Topgolf looked like the future of fun—huge crowds, glowing targets, and a $2 billion bet from Callaway Golf. But the truth? Behind the buzz, the business has been quietly struggling.

In this episode, I break down how Topgolf went from an entertainment powerhouse to a financial headache: the enormous cost to build, post-pandemic spending shifts, inflation, rising debt, and cheaper competitors all playing a role. Even with venues packed, Callaway is now stepping back—and that tells you everything you need to know.

If you’ve ever swung a club at Topgolf or wondered how a business can look busy but still bleed cash, this one’s for you.

If you ever want to buy or sell a property anywhere in the world, our team would be honored to help get you to your next destination.

Until next time, stay curious, stay hungry, and as always… stay ALL IN!

Amit Bhuta

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