03 · Competitive Analysis
Comps and revenue benchmarks
Mini golf venues across North Carolina that share part of our format, per-location revenue for the two big chains, and industry averages by venue type.
North Carolina comps
Venues in Raleigh, Charlotte and the Triad that share part of the format. They are not all competitors; they show what the format looks like and, where disclosed, what it earns.
| Venue | Offer | Size | Price | Revenue estimate | Read for us | Market |
|---|---|---|---|---|---|---|
| Hop Shots 614 Glenwood Ave, Raleigh (Glenwood South) · opened Jul 2024 | 18 outdoor holes behind Raleigh Beer Garden, 2 shipping-container bars, yard games, fire pits | 18 holes, outdoor | Not published | Not disclosed | Closest format match: outdoor course + bar in a bar district. | Raleigh |
| Puttery Raleigh Inside Drive Shack, 6901 Play Golf Way · ~25 min | 2 × 9-hole courses, 1 bar, cocktails and upscale bites | 2 × 9 holes, indoor | $20 unlimited | Unit not disclosed; Puttery venues averaged ~$4.8M–$8.8M/yr (2022–23) | Premium indoor chain unit; highway site inside a driving range. | Raleigh |
| ParTee Shack Raleigh | Locally owned indoor mini golf, 3 courses by difficulty, grill | 3 courses, indoor | Not checked | Not disclosed | Family indoor course with food. | Raleigh |
| Puttery Charlotte 210 Rampart St, South End · opened late 2021 | 2 × 9-hole themed courses, bar, food; 90-min tee times | 15,000 SF, indoor | $18 (2021) | $2.2M in Q1 2022 (~$8.8M/yr annualized); 38% venue EBITDA | Only NC unit with public revenue. | Charlotte |
| Stroke (closed) Plaza Midwood, Charlotte · Jan 2020 – Feb 2024 | 9-hole indoor course + full cocktail bar, small plates | 5,100 SF, 9 holes | $10–12 | Not disclosed; closed Feb 2024 over debt | Small bar-forward independent that did not survive; a caution on debt load. | Charlotte |
| Putt-Putt Fun Center Burlington (between Durham and Greensboro) | Classic family Putt-Putt course | Classic 18-hole courses | Not checked | Not disclosed; classic courses typically $250k–$500k/yr | Classic family format; reviewed in good condition (2019). | Triad |
| Adventure Landing Winston-Salem | Family fun center with mini golf among other attractions | Multi-attraction | Not checked | Not disclosed | Family fun center format. | Triad |
| Wheels Fun Park (closed) Durham · closed 2020 | Former family park with mini golf, skating, go-karts | Multi-attraction | — | — | City bought the site in 2021; only the skating rink reopened (Feb 2025, run by United Skates). No mini golf found in Durham today. | Durham |
Revenue estimates: only Puttery publishes venue revenue. The independents are private and no credible third-party revenue estimate turned up; where a venue type has an industry range, it is shown instead. No bar-forward mini golf venue turned up in Greensboro.
Revenue per location: Puttery and Puttshack
Puttery (Drive Shack)
| Data point | Per venue |
|---|---|
| Q1 2022, 2 venues open (The Colony TX, Charlotte) | ~$2.2M / quarter |
| Charlotte, Q1 2022 actual | $2.2M |
| Annualized from Q1 2022 | ~$8.8M / yr |
| Venue EBITDA margin, Q1 2022 | 38% |
| Q2 2023, 8 venues (incl. new openings) | ~$1.2M / quarter |
| Annualized from Q2 2023 | ~$4.8M / yr |
| Venue size · build cost | 15–20k SF · $7–11M |
The Q2 2023 average is diluted by venues open only part of the quarter. Same-venue F&B at Dallas and Charlotte fell about $500k on fewer walk-ins. Alcohol was ~80% of F&B. Drive Shack went private in late 2022, so newer numbers are not public.
Puttshack
| Data point | Per venue |
|---|---|
| Average unit volume (2025, 20 venues, 16 in US) | $11–12M / yr |
| Store-level margin | 25% |
| Food + beverage share of revenue | 55% |
| Alcohol share of F&B | ~2/3 |
| Average venue size | 25,000 SF |
| Mini golf share of revenue · margin (Jan 2024) | ~40% · ~95% |
No Puttshack location in North Carolina. Both chains run full kitchens, big-city sites and heavy marketing, so treat them as a ceiling, not a target.
Industry averages by type
| Type | Size | Price / round | Revenue / venue | Revenue / SF | Source |
|---|---|---|---|---|---|
| Classic / themed outdoor Putt-Putt Fun Center; Surf's Up (Carolina Beach) | ~18,000 SF, 18 holes | $10–$15 | $250k–$500k | ~$14–$28 | Harris Miniature Golf via Freakonomics (Nov 2025) |
| Indoor glow franchise Monster Mini Golf (28 units) | Strip-center box | ~$10–$15 | ~$1.0M AUV | n/a | Third-party franchise site, 2025 FDD year; verify in FDD Item 19 |
| Small bar-forward independent Stroke (Charlotte, closed 2024), Hop Shots (Raleigh) | 5,000–15,000 SF | $10–$12 | Not public | n/a | No disclosures; our concept sits here |
| Upscale eatertainment chain Puttery, Puttshack | 15,000–25,000 SF | $18–$20 | $4.8M–$12M | ~$460–$590 | Company calls / trade press (2022–2025) |
| All US facilities (aggregator) — | — | ~$12.50/round | ~$450k avg | n/a | ZipDo, 2023; low quality |
| Our base case 18 holes, bar, ice cream, food trucks; closed Mon–Tue | 12,500 SF bldg + yard | $12 | $766,350 | ~$61 per bldg SF | Our model |
- US mini golf revenue is estimated at over $2 billion a year. About 18 million Americans played in 2021, averaging four rounds each (National Golf Foundation, via Washington Examiner, Jul 2024).
- A typical Harris-built course takes in $250k–$500k, costs $300k–$2.5M to build, runs with about 2 staff per shift and holds about 90 players at once.
- Our base case of $766,350 is above the classic outdoor range ($250k–$500k), below the indoor franchise level (~$1.0M) and far below the chains, which run 15–25k SF venues with kitchens.
Where we fit
- No mini golf venue of any kind appears to operate in Durham now that Wheels Fun Park has closed. Hop Shots in Raleigh is the closest format, and Puttery Raleigh is the nearest chain unit.
- Price: Stroke charged $10–12 before closing and Puttery charges $18–20. Our base case is $12 a round for everyone.
- Food trucks replace a kitchen: no kitchen capex, no kitchen labor, but less food revenue than the chains.
- Family demand is seasonal and weather-driven, and our 9 yard holes are exposed to both.
Sources
- Hop Shots Mini Golf, Visit Raleigh · retrieved Oct 2026
- Hop Shots opening, Raleigh Magazine · 2024
- Puttery Raleigh · retrieved Oct 2026
- ParTee Shack, NC Triangle Dining · undated
- Puttery Charlotte opening, Axios Charlotte · Sep 2021
- Stroke opening, Axios Charlotte · Jan 2020
- Stroke closure, A Couple of Putts · updated Mar 2024
- Wheels rink reopening, WUNC · Feb 2025
- Adventure Landing Winston-Salem, Roadtrippers · undated
- Drive Shack Q1 2022 earnings call transcript · May 2022
- Drive Shack FY2021 10-K (venue size, build cost) · Mar 2022
- Drive Shack delisted a year ago, Perfect Putt · ~late 2023
- Inside Puttshack's plan, FSR Magazine · Apr 2025
- Puttshack Edina opening, Restaurant Dive · Oct 2024
- Monster Mini Golf franchise data, FranchisePayback · 2025; secondary
- Miniature Golf, Freakonomics (Economics of Everyday Things) · Nov 2025
- The economics of mini golf, Washington Examiner · Jul 2024
- Mini golf industry statistics, ZipDo · low-quality aggregator
- Wheels Fun Park review (also notes Putt-Putt Burlington), A Couple of Putts · Jan 2019; stale