Topgolf brand was now entertaining more than 13 million guests annually with golf venues, original content shows, next-gen simulator lounges, competitive tours, pop-up social experiences, and the world’s largest digital golf audience. Topgolf labeled itself “everyone’s game.” 21

2018 was another year of rapid expansion and major announcements and developments (for details see Exhibit 13):

– National Golf Federation: “positive role of Topgolf in golf” 67 – introduction of a Topgolf music entertainment TV series68 – first Topgolf Swing Suite69 (see Image 8)

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://Topgolf.44
https://sponsorships.44
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 10

– first non-U.S. Topgolf opening in 14 years (Australia) 70 (see Image 9) – partnership with Vistar71 – dramatic expansion Toptracer Range locations72

In 2018 Topgolf had opened 11 new facilities, for a total of 51 facilities worldwide including 47 in the United States, and expected over 16 million visitors.73 In addition, TEG had strategically extended the Topgolf brand experience from Topgolf driving range facilities to Topgolf Swing Suites, to Topgolf concerts, to Topgolf TV and to other media forms.

It should come as no surprise that in 2019 TEG was still in rapid expansion mode (for details see Exhibit 14):

– PGA Tour adoption of Toptracer for all tournament broadcasts74 – opening of first Topgolf Lounge75,76 – introduction of Topgolf version EZ for small and medium markets77 – partnership agreement for Topgolf venues in Europe78 – association with Westbrook Media (Jada & Will Smith) to produce additional Topgolf

series79

In 2019 TEG had opened 4 Topgolf facilities in the United States, for a total of 56 facilities worldwide, 52 in the United States and 4 elsewhere. In addition, there were now 55 Topgolf Swing Suite locations in the United States and Canada and Toptracer had been installed at 191 independent driving ranges in 22 countries.

As Topgolf entered 2020 its various lines of business and “brand expressions” looked as follows:

* TOPGOLF US Venues Media *TOPGOLF Media * TOPGOLF UK *TOPGOLF TV * TOPGOLF Las Vegas *TOPGOLF Radio * TOPGOLF Nashville *TOPGOLF Studios * TOPGOLF Australia * TOPGOLF Mexico * TOPGOLF Canada * Lounge by TOPGOLF

Topgolf Entertainment

Group * World Golf Tour

* TOPGOLF Tour * TOPTRACER * TOPGOLF Crush * TOPTRACER TV * TOPGOLF Swing Suite * TOPGOLF Coach * TOPGOLF Music

Activations Digital & Tech

* TOPTRACER RANGE * TOPGOLF LIVE

Sources: Compiled by authors based on various Topgolf publications and sources, including https://www.topgolfmedia.com.

See Exhibit 15 for the logos and Topgolf explanations of each of the brand expressions listed above.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://www.topgolfmedia.com
https://visitors.73
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 11

By the end of 2019 Topgolf was the dominant player in the enhanced driving range entertainment space by a large margin. One close competitors, Drive Shack, had opened only four locations (Orlando, FL, Raleigh, NC, Richmond, VA, and West Palm Beach, FL).80 Another competitor, BigShots Golf, had only opened three (Vero Beach, FL, Fort Worth, TX, and Springfield, MO). 81 Of note, Drive Shack announced on November 12, 2019, that its CEO Ken May, formerly COO at Topgolf (2013-2014) and CEO at Topgolf (2014-2017), had left the company after only 12 months as Drive Shack’s CEO.82

On January 6, 2020, Bloomberg News reported that “Topgolf International Inc., an operator of driving ranges with a party atmosphere, has selected banks for an initial public offering that could value the company at about $4 billion, according to people familiar with the matter.” The article went on to state that “Topgolf, led by Chief Executive Officer Dolf Berle, has $525 million in outstanding debt, according to data compiled by Bloomberg.”83

Looking back at all that had been accomplished at Topgolf since its founding, Erik Anderson reflected on the best way to present what he believed was a truly transformative entertainment and media sector opportunity to new investors.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 12

Exhibit 1 Topgolf Entertainment Group Leadership

Erik Anderson, Executive Chairman Topgolf Entertainment Group

Erik Anderson is a leader in global innovation. He is the Founder and Chief Executive Officer of WestRiver Group (WRG) since 2002. WRG is a collaboration of leading investment firms providing integrated capital solutions to the global innovation economy. In 2018, Anderson became Executive

Chairman of Singularity University, a global community using exponential technologies to tackle the world’s biggest challenges. Anderson is also the Executive Chairman of Topgolf Entertainment Group, a global sports entertainment company. In this role, he has received numerous honors, including the Ernst & Young Entrepreneur of the Year Award. In 2018 and 2017 he was honored by Goldman Sachs as one of their Top 100 Most Intriguing Entrepreneurs. In 2018 he was ranked by Golf Inc.as the No. 3 most powerful person in the golf industry after being ranked No. 8 the previous year. Anderson is Vice-Chairman of ONEHOPE, a cause-centric consumer brand and technology company, most commonly known for their award-winning wine and world-class vineyard in Napa, Calif. Additionally, Anderson is the founder of America’s Foundation for Chess, currently serving 160,000 children in the United States with its First Move curriculum. He serves on the Board of Play Magnus, an interactive chess app inspired by Magnus Carlsen, the reigning World Chess Champion. In 2019, he became a Board member of Pro.com, a leader in the home improvement experience industry. His investment experience includes being Partner at Frazier Healthcare Partners, CEO of Matthew G Norton Co. and Vice President at Goldman, Sachs & Co. Anderson was recognized early in his career as one of the top “40 under 40” young achievers and emerging leaders by Seattle’s Puget Sound Business Journal.

He holds a master’s and bachelor’s degree in Industrial Engineering from Stanford University and a bachelor’s degree (Cum Laude) in Management Engineering from Claremont McKenna College. Anderson lives in Kirkland, Wash., with his family, including his wife Deborah and children Natalie, Claire and Trevor.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 13

Exhibit 1 (continued) Topgolf Entertainment Group Leadership

Dolf Berle, Chief Executive Office Topgolf Entertainment Group

Dolf Berle serves as Chief Executive Officer of Topgolf Entertainment Group where he leads the company’s overall vision, global growth strategies and the company P&L. A proven leader, Dolf has a passion for driving results through an enhanced guest experience and is highly regarded for his strategic thought

leadership. With a focus on delivering unmatched experiences, championing technology innovations and creating communities of fans, Dolf is instrumental in rallying the entire Topgolf brand to connect people in meaningful ways.

Prior to joining Topgolf, Dolf’s career has included roles as President and COO of Dave & Buster’s, President of Lucky Strike Lanes, COO of House of Blues and Executive Vice President of Hospitality and Division Head at ClubCorp. Dolf earned his undergraduate degree and MBA from Harvard University. Dolf truly believes in helping people discover what connects them through friendly competition and fun. In his spare time, he is a dedicated athlete who has competed on American Ninja Warrior and is the reigning world champion in the pole vault for men 55-59 years old. He was recently named to the U.S.A. Track & Field Board of Directors and also serves on the National Board of Directors for the Make-A-Wish Foundation, one of Topgolf’s charitable partners. Dolf resides in Dallas with his wife Julia and their three children.

Source: http://press.topgolf.com/leadership.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

http://press.topgolf.com/leadership
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 14

Exhibit 2 Golf Inc. Most Powerful People in Golf (2014-2019)

Company Name Title 2014 2015 2016 2017 2018 2019

Troon Golf Dana Garmany Tim Schantz

Chairman CEO 1

Dana Garmany CEO 3 2 1 2 1

Club Corp David Pillsbury CEO 5 2

Eric Affeldt President 1 1 2

Top Golf Eric Anderson Executive Chairman

(21) (15) 8 3 3

PGA Tour Jay Monahan CEO 10 2 4

Tim Finchem CEO 5 4 7

Brandon Dunes Michael Keiser Developer 8 5 6 4 4 5

Billy Gasper Golf Peter Hill President 6 6 4 5 6 6

TGR Design Tiger Woods Professional Golfer (29) 7 7

Kemper Sports Josh Lesnik Steve Skinner

President CEO

(11) 9 5 6 8 8

Nicklaus Design Jack Nicklaus CEO 4 3 3 3 9 9

Golf Channel Mike McCarley President (16) 8 8 9 10 10

Trump Organization

Eric & Donald Trump

EVP/U.S. President (11) (12)

Donald Trump President 2 (11) (17) 1

NBC Sports Peter Bevacqua President (15) 10 7 (19)

Century Golf Jim Hinckley CEO 9 10 9 (12) (14) (18)

Arcis Equity Blake Walker Chairman/CEO (18) 7 (12) (15) (18) (15)

USGA Mike Davis Executive Director 7 (13) (11) (13) (13) (13)

Mission Hills Group

Ken/Tenniel Chu Chair/Vice Chair 10 (20) (21) (26)

Source: http://press.topgolf.com/leadership.

Exhibit 3 US Golf Industry Data: Players, Participation Rate and Courses

ON-COURSE GOLF IN US 2003 2011 2012 2013 2014 2015 2016 2017 2018 2019

PARTICIPANTS (millions)

On-course (> age 6) 30.6 25.7 24.7 24.1 23.8 23.8 24.2 n/a

PARTICIPATION

Rounds (millions)

AVG rounds/golfer

FACILITIES

Golf courses 16,172 15,751 15,619 15,516 15,372 15,204 15,014 n/a 14,613 n/a

458.0 466.0 469.0 456.8 434.0 n/a

18.5 19.3 19.7 19.2 17.9 n/a

Source: Compiled by authors from data provided by the National Golf Federation.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

http://press.topgolf.com/leadership
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 15

Exhibit 4 Optimizing Enhanced Driving Range Operations

Revenue area: Typical profit

margin

Estimated Profit margin

with optimization

Optimization measures

Driving range 5-10% 40-60% # of bays; # of players/hour; filling “Tuesday mornings”

Food 6-8% 10-15% Inventory management, menu standardization; attract large groups

Beverage Non-alcoholic 90-95% Alcoholic

Wine 55-65% Bottled beer 70-75% Liquor 75-80% Draft beer 80-85%

Sources: Compiled by authors based on industry standards and interviews21

Exhibit 5 Dallas Site: Hank Haney Golf Range vs. TopGolf Dallas

Topgolf Dallas site before and after renovations Category 2005 – before

renovation 2008 – 3 years after

renovation Change

Name Hank Haney Golf Range

Topgolf Dallas Topgolf brand

Location Park Lane Ranch, Dallas

same none

Hitting stations 50 72 +44% Type of bays Grass “All weather” Weather

independent Annual visits 25,000 200,000 800%

Revenue $310,000 $7,550,000 2400% Revenue/visitor $12.40 $37.75 300%

Source: Compiled by authors based on various publications including Topgolf Overview Package

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 16

Exhibit 6 Topgolf Building, Equipment and Improvements Costs

Location Year completed

Bays Square feet of building

Cost

Houston, TX 2012 102 65,500 $12,403,000 Colony , TX 2013 102 64,100 $13,665,000 Alpharetta, GA 2014 102 64,232 $16,616,000 Scottsdale, AZ 2014 102 59,580 $16,942,000 Spring, TX 2014 102 64,232 $14,522,000 Tampa, FL 2014 102 64,232 $15,726,000 Gilbert, AZ 2014 102 64,232 $16,130,000 Overland Park, KS 2015 102 65,000 $17,330,000 Centennial, CO 2015 102 65,000 $19,106,000 Atlanta, GA 2015 102 65,000 $17,289,000

Sources: Compiled by authors based on information from Topgolf and EPR Properties

Exhibit 7 Mobile Phone Market 1980-2019

Source: Figure courtesy of Areppin AG, https://stats.areppim.com/stats/stats_mobilex2019.htm.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://stats.areppim.com/stats/stats_mobilex2019.htm
New 2014 logo (right)

Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 17

Exhibit 8 TopGolf Operations in 2013

Facility Levels Bays TVs Bldg sf

Employ. Visits Games Balls hit (M)

Watford, UK 2 48 11 18,492 115 218,100 576,760 11.5 Chigwell, UK 2 55 10 36,686 100 240,060 633,460 12.6 Surrey, UK 2 56 10 24,000 95 125,656 416,000 8.3 Alexandria, VA 2 76 3 22,300 185 200,000 645,582 12.0 Dallas, TX 2 74 190 48,500 160 218,000 737,000 14.7 Chicago (Wood Dale), IL

2 74 36 44,000 150 180,000 603,670 12.0

Allen, TX 3 94 225 64,000 230 321,000 1,000,000+ 20.9 Houston, TX 3 102 250+ 65,000 500 426,000 1,000,000+ 25.0 Austin, TX 3 102 250+ 65,000 500 312,000 1,000,000+ 20.6 Dallas (The Colony), TX

3 102 250+ 65,000 480 40,640 65,100 1.3 Partial year: 57 days

Source: Topgolf Factsheets for each facility.

Exhibit 9 Logos

Original logo (left)

Source: Topgolf.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 18

Exhibit 10 Topgolf Cumulative Number of Enhanced Driving Range/Entertainment Facilities by Year

Source: Designed by authors using data from Topgolf press releases.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 19

Exhibit 11 2016

• January 27: acquisition of World Golf Tour (WGT), an online, multi-player golf game to create a convergence of the offline and online golf experience with 14 million players worldwide enabling players to play existing games as well as to play Topgolf virtually with new games featuring a signature dartboard-like outfield43

• February 22: Providence Equity Partners invest $300M by purchasing primary and secondary shares causing the Financial Times to value Topgolf at $2B and making it possible for Topgolf to monetize their options for the first time44

• March 16: TEG announced it was starting a broad search in the U.S. for smaller and mid-size markets for its Topgolf facilities47; designs of the next version of Topgolf venues, Topgolf EZ started 21

• April 24: acquisition of Swedish company Protracer, a pioneer in technology to track the flight of a golf ball and display its path in a video and analyze every shot, with the intention of rebranding it as Toptracer and thus replacing the original TopGolf tracking system as well as to license its use at non-Topgolf driving ranges. 46,47,48

• May 10: TEG announced a strategic alliance with the PGA Tour and the LPGA designed to create new fans, participants and enthusiasts and to enhance the playing and fan experiences through event and media initiatives51 The Topgolf-PGA Tour alliance led to Topgolf’s role as a “producer of golf”, i.e., the owner an executor of technology to enhance the watching of golf by remote audiences21

• May 19: the opening of “brand anchor” Topgolf venue at the MGM Grand on “The Strip” in Las Vegas with 108 bays on 4 floors, 105,00 square feet of building space, 5 bars, 2 swimming pools, VIP cabanas and suites, a 900-person concert venue requiring 850 employees and costing $71M financed entirely by Topgolf (See Image 6) 50,52,53,54

• July 12: introduction a WGT Golf mobile app allowing members to play Topgolf “on the go” on virtual replications of real courses. 6

• September: JPMorgan Chase Bank, N.A., RBC Capital Markets and SunTrust Robinson Humphrey, Inc. acted in concert to create a $175 million 5-year term loan and a $100 million revolving line of credit for Topgolf to execute its aggressive expansion plans56

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 20

Exhibit 12 2017

• January: announcement that Topgolf intended to use Toptracer to expand into new revenues streams with various brand expressions: Topgolf (ball-tracking graphics used during televised golf tournaments including the Golf Channel and NBS Sports); Toptracer Range (licensed technology for traditional driving ranges) 57

• Toptracer Tournament Range (viewing of popular professionals playing in major tournaments in real time); and, TopgolfCrush (pop-up events featuring giant targets on the field of a major stadium at which guests can aim and get feedback via Toptracer technology while enjoying food and drinks) 58

• February 17: the first TopgolfCrush event was held at Safeco Field in Seattle59 • April 4: announcement of entry into the original content business with the distribution

of the hit video series “The Hook” featuring Lady Antebellum. 60 • April 24: announcement of a partnership with Ventura Entertainment for 10 Topgolf

venues in Mexico. 61 • July: announcement of a partnership with ClubCorp, a private golf club organization

with 430,000 members, to accelerate innovation for the golf industry. 62 and announcement of a partnership with Cineplex (TSX:CGX) to bring Topgolf venues to Canada. 63

• September 18: opening of Topgolf Nashville, a Topgolf facility with a dedicated 7,290 square foot 600-seat concert hall renamed “The Cowan” to “create an authentic Nashville experience for golfers and non-golfers alike” 64 (See Image 7)

• December 22: announcement that Callaway Golf had made a new $20 million investment and thus now held a 14 percent ownership position in TEG; the 14 percent stake had a cost basis of $70.5 million and a street value of $290 million suggesting a $2.1B valuation for Topgolf pre-money65

• December 26: Erik Anderson resumed the role of Executive Chair of TEG to again lead the Topgolf vision, strategy and brand; Dolf Berle, formerly President and COO of Dave & Busters, President of Lucky Strike and VP at ClubCorp was named as the new CEO of TEG and Topgolf USA while also joining the Board of Directors of TEG, co-leading strategy and taking primary responsibility for the global financial performance and leadership development66

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 21

Exhibit 13 2018

• January 18: the golf industry trade organization, the National Golf Federation (NGF), reported: “The golf industry is incredibly fortunate to have Topgolf and other approachable off-course options as a bridge to help turn non-golfers into passionate golfers.” Erik Anderson responded with “We have a mantra – ‘What’s good for Topgolf is good for golf, and vice versa.’”67

• April 26: announcement of plans to expand Topgolf live music entertainment ventures with a new TV show called “Who Will Rock You.” The TV show was to feature 10 up-and-coming bands competing for a $25,000 prize to premiere on May 10, 2018.68

• June 7: opening of “first of its kind” Topgolf Swing Suite in Ocean Resort Casino in Atlantic City that featured features a massive screen with a variety of multi-sport games, as well as HDTVs, comfortable lounge seating and food and beverage offerings69 (See Image 8)

• June 15: opening of Topgolf Gold Coast, Australia, a joint venture with Australian media and entertainment company Village Roadshow Limited (ASX:VRL) next to a major theme park 70 (See Image 9)

• June 20: announcement of a partnership with Vistar Media to monetize 5,000 Topgolf in-house TV screens; Vistar Media is “a data-driven technology to provide insights into audience movement patterns and help brands, media owners and “smart city” innovators engage with consumers as they go about their daily routines.”71

• October 29: announcement that by the end of 2018 Toptracer Range would be installed at more than 100 golf course ranges and standalone ranges spread over 16 countries: Topgolf revenues are from leasing the equipment to range operators for roughly $225 per bay per month 72,73

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 22

Exhibit 14 2019

• January: Toptracer is used by the PGA for every Tour broadcast solidifying Topgolf as a producer of golf by providing viewers with on screen graphics including flight tracer overlays and ball flight;

o Toptracer viewing enhancements were becoming the NFL’s equivalent of the scrimmage and 1st down line overslays and play development graphics21,74 (See Image 10)

• January 17: opening of the first location of a new, smaller venue Topgolf Lounge in Kirkland, Washington; it will have a live sports restaurant, a few public hitting bays and a special events bay plus virtual game simulators75,76

• March 12: decision to take steps to consider population centers of 100,000 to 500,000 in addition to population centers of 1,000,000 that Topgolf had focused on since its inception in 200077

• August 29: announcement of a partnership with Switzerland-based Greenreb to expand into Germany, Switzerland, Austria and Italy78

• October 2: Topgolf Studios had four series available on its YouTube Channel and agreed with Will Smith’s Westbrook Media to have him produce additional series for Topgolf starting with “This Joka” comedian documentary series79

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 23

Exhibit 15 Topgolf Entertainment Lines of Business and Brand Expression Logos

VENUES

Topgolf US, UK, Las Vegas, Nashville, Australia, Mexico, Canada

Whether you want to take lunch to the next level, crush a first date, or after-party outside, we’ve got the space to make any occasion special. So tee the night up high and let it fly.

Lounge By Topgolf

At Lounge by Topgolf, superior hospitality meets craft cocktails and locally curated dishes. Our indoor venue is equipped with industry-leading Topgolf Swing Suite technology and a collection

of exciting virtual games delivering an experience that’s fun no matter the occasion. Source: https://topgolf.com/lounge.

MEDIA

Topgolf Media

With more than 13 million fans worldwide and counting, Topgolf Media creates corporate partnerships in

groundbreaking and unique ways. Powered by data insights and cutting-edge technology, our extensive media network establishes the foundation for our corporate partners to foster genuine connections with our consumers. Source: https://www.topgolfmedia.com.

Topgolf TV

Topgolf TV provides quality streaming surrounding Topgolf’s endemic categories: food, play, music, and community.

Topgolf Radio

Topgolf Radio is an always-on solution that distributes audio content for in-venue listening.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://www.topgolfmedia.com
https://topgolf.com/lounge
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 24

ACTIVATIONS

Topgolf Tour

Finally, a tour fans can call their own. This global golf event is broadcasted on our social channels and culminates in a Las Vegas championship game.

Topgolf Crush

CRUSH brings the Topgolf game to local sports stadiums and arenas nationwide using our proprietary ball-tracking technology, Toptracer.

Topgolf Swing Suite

An immersive experience offering a comfy lounge and fantastic food and beverage service. With a massive screen and virtual games, it delivers a one-of-a-kind simulation that’s fun for golfers and non-golfers.

Topgolf Coach

A high-energy environment and certified pros make learning golf engaging for all ages. With the integration of the latest technology, our lessons are constantly evolving.

Topgolf Music

We’ve partnered with rising stars to showcase their acts in an intimate setting.

DIGITAL & TECH

World Golf Tour (WGT)

World Golf Tour (WGT) offers high-quality golf games with access to premiere courses and has earned prestige from the USGA, PGA of America, NBC Sports & Fox Sports. A significant portion of our 24 million players are real-life green grass golfers and play 8 hours per

month on average.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 25

Toptracer

Acquired by Topgolf in May 2016, Toptracer (formerly Protracer) is the revolutionary ball-tracking technology used in major golf broadcasts worldwide. Proprietary software

accurately tracks the flight of the ball and displays custom graphics on a camera feed.

TOPTRACER TV – Toptracer is revolutionizing how people watch golf on TV. Utilizing advanced proprietary technology, Toptracer captures and displays ball flight in real-time during more than 100 broadcasts per year—making it the most used ball-tracing technology in golf.

Topgolf Live

The free Topgolf App gives you access to game history, bay reservations and you can even control what

you watch in your bay and stream the sound from any muted TV to your phone. It’s a must-have during football season!

Sources: https://topgolf.com/us/live/, https://www.topgolfmedia.com.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://www.topgolfmedia.com
https://topgolf.com/us/live
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 26

ERA 1 – PROTOTYPE (1996-OCTOBER 2000)

Image 1 Topgolf, Watford, Hertfordshire, U.K. (opened October 2000)

Source: Topgolf Images.

ERA 3 – 1ST ROLLOUTS IN US AND 1ST REORGANIZATION (AUGUST 2005-APRIL 2011)

Image 2 TopGolf Alexandria, VA (opened August 2005)

Source: https://topgolf.com/us/alexandria/.

Image 3 TopGolf Chicago/Wood Dale, IL (opened 2007)

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://topgolf.com/us/alexandria
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 27

Source: Topgolf Images.

Image 4 TopGolf Dallas, Texas (opened 2007)

Source: Topgolf Images.

ERA 4 – 2ND SET OF ROLLOUTS IN THE U.S. AND MAJOR STRATEGIC INSIGHTS (MAY 2011 – DECEMBER 2015)

Image 5 TopGolf Allen, Texas, USA (opened May 2011)

Source: https://topgolf.com/us/gallery?venue=allen.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://topgolf.com/us/gallery?venue=allen
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 28

Image 6 Topgolf “Brand Anchor” Venue in Las Vegas, Nevada (opened 2016)

)

Source: Photos courtesy of Topgolf.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 29

ERA 5 – CONTINUATION OF ROLLOUTS IN U.S., MAJOR REORGANIZATION, PARTNERSHIPS, MEDIA, LIFESTYLE BRAND, AND POSSIBILITY OF AN IPO (JANUARY 2016 – FEBRUARY 2020)

Image 7 Topgolf Nashville with The Cowan (opened 2017)

Source: Topgolf Images.

Image 8 Topgolf Swing Suite

Source: Topgolf Images.

Image 9 Topgolf Gold Coast, Australia (opened June 2018)

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 30

Source: Topgolf Images.

Image 10 Topgolf Toptracer on PGA Tour Broadcast

Source: Topgolf Images.

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 31

ENDNOTES

INTRODUCTION (1) http://www.golfincmagazine.com/content/2019-most-powerful-people-golf (2) https://www.ngf.org/golf-industry-research/participation (3) https://www.ngf.org/golf-industry-research/courses (4) https://www.pgatour.com/company/2016/05/10/topgolf-strategic-alliance-growing-the-game.html (5) (https://www.todaysgolfer.co.uk/news-and-events/general-news/2016/january/is-topgolf-the-saviour-of-golf–or-just-an-

overpriced-driving-range-/) (6) https://www.bloomberg.com/news/articles/2020-01-06/topgolf-is-said-to-work-with-morgan-stanley-on-u-s-ipo

ERA 1 – IDEATION, TECHNOLOGICAL DEVELOPMENT, and PROTOTYPE (1996-Oct 2000) (7) Enterprise Development: The Challenges of Starting, Growing and Selling Businesses-1st Edition; by Collin Barrow, Gerard

Burke, David Molian and Robert Brown (2005), pages 175-176. (8) https://patents.justia.com/assignee/world-golf-systems (9) US patent US20030125122A1 (10) https://www.watfordobserver.co.uk/news/5776194.top-golf-game-coming-soon/ (11) https://topgolf.com/uk/company/press-room/fact-sheets/watford/ (12) https://golfbusinessnews.com/news/corporate/uk-invention-set-to-revolutionize-golf-world-wide (13) https://www.independent.co.uk/news/business/world-golf-systems-theres-a-new-drivng -force-in-the-name-of-golf-

9257015.html (14) https://www.entrepreneur.com/article/319674

ERA 2 – ROLLOUTS IN U.K. (Nov 2000-Jul 2005) (15) https://golfbusinessnews.com/news/corporate/uk-invention-set-to-revolutionize-golf-world-wide (16) https://golfbusinessnews.com/news/corporate/topgolf-teams-up-with-img/ (17) https://www.topgolf.com/uk/chigwell/ (18) https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=246041932 (19) http://press.topgolf.com/ownership (20) https://topgolf.com/uk/company/press-room/fact-sheets/surrey/ (21) Erik Anderson interview, July 31, 2019.

ERA 3 – 1st ROLLOUTS IN U.S. AND 1st REORGANIZATION (Aug 2005-Apr 2011) (22) https://topgolf.com/uk/company/press-room/fact-sheets/alexandria/ (23) https://www.macrotrends.net/stocks/charts/ELY/callaway-golf/market-value (24) https://topgolf.com/us/chicago/ (25) https://topgolf.com/uk/company/press-room/fact-sheets/dallas/ (26) http://press.topgolf.com/news?o=1380 (27) https://sgbonline.com/bringing-fun-back-to-golf/

ERA 4 – 2nd SET OF ROLLOUTS IN U.S. AND MAJOR STRATEGIC INSIGHTS (May 2011-Dec 2015) (28) https://topgolf.com/uk/company/press-room/fact-sheets/allen/ (29) https://starlocalmedia.com/sports/bigger-and-better-topgolf-5-th-location-open-in-the/article_164b9880-53d4-11e3-9266-

0019bb2963f4.html (30) https://www.bloomberg.com/profile/person/15114215 (31) https://www.linkedin.com/in/thomas-leverton-5445667/ (32) https://www.linkedin.com/in/kenmay/ (33) https://www.eprkc.com/who-we-are/about-epr/ (34) https://www.reit.com/news/articles/epr-properties-broadening-opportunities-under-reits-new-leadership (35) http://press.topgolf.com/2013-09-04-TopGolf-Launches-App-for-iOS-and-Android (36) http://press.topgolf.com/2016-01-27-Topgolf-Acquires-World-Golf-Tour-Launches-New-Media-and-International-

Divisions-Plus-Holding-Company (37) https://www.inc.com/magazine/201902/steve-goldberg/topgolf-golf-course-interactive-video-game-simulator.html (38) https://topgolf.com/blog/post/2014/02/topgolfs-story-in-numbers/ (39) https://topgolf.com/us/austin/ (40) https://topgolf.com/blog/post/2014/03/topgolf-is-changing-see-our-makeover/ (41) http://press.topgolf.com/2015-01-20-Golf-Channel-Topgolf-Aim-to-Grow-Sport-via-New-Partnership

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

http://press.topgolf.com/2015-01-20-Golf-Channel-Topgolf-Aim-to-Grow-Sport-via-New-Partnership
https://topgolf.com/blog/post/2014/03/topgolf-is-changing-see-our-makeover
https://topgolf.com/us/austin
https://topgolf.com/blog/post/2014/02/topgolfs-story-in-numbers
https://www.inc.com/magazine/201902/steve-goldberg/topgolf-golf-course-interactive-video-game-simulator.html
http://press.topgolf.com/2016-01-27-Topgolf-Acquires-World-Golf-Tour-Launches-New-Media-and-International
http://press.topgolf.com/2013-09-04-TopGolf-Launches-App-for-iOS-and-Android
https://www.reit.com/news/articles/epr-properties-broadening-opportunities-under-reits-new-leadership

About EPR


https://www.linkedin.com/in/kenmay
https://www.linkedin.com/in/thomas-leverton-5445667
https://www.bloomberg.com/profile/person/15114215
https://starlocalmedia.com/sports/bigger-and-better-topgolf-5-th-location-open-in-the/article_164b9880-53d4-11e3-9266
https://topgolf.com/uk/company/press-room/fact-sheets/allen

Bringing Fun Back to Golf


http://press.topgolf.com/news?o=1380
https://topgolf.com/uk/company/press-room/fact-sheets/dallas
https://topgolf.com/us/chicago
https://www.macrotrends.net/stocks/charts/ELY/callaway-golf/market-value
https://topgolf.com/uk/company/press-room/fact-sheets/alexandria
https://topgolf.com/uk/company/press-room/fact-sheets/surrey
http://press.topgolf.com/ownership
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=246041932
https://www.topgolf.com/uk/chigwell

TOPGOLF teams up with IMG


https://golfbusinessnews.com/news/corporate/uk-invention-set-to-revolutionize-golf-world-wide
https://www.entrepreneur.com/article/319674
https://www.independent.co.uk/news/business/world-golf-systems-theres-a-new-drivng
https://golfbusinessnews.com/news/corporate/uk-invention-set-to-revolutionize-golf-world-wide
https://topgolf.com/uk/company/press-room/fact-sheets/watford
https://www.watfordobserver.co.uk/news/5776194.top-golf-game-coming-soon
https://patents.justia.com/assignee/world-golf-systems
https://www.bloomberg.com/news/articles/2020-01-06/topgolf-is-said-to-work-with-morgan-stanley-on-u-s-ipo
https://www.todaysgolfer.co.uk/news-and-events/general-news/2016/january/is-topgolf-the-saviour-of-golf–or-just-an
https://www.pgatour.com/company/2016/05/10/topgolf-strategic-alliance-growing-the-game.html
https://www.ngf.org/golf-industry-research/courses
https://www.ngf.org/golf-industry-research/participation
http://www.golfincmagazine.com/content/2019-most-powerful-people-golf
Topgolf: Building a Global Sports Entertainment Community SPM-57 p. 32

ERA 5 – CONTINUATION OF ROLLOUTS IN U.S., MAJOR REORGANIZATION, PARTNERSHIPS, MEDIA, LIFESTYLE BRAND, AND POSSIBILITY OF AN IPO (Jan 2016-Feb 2020) (42) http://press.topgolf.com/2016-01-27-Topgolf-Acquires-World-Golf-Tour-Launches-New-Media-and-International-

Divisions-Plus-Holding-Company (43) http://press.topgolf.com/2016-01-27-Topgolf-Acquires-World-Golf-Tour-Launches-New-Media-and-International-

Divisions-Plus-Holding-Company (44) https://topgolf.com/uk/company/press-room/press-releases/2016/topgolf-announces-major-investment-from-providence-

equity/ (45) http://press.topgolf.com/2016-03-16-Topgolf-Targeting-More-Markets-for-Expansion (46) http://press.topgolf.com/2016-05-24-Topgolf-Adding-Broadcast-Media-Technology-with-Protracer-Acquisition (47) http://press.topgolf.com/2017-04-04-Topgolf-Innovating-Golf-for-Players-and-Spectators-with-Toptracer-Technology (48) https://www.toptracer.com/about/ (49) http://press.topgolf.com/2016-05-10-PGA-TOUR-LPGA-and-Topgolf-Announce-Strategic-Alliance-Focused-on-Growing-

the-Game-Enhancing-Golf-Experience#assets_all (50) https://topgolf.com/us/las-vegas/ (51) https://www.casinojournal.com/articles/90892-form-supports-function-at-topgolf-las-vegas?v=preview (52) http://www.ft.com/content/a3573b9e=dca8-11e5-8541-oofb33bdf038 (53) https://www.golfdigest.com/story/topgolf-las-vegas-is-the-worlds-most-insane-driving-range (54) https://mgmgrand.mgmresorts.com/en/amenities/topgolf.html (55) http://press.topgolf.com/2016-07-12-Topgolf-Can-Now-Be-Played-24-7-on-the-WGT-Golf-App (56) http://press.topgolf.com/2016-09-13-Topgolf-Completes-New-275-Million-Credit-Facility (57) http://press.topgolf.com/2017-04-04-Topgolf-Innovating-Golf-for-Players-and-Spectators-with-Toptracer-Technology (58) https://www.toptracer.com/range/ (59) https://www.geekwire.com/2017/topgolf-comes-seattle-testing-driving-range-meets-bowling-alley-concept-safeco-field/ (60) http://press.topgolf.com/2018-03-07-Topgolfs-Hit-Original-Series-The-Hook-Featuring-Lady-Antebellums-Charles-Kelley-

Now-Available-on-Prime-Video-and-Fire-TV (61) http://press.topgolf.com/2017-04-24-Topgolf-Inks-Deal-for-10-Venues-Across-Mexico (62) http://press.topgolf.com/2017-06-20-Topgolf-and-ClubCorp-Team-up-to-Accelerate-Innovation-for-Golf-Industry (63) http://press.topgolf.com/2017-07-26-Topgolf-and-Cineplex-Announce-Partnership-to-Bring-Sports-Entertainment-Venues-

to-Canada (64) https://topgolf.com/us/nashville/upcoming-events/ (65) https://thegolfnewsnet.com/golfnewsnetteam/2018/01/01/callaway-golf-increases-topgolf-investment-values-company-2-1-

billion-107847/ (66) http://press.topgolf.com/2017-12-22-Topgolf-Expands-Executive-Team-to-Further-Drive-Innovation-and-Growth (67) http://press.topgolf.com/2018-01-18-Topgolf-Positively-Impacting-Traditional-Golf-According-to-National-Golf-

Foundation-Survey (68) https://streetfightmag.com/2018/06/20/topgolf-inks-deal-with-vistar-to-bring-programmatic-to-in-house-screens (69) https://swingsuite.topgolf.com/ (70) https://topgolf.com/uk/company/press-room/press-releases/2016/topgolf-expands-global-community-with-deal-for-

australian-venues/ (71) https://streetfightmag.com/2018/06/20/topgolf-inks-deal-with-vistar-to-bring-programmatic-to-in-house-screens (72) https://www.golf.com/tour-news/2018/02/15/topgolf-may-soon-be-coming-driving-range-near-you (73) https://www.entrepreneur.com/article/319674 (74) https://www.golf.com/news/2019/01/22/toptracer-every-shot-nbc-broadcasts/ (75) https://www.geekwire.com/2020/topgolf-arrives-seattle-area-high-tech-indoor-topgolf-lounge-concept-new-google-building/ (76) https://www.kiro7.com/news/local/first-ever-topgolf-lounge-coming-to-kirkland/938456580/ (77) http://press.topgolf.com/2019-03-12-Topgolf-to-Enter-Small-and-Mid-Sized-Cities-Across-the-U-S (78) http://press.topgolf.com/2019-08-29-Topgolf-Entertainment-Group-Announces-New-Franchise-Partnership-With-Plans-to-

Expand-into-Central-Europe ; https://www.greenreb.com/ (79) https://variety.com/2019/digital/news/will-smith-jada-pinkett-smith-westbrook-media-topgolf-studios-1203355192/ (80) https://www.driveshack.com/locations/ (81) https://www.bigshotsgolf.com/locations/ (82) https://thefly.com/landingPageNews.php?id=2992527&headline=DS-Drive-Shack-says-Hana-Khouri-to-succeed-Ken-May-

as-CEO (83) https://www.bloomberg.com/news/articles/2020-01-06/topgolf-is-said-to-work-with-morgan-stanley-on-u-s-ipo

For the exclusive use of B. Siwakoti, 2022.

This document is authorized for use only by Bishal Siwakoti in BUS3310 HBR Coursepack taught by Jonathan Schultz, Amberton University from Oct 2021 to Apr 2022.

https://www.bloomberg.com/news/articles/2020-01-06/topgolf-is-said-to-work-with-morgan-stanley-on-u-s-ipo
https://thefly.com/landingPageNews.php?id=2992527&headline=DS-Drive-Shack-says-Hana-Khouri-to-succeed-Ken-May
https://www.bigshotsgolf.com/locations
https://www.driveshack.com/locations
https://variety.com/2019/digital/news/will-smith-jada-pinkett-smith-westbrook-media-topgolf-studios-1203355192
https://www.greenreb.com
http://press.topgolf.com/2019-08-29-Topgolf-Entertainment-Group-Announces-New-Franchise-Partnership-With-Plans-to
http://press.topgolf.com/2019-03-12-Topgolf-to-Enter-Small-and-Mid-Sized-Cities-Across-the-U-S
https://www.kiro7.com/news/local/first-ever-topgolf-lounge-coming-to-kirkland/938456580
https://www.geekwire.com/2020/topgolf-arrives-seattle-area-high-tech-indoor-topgolf-lounge-concept-new-google-building
https://www.golf.com/news/2019/01/22/toptracer-every-shot-nbc-broadcasts
https://www.entrepreneur.com/article/319674
https://www.golf.com/tour-news/2018/02/15/topgolf-may-soon-be-coming-driving-range-near-you

Topgolf Inks Deal with Vistar to Bring Programmatic to In-House Screens


https://topgolf.com/uk/company/press-room/press-releases/2016/topgolf-expands-global-community-with-deal-for
https://swingsuite.topgolf.com

Topgolf Inks Deal with Vistar to Bring Programmatic to In-House Screens


http://press.topgolf.com/2018-01-18-Topgolf-Positively-Impacting-Traditional-Golf-According-to-National-Golf
http://press.topgolf.com/2017-12-22-Topgolf-Expands-Executive-Team-to-Further-Drive-Innovation-and-Growth
https://thegolfnewsnet.com/golfnewsnetteam/2018/01/01/callaway-golf-increases-topgolf-investment-values-company-2-1
https://topgolf.com/us/nashville/upcoming-events
http://press.topgolf.com/2017-07-26-Topgolf-and-Cineplex-Announce-Partnership-to-Bring-Sports-Entertainment-Venues
http://press.topgolf.com/2017-06-20-Topgolf-and-ClubCorp-Team-up-to-Accelerate-Innovation-for-Golf-Industry
http://press.topgolf.com/2017-04-24-Topgolf-Inks-Deal-for-10-Venues-Across-Mexico
http://press.topgolf.com/2018-03-07-Topgolfs-Hit-Original-Series-The-Hook-Featuring-Lady-Antebellums-Charles-Kelley
https://www.geekwire.com/2017/topgolf-comes-seattle-testing-driving-range-meets-bowling-alley-concept-safeco-field
https://www.toptracer.com/range
http://press.topgolf.com/2017-04-04-Topgolf-Innovating-Golf-for-Players-and-Spectators-with-Toptracer-Technology
http://press.topgolf.com/2016-09-13-Topgolf-Completes-New-275-Million-Credit-Facility
http://press.topgolf.com/2016-07-12-Topgolf-Can-Now-Be-Played-24-7-on-the-WGT-Golf-App
https://mgmgrand.mgmresorts.com/en/amenities/topgolf.html
https://www.golfdigest.com/story/topgolf-las-vegas-is-the-worlds-most-insane-driving-range
http://www.ft.com/content/a3573b9e=dca8-11e5-8541-oofb33bdf038
https://www.casinojournal.com/articles/90892-form-supports-function-at-topgolf-las-vegas?v=preview
https://topgolf.com/us/las-vegas
http://press.topgolf.com/2016-05-10-PGA-TOUR-LPGA-and-Topgolf-Announce-Strategic-Alliance-Focused-on-Growing
https://www.toptracer.com/about
http://press.topgolf.com/2017-04-04-Topgolf-Innovating-Golf-for-Players-and-Spectators-with-Toptracer-Technology
http://press.topgolf.com/2016-05-24-Topgolf-Adding-Broadcast-Media-Technology-with-Protracer-Acquisition
http://press.topgolf.com/2016-03-16-Topgolf-Targeting-More-Markets-for-Expansion
https://topgolf.com/uk/company/press-room/press-releases/2016/topgolf-announces-major-investment-from-providence
http://press.topgolf.com/2016-01-27-Topgolf-Acquires-World-Golf-Tour-Launches-New-Media-and-International
http://press.topgolf.com/2016-01-27-Topgolf-Acquires-World-Golf-Tour-Launches-New-Media-and-International
Structure Bookmarks
TOPGOLF: BUILDING A GLOBAL SPORTS ENTERTAINMENT COMMUNITY
INTRODUCTION
ERA 1 – IDEATION, TECHNICAL DEVELOPMENT AND PROTOTYPE (1996 – OCTOBER 2000)
ERA 2 – ROLLOUTS IN U.K. (NOVEMBER 2000 – JULY 2005)
ERA 3 – 1ST ROLLOUTS IN US AND 1ST REORGANIZATION (AUGUST 2005 – APRIL 2011)
ERA 4 – 2ND SET OF ROLLOUTS IN U.S. AND MAJOR STRATEGIC INSIGHTS (MAY 2011 – DECEMBER 2015)
ERA 5 – CONTINUATION OF ROLLOUTS IN U.S., MAJOR REORGANIZATION, PARTNERSHIPS,MEDIA, LIFESTYLE BRAND, AND POSSIBILITY OF AN IPO
Exhibit 1 Topgolf Entertainment Group Leadership
Exhibit 1 (continued) Topgolf Entertainment Group Leadership
Exhibit 2 Golf Inc. Most Powerful People in Golf (2014-2019)
Exhibit 3 US Golf Industry Data: Players, Participation Rate and Courses
Exhibit 4 Optimizing Enhanced Driving Range Operations
Exhibit 5 Dallas Site: Hank Haney Golf Range vs. TopGolf Dallas
Exhibit 6 Topgolf Building, Equipment and Improvements Costs
Exhibit 7 Mobile Phone Market 1980-2019
Exhibit 8 TopGolf Operations in 2013
Exhibit 9 Logos
Exhibit 10 Topgolf Cumulative Number of Enhanced Driving Range/Entertainment Facilities by Year
Exhibit 11 2016
Exhibit 12 2017
Exhibit 13 2018
Exhibit 14 2019
Exhibit 15 Topgolf Entertainment Lines of Business and Brand Expression Logos
VENUES
MEDIA
ACTIVATIONS
DIGITAL & TECH
ERA 1 – PROTOTYPE (1996-OCTOBER 2000)
ERA 3 – 1ST ROLLOUTS IN US AND 1ST REORGANIZATION (AUGUST 2005-APRIL 2011)
ERA 4 – 2ND SET OF ROLLOUTS IN THE U.S. AND MAJOR STRATEGIC INSIGHTS (MAY 2011 – DECEMBER 2015)
ERA 5 – CONTINUATION OF ROLLOUTS IN U.S., MAJOR REORGANIZATION, PARTNERSHIPS,MEDIA, LIFESTYLE BRAND, AND POSSIBILITY OF AN IPO (JANUARY 2016 – FEBRUARY 2020)
ENDNOTES

Check Price Discount

Tags: , , , , , , , , , , , , , , , , , , , , , ,

Order for this Paper or Similar Assignment Help

Fill a form in 3 easy steps - less than 5 mins.

Why Opt for Custom Writing Services

You Want Quality and That’s What We Deliver

Top Essay Writers

To join our team, we choose only the best writers. They each have expertise in specific topic fields and experience in academic writing.

Affordable Prices

We offer student friendly prices while still having maintaining  the best writing standard. Compared to other writing services, our prices are fair and reasonable..

100% Plagiarism-Free

You will never receive a product that contains any plagiarism. We scan every final draft before releasing it to be delivered to a customer.

How it works

When you decide to place an order with Write my Nursing Paper, here is what happens:

Complete the Order Form

You will complete our order form, filling in all of the fields and giving us as much instructions detail as possible.

Assignment of Writer

We analyze your order and match it with a custom writer who has the unique qualifications for that subject, and he begins from scratch.

Order in Production and Delivered

You and your writer communicate directly during the process, and, once you receive the final draft, you either approve it or ask for revisions.

Giving us Feedback (and other options)

We want to know how your experience went. You can read other clients’ testimonials too. And among many options, you can choose a favorite writer.

Expert paper writers are just a few clicks away

Place an order in 3 easy steps. Takes less than 5 mins.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00