Can Topgolf's New CEO Fix Golf's Biggest Front Door?

Topgolf was the darling of the golf industry-until it wasn't.

Callaway bought the company in a deal valued at roughly $2 billion in 2021, then sold a majority stake to private equity this year after the combined business lost nearly half its value.

David McKillips was hired to turn it around. Six months into the job, the former Chuck E. Cheese, Six Flags and Warner Bros. executive joins Jimmy Roberts to explain what he found after visiting 100 venues in 100 days, why guests love Topgolf but don't come back, and how he plans to fix it: new virtual courses every quarter, Toptracer technology in all 103 U.S. locations, a move away from the RFID ball, a membership program, floor-by-floor booking and more entertainment-from arcades to racquet sports-for the 65% of customers who aren't avid golfers.

Then Evan Roosevelt, co-founder of golf-only investment firm Old Tom Capital, gives his read on the Topgolf model, why same-site visits declined from the day each venue opened, and whether leaning into entertainment risks alienating the core golfer. He also makes the case that par-3 and short courses are the next big investable category in a supply-constrained game, explains why the definition of a "serious golfer" is widening and shares why his firm invests exclusively in golf.

Also in this episode: the Golf Business Intelligence Brief covers NBC's Presidents Cup ratings surge, Five Iron Golf's new smaller-footprint franchise model and L.A.B. Golf's sold-out collaboration with Steph Curry. David McKillips also appears in Making Better Decisions, presented by Aon, Fox News' Bret Baier shares his Big Swing moment and Jimmy closes on the Protect College Sports bill and why college athletics is more broken than golf's governing bodies.

What you'll hear in this episode:

-Why Topgolf's growth story stalled-and what McKillips says the company failed to reinvest in

-How a 30-year career in theme parks and out-of-home entertainment applies to golf

-The product changes coming to Topgolf: Toptracer, a new ball, new virtual courses and a membership program

-What Old Tom Capital's Evan Roosevelt thinks Topgolf has to get right to win back golfers

-Why par-3 courses may be the next great golf investment