Who Owns Dave & Buster’s?

Dave & Buster’s is a North American restaurant and entertainment company based in Dallas, Texas. The business was established in 1982 by David “Dave” Corriveau and James “Buster” Corley. Its locations feature full-service restaurants, bars, and video arcades.

Dave & Buster’s expanded into the UK in 1998 and opened two restaurants. Both locations were unsuccessful and closed to cut losses. As of Dec 2023, the company had 159 Dave & Buster’s branded stores in 42 US states, Canada, and Puerto Rico. [1]

Dave & Buster’s owns and operates entertainment and dining venues across the US, Canada, and Puerto Rico. The company is remodeling its stores, revamping food and beverage menus, and ramping up digital marketing to boost sales. In 2023, Dave & Buster’s announced several rebranding initiatives with quarterly deadlines. The company plans to roll out 40-45 store remodels in 2024 and establish 15 new venues. [2]

Dave & Buster’s offers food, drinks, and games in one location. Each Dave & Buster’s store provides entrées, appetizers, alcoholic and non-alcoholic beverages, and entertainment attractions.

Guests can play games and watch televised events like live sports. In Dec 2023, the company opened its first Dave & Buster’s location in Atlantic City. The entertainment and restaurant center features over 100 arcade games, food, beverages, and a sports bar with HD television screens. But who owns Dave & Buster’s? [3]

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Who is Dave & Buster’s Parent Company?

Dave & Buster’s is a standalone public company traded on NASDAQ under the PLAY ticker symbol. It doesn’t have one sole owner or a parent organization. Anyone who wants to own a stake in Dave & Buster’s can purchase its shares on Wall Street. Dave & Buster’s relies on its top management and board members for decision-making.

In Jun 2022, Chris Morris was named the new Dave & Buster’s CEO. Morris seeks to update the company’s food and beverage program and upgrade its facilities and activities. [4]

Dave & Buster’s expanded its entertainment offering since the 1980s. The company launched the Power Card in 1997 and installed proximity game card readers in 2015.

Customers can download Power Cards on Google Pay and Apple Wallet through the DING-DING-DING app. In Apr 2022, Dave & Buster’s acquired Main Event from Ardent Leisure and RedBird Capital Partners for $835 million. [5]

Main Event complements Dave & Buster’s offering. It is a sports-based family entertainment chain providing bowling, laser tag, arcade games, and virtual reality. In Q4 2022, Dave & Buster’s operated 55 Main Event locations in 20 states across the US. The parent company opened 3 Main Event branded stores, increasing the total to 58. [6]

Dave & Buster’s employs 22,748 people. The company is expanding its market presence. Each new store opening increases its workforce. In Nov 2023, Dave & Buster’s hired 160 people to work at its second location in Austin, Texas. The positions included servers, hosts, bartenders, line cooks, and game techs. [7]

Image Credit Mesha Mittanasala — Image Credit: Mesha Mittanasala

Dave & Buster’s Ownership History

David Corriveau and James Corley were the original Dave & Buster’s owners. The idea for Dave & Buster’s was born in the late 1970s. At the time, Corley operated a restaurant near an adult entertainment and games business managed by Corriveau.

They combined their work experience to create Dave & Buster’s and opened the company’s first location in 1982 in Dallas, Texas. Corriveau passed away in 2015, and Corley died in Jan 2023 from a gunshot wound. [8]

Corriveau and Corley jointly owned Dave & Buster’s. They managed the company as co-CEOs. In 1989, Corriveau and Corley sold a majority stake in Dave & Buster’s to Edison Brothers. The cofounders remained with the company and played a role in its future expansion plans.

In 1995, Edison Brothers spun off Dave & Buster’s, paving the way for the restaurant to go public. Dave & Buster’s expanded into the UK in the late 1990s. However, the venture didn’t last long enough to be profitable. [9]

Dave and Buster’s acquired Jillian’s trademark and nine locations in 2004 after the competitor filed for Chapter 11 bankruptcy. This acquisition expanded the company’s market presence. In Dec 2005, Wellspring Capital bought Dave & Buster’s.

Dave & Buster’s went private after its acquisition by Wellspring Capital. In Jun 2010, Oak Hill bought Dave & Buster’s from Wellspring. The company was Oak Hill’s subsidiary for four years. In 2014, Dave and Buster’s went public via IPO on NASDAQ. The IPO raised $94 million and transferred Dave & Buster’s ownership to external investors. [10]

Image Credit Davis Patton — Image Credit: Davis Patton

Dave & Buster’s Shareholder Structure

Dave & Buster’s is a public company with institutional, private, and public investors with its shares listed on the NASDAQ stock exchange. As of Dec 2023, Dave & Buster’s offered 62,889,451 Stock A shares with one vote. This figure includes 32,568,063 free-float shares owned by institutions and individual shareholders. [11]

Dave & Buster’s has 301 institutional shareholders. As of Dec 2023, Hill Path Capital was Dave & Buster’s largest shareholder, with 17.67% of the company. This stake represents 7,119,255 shares. BlackRock is the second-largest Dave & Buster’s shareholder with 13.27%, followed by Vanguard Group at 10.98%, Eminence Capital at 7.94%, and Nomura Holdings at 6%. Other top institutional shareholders include Candlestick Capital, American Century, Wolf Hill Capital, State Street Corp, and Morgan Stanley. [12]

Companies buy back their shares to consolidate ownership, preserve stock prices, boost the stock value, and improve financial statements. In Q3 2023, Dave & Buster’s repurchased 2.8 million shares for $100 million. The company bought back 8.5 million shares in Q1, Q2, and Q3 2023 for $300 million, with $100 million remaining on its repurchase authorization for Q4. The figure represents 17.5% of outstanding shares. [13]

Dave & Buster’s shareholder structure has several insiders. As of Dec 2023, insiders owned 1.6% of the company. The list includes current and former Dave & Buster’s executives and directors like Chris Morris, Kevin Sheehan, Ashley Zickefoose, Steve Klohn, Tony Wehner, and Michael Quartieri. As of Jan 2024, Dave & Buster’s insiders had purchased 1,237,327 PLAY shares over 24 months for $41,897,091.14. [14]

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