Dave & Buster's

Last updated

Dave & Buster's Entertainment, Inc.
Company type Public
Nasdaq:  PLAY
S&P 600 Component
IndustryEntertainment/Restaurant (Eatertainment)
FoundedAugust 31, 1982;41 years ago (1982-08-31), in Dallas, Texas
FounderDavid O. Corriveau
James W. "Buster" Corley
Headquarters
Dallas, Texas, U.S.
Number of locations
156 [1]
Key people
Chris Morris (CEO)
Subsidiaries Main Event Entertainment
Website Official website OOjs UI icon edit-ltr-progressive.svg

Dave & Buster's Entertainment, Inc. (stylized in all caps) is an American restaurant and entertainment business headquartered in Dallas. [2] Each Dave & Buster's location has a full-service restaurant, full bar, and a video arcade; the latter of which is iconically known as the "Million Dollar Midway". [3] [4] As of September 2023, the company currently has a total of 156 locations in the United States, two in Puerto Rico and two in Canada. [1]

Contents

History

Original Dave & Buster's logo used from 1982 to 2014. DaveAndBusters.svg
Original Dave & Buster's logo used from 1982 to 2014.
Previous logo from 2014 to 2020. It is still in use at many locations. Dave & Buster's 2014.svg
Previous logo from 2014 to 2020. It is still in use at many locations.

The first Dave & Buster's was opened in Dallas in 1982 by David "Dave" Corriveau (1951-2015) and James "Buster" Corley (1951-2023). [5] Corley had previously operated a bar called "Buster's" in Little Rock, Arkansas, next door to a saloon and game parlor called "Cash McCool's", owned by Corriveau. [6] After opening Dave & Buster's, the two operated as co-CEOs. [7]

Dave & Buster's in Manchester, Connecticut 2015, by Mike Mozart of TheToyChannel and JeepersMedia on YouTube -Dave -Busters.jpg
Dave & Buster's in Manchester, Connecticut

In 1989, Edison Brothers Stores purchased a majority ownership in the restaurant to finance further expansion into other cities. [6] Dave & Buster's was spun off from Edison Brothers, and went public with Andy Newman as chairman in 1995. [8] By 1997, the chain had ten locations across the country. [9]

D&B acquired nine Jillian's locations after Jillian's filed for Chapter 11 Bankruptcy [10] [11] in 2004. Seven of these Jillian's locations were rebranded with the Dave & Buster's name, while two were closed following the acquisition. The company announced on December 8, 2005, that it would be acquired by private equity firm Wellspring Capital Management. [12] On July 16, 2008, Dave & Buster's Holdings Inc, filed with the SEC to again become a publicly traded company. [13] The company had set a date for the Initial public offering IPO of October 5, 2012. [14] However, it pulled out right before it opened. In June 2010, Oak Hill Capital Partners, in partnership with the company's management team, completed its acquisition of Dave & Buster's from Wellspring Capital Management. [15]

The inside of a Dave & Buster's in Marietta, Georgia Dave & Buster's Marietta interior 4.JPG
The inside of a Dave & Buster's in Marietta, Georgia

In October 2014, Dave & Buster's launched a second IPO, selling 5.88 million shares at an offering price range of $16–18. [16] The offering raised $94 million, to be used for debt repayments. [16] Shares are traded on the NASDAQ stock exchange using the symbol PLAY. [16]

Co-founder David Corriveau died on February 7, 2015 at his home in Dallas, Texas. [17] [18]

Dave & Buster's, as with all other entertainment and restaurant businesses, was affected by the COVID-19 pandemic due to restrictions on non-essential businesses. The company's same-store sales fell by 70% during fiscal year 2020. As restrictions eased, the company began to recover in fiscal year 2021, being down only 10%, although Omicron variant resulted in a decrease in the fourth quarter of 2021. [19]

Dave & Buster's CEO Brian Jenkins retired in September 2021, with chairman Kevin Sheehan named interim CEO. [20] On April 6, 2022, Dave & Buster's announced that it would acquire the Plano, Texas-based family entertainment center chain Main Event Entertainment from Ardent Leisure and RedBird Capital Partners for $835 million, with its CEO Chris Morris becoming the new CEO of Dave & Buster's upon the completion of the sale in June 2022. [21] Main Event now operates as a separate brand alongside the main Dave & Buster's chain, differentiated by their formats (with Main Event locations typically being larger than the average Dave & Buster's location, and including activities such as bowling and laser tag) and market positioning (with Main Event having typically targeted families with younger children, and Dave & Buster's having typically targeted young adults).

Despite having a generally more family-oriented target demographic, Main Event has adopted the same policies as Dave & Buster’s, where individuals under the age of 18 or 21 (varies by location) may only enter the premises with a guardian who is at least 25 years of age, the latter of whom is strictly required to only bring a maximum of six (6) underage patrons in the same party. Certain locations, regardless of whether they are branded as a D&B or Main Event, have a strict curfew policy which requires patrons under the age of 21 to vacate the premises by 11 p.m. on Friday and Saturday evenings. [22] [23] Dave & Buster's has not ruled out the possibility of converting some of its larger locations to the Main Event format, and opening smaller D&B locations in the same market to supplant them. [24]

In early 2022, Main Event previously completed a separate acquisition of Summit Entertainment Centers, a Colorado-based arcade, bowling and entertainment center chain with three locations that were located in Windsor, Thornton, and Colorado Springs; thus deeply expanding the geographical footprint of Dave & Buster’s in this region that same year. The former Summit locations almost immediately started remodeling and transitioning to Main Event branding, arcade game cards, and signage after the completion of the sale to the latter company, and the Summit brand ceased to exist. [25]

On January 2, 2023, co-founder James "Buster" Corley died of suicide that was caused by a self-inflicted gunshot wound sustained in his home near White Rock Lake. His daughter Kate Corley said that her father had suffered a stroke four months earlier that "caused severe damage to the communication and personality part of his brain". [26] [27]

In 2023, the chain began to pilot a new location format known as the "store of the future", which began to expand to other locations in 2024. It focuses on new types of interactive social gaming spaces (such as electronic darts and shuffleboard tables) and updates to the bar experience (including a new self-serve beer wall in the arcade area, viewing areas with larger televisions, a 40 foot (480 in) video wall, and a "VIP watch room"). [28] [29]

Operations

Food and drinks

Items on the Dave & Buster's menu are offered from early lunch until late night and include pastas, burgers, steaks, seafood, chicken and desserts. The menu is frequently updated to reflect current trends and guest favorites. Some locations serve Sunday brunch. Buffets are available for special events and private parties. All D&Bs offer full bar service. [30] Dave & Buster's is more targeted towards an adult clientele than most location-based entertainment in general, with all guests under 21 required to be accompanied by a guardian and only allowed in until 10 p.m. [5]

Games

Dave & Buster's dubbed their arcade section, which features interactive games and simulators, "Million Dollar Midway". [3] [4] In 1997, Dave & Buster's introduced the Power Card, a declining balance card or 'debit card' that replaces traditional tokens and tickets, and is required to activate most arcade games and can be reloaded at so called "power stations". The Power Card is intended to enable customers to activate games more easily and encourage extended play of games to increase customer spending. [31] [32] By replacing most coin operations, the Power Card has reduced the technical difficulties and maintenance issues associated with coin-operated equipment. In 2015, Dave & Buster's installed proximity game card readers that allow guests to simply tap on the readers to play. [33] Since 2020, Power Cards have been able to be added to Google Pay and Apple Wallet through the DING DING DING app. [34]

Events and sponsorships

Dave & Buster's is a corporate sponsor of the Ultimate Fighting Championship organization. There are screening rooms for every UFC pay-per-view and episode of The Ultimate Fighter . D&B also sponsors the charity Dave Bevans' Children in the fundraising event "D&B for DB's".[ citation needed ]

Prior sponsorships include a World Wrestling Entertainment match and a 2009 tour by the rock band Bowling for Soup. The WWE match took place on the July 20, 2009, edition of WWE Raw on the USA Network. It is believed to be the first match on any WWE program to have a specific sponsor associated with it.

Dave & Buster's also sponsors postgame reports of San Jose Sharks games. [35]

International

The firm opened a UK restaurant in 1998 in Cribbs Causeway. Another restaurant was subsequently opened in Solihull. The UK restaurants were unsuccessful and both have since closed. [36] [37] [38]

In 2022, the firm announced a franchise deal that would see it expand into Saudi Arabia, the United Arab Emirates, and Egypt. [39]

Related Research Articles

<span class="mw-page-title-main">Chuck E. Cheese</span> US arcade / themed pizza entertainment chain

Chuck E. Cheese is a chain of American family entertainment centers and restaurants founded in 1977 by Atari's co-founder Nolan Bushnell. Headquartered in Irving, Texas, each location features arcade games, amusement rides and musical shows in addition to serving pizza and other food items; former mainstays included ball pits, crawl tubes, and animatronic shows. The chain's name is taken from its main character and mascot, Chuck E. Cheese. The first location opened as Chuck E. Cheese's Pizza Time Theatre in San Jose, California. It was the first family restaurant to integrate food with arcade games and animated entertainment, thus being one of the pioneers for the "family entertainment center" concept.

<span class="mw-page-title-main">Discovery Zone</span> Family entertainment center chain

Discovery Zone (DZ) was an American chain of entertainment facilities featuring games and elaborate indoor mazes designed for young children, including roller slides, climbing play structures, and ball pits. It also featured arcade games. A talking robot character named Z-Bop served as mascot to the chain. Ronald Matsch, Jim Jorgensen and Dr. David Schoenstadt founded Discovery Zone in 1989, with the first location opening in Kansas City, Missouri, in October 1989. An early investor in and vocal supporter of the company was tennis player Billie Jean King.

Tradewest was an American video game company based in Corsicana, Texas that produced numerous games in the 1980s and early 1990s. The company was the publisher of the Battletoads and Double Dragon series in North America and the PAL region. In 1994, the company was acquired by WMS Industries and became Midway Home Entertainment when WMS spun off its video game operations as Midway Games.

GameWorks is a gaming-based entertainment center with a single location as of 2022. It was owned by then-owner ExWorks Capital, each venue featured a wide array of video game arcades, in addition to full-service bars and restaurants. It was originally created in 1996 as a joint venture by Sega, DreamWorks SKG, and Universal Studios, with the company growing into an international chain. Two former executives subsequently acquired the Seattle location and reopened it in August 2022.

<span class="mw-page-title-main">Cineplex Entertainment</span> Canadian entertainment company and movie theater chain

Cineplex Inc. is a Canadian operator of movie theater and family entertainment centres, headquartered in Toronto. It is the largest cinema chain in Canada; as of 2019, it operated 165 locations, and accounted for 75% of the domestic box office.

<span class="mw-page-title-main">Incredible Universe</span> Defunct American Consumer Electronics Stores

Incredible Universe was the name of a chain of American consumer electronics stores from 1992 to 1997. A typical Incredible Universe was 185,000 square feet (17,200 m2) of sales floor and warehouse, stocking around 85,000 items.

<span class="mw-page-title-main">Jillian's</span>

Jillian's was a restaurant and entertainment chain with locations in the United States, headquartered in Reno, Nevada. As of December 2018, all former locations have been closed.

A family entertainment center (FEC) in the entertainment industry, also known as an indoor amusement park, family amusement center, family fun center, soft play, or simply fun center, is a small amusement park marketed towards families with small children to teenagers, often entirely indoors. They usually cater to "sub-regional markets of larger metropolitan areas." FECs are generally small compared to full-scale amusement parks, with fewer attractions, a lower per-person per-hour cost to consumers than a traditional amusement park, and not usually major tourist attractions, but sustained by an area customer base. Many are locally owned and operated, although there are a number of chains and franchises in the field. Some, operated by non-profit organizations as children's museums or science museums, tend to be geared toward edutainment experiences rather than simply amusement.

<span class="mw-page-title-main">Famous Dave's</span> Chain of barbecue restaurants primarily located in the Midwestern US

Famous Dave's of America is a chain of barbecue restaurants primarily located in the Midwestern United States, serving pork ribs, chicken, beef brisket, and several flavors of barbecue sauce. Dave Anderson, an Ojibwe-Choctaw who served as the head of the federal Bureau of Indian Affairs from 2004 to 2005, started the first Famous Dave's restaurant near Hayward, Wisconsin in 1994. The restaurant chain grew throughout the United States and Puerto Rico in 2014, though all of Famous Dave's Puerto Rico locations closed after Hurricane Maria. It has 180 locations in 33 U.S. states as of 2021 and four international locations, Abu Dhabi, Al Ain, Dubai, and Winnipeg.

<span class="mw-page-title-main">Cicis</span> American pizza buffet restaurant chain

Cicis, formerly known as CiCi's Pizza, is an American chain of buffet restaurants based in Coppell, Texas, specializing in pizza. The company was founded in 1985, and started franchising by 1987. In November 2015, the company began a new marketing campaign which included the renaming of the company to Cicis, along with the addition of a new logo and redesigned website.

<span class="mw-page-title-main">Pizza Inn</span> American pizza chain

Pizza Inn is a Dallas-based restaurant chain and international food franchise, specializing in American-style pan pizza, pasta, and side dishes, owned by Rave Restaurant Group

Shake Shack is an American fast casual restaurant chain based in New York City. It started out as a hot dog cart inside Madison Square Park in 2001, and its popularity steadily grew. In 2004, it received a permit to open a permanent kiosk within the park, expanding its menu from New York–style hot dogs to one with hamburgers, hot dogs, fries and its namesake milkshakes.

<span class="mw-page-title-main">Mr. Gatti's Pizza</span> US pizzeria chain

Mr. Gatti's Pizza is a Southern and Southeastern United States pizza-buffet chain. The corporate offices are in Fort Worth, Texas.

<span class="mw-page-title-main">Ardent Leisure</span> Australian operator of theme parks and other leisure venues

Coast Entertainment Holdings Limited is an Australian-based leisure company which owns and operates a leisure portfolio of over 100 assets across Australia, New Zealand and the United States. It is most known for its operation of the Dreamworld theme park and the WhiteWater World water park on the Gold Coast, Queensland, Australia.

Main Event Entertainment is an American chain of family entertainment centers. The company was formerly headquartered in Lewisville, Texas, before being sold to their former competitor Dave & Buster’s in 2022. Main Event currently operates fifty-eight (58) locations in twenty states, predominantly in Texas and the Southern United States, and features attractions and features such as bowling alleys, arcades, laser tag, virtual reality games, gravity rope courses, miniature golf, billiards, escape rooms, karaoke and a restaurant under the name of Family Kitchen at all of their locations.

<span class="mw-page-title-main">The Habit Burger Grill</span> American fast casual restaurant chain

The Habit Burger Grill is a California-based fast casual restaurant chain that specializes in chargrilled hamburgers. The company also sells other typical fast-casual fare. It was founded in 1969 at Santa Barbara, California, and its headquarters are in Irvine, California.

Edison Brothers Stores, Inc., was a retail conglomerate based in St. Louis, Missouri. It operated numerous retail chains mainly located in shopping malls, mostly in the fields of shoes, clothing and entertainment, with Bakers Shoes as its flagship chain. The company was liquidated in 1999, though some of the chains it operated continued under different owners.

<span class="mw-page-title-main">The Rec Room</span> Canadian restaurant chain

The Rec Room is a Canadian chain of entertainment restaurants owned by Cineplex Entertainment. It first opened in Edmonton in 2016 and its locations feature entertainment and recreational attractions such as an arcade, driving simulators; recreational games such as darts, bowling, archery, and virtual reality; as well as restaurants and bars, and an auditorium with a cinema-style screen, which can be used for concerts and other live events.

<span class="mw-page-title-main">Out-of-home entertainment</span>

Out-of-home entertainment is a term coined by the amusement industry to collectively refer to experiences at regional attractions like theme parks and waterparks with their thrill rides and slides, and smaller community-based entertainment venues such as family entertainment and cultural venues.

Michaels Stores, Inc., more commonly known as Michaels, is a privately held chain of American and Canadian arts and crafts stores. It is North America's largest provider of arts, crafts, framing, floral and wall décor, and merchandise for makers and do-it-yourself home decorators. The company is part of The Michaels Companies, founded in 2014 and headquartered in Irving, Texas. In addition to Michaels stores, The Michaels Companies operates Aaron Brothers Custom Framing store-within-a-store, and Artistree, a manufacturer of custom and specialty framing merchandise. The company also develops over a dozen private brands sold in Michaels stores, including Recollections, Studio Décor, Bead Landing, Creatology, and Ashland. As of January 2021, there were 1,252 Michaels stores in 49 out of 50 states in the U.S., and Canada, with approximately $5.362 billion in sales for fiscal 2020.

References

  1. 1 2 "Dave & Buster's Store Locations". Dave & Buster's. December 3, 2020. Retrieved September 27, 2023.
  2. ↑ "Dave & Buster's - Contact Us." Dave & Buster's. Retrieved on January 20, 2020.
  3. 1 2 "Dave & Buster to launch online version of 'Million Dollar Midway'". www.bizjournals.com.
  4. 1 2 "Review: Dave & Buster's Million Dollar Midway". www.umich.edu. Retrieved January 24, 2018.
  5. 1 2 "The Prototype: Dave & Buster's". Electronic Gaming Monthly . No. 104. Ziff Davis. March 1998. p. 109.
  6. 1 2 Myers, Dan. "Who are Dave and Buster? – LA Times". Los Angeles Times . Retrieved December 7, 2017.
  7. ↑ "A rapidly expanding adult-entertainment chain was once a 'haunt for politicians, bond daddies, and cocaine whores'". Business Insider. Retrieved December 7, 2017.
  8. ↑ "Dave & Buster's, Inc. History". Funding Universe. Retrieved March 24, 2013.
  9. ↑ Webb, Marcus (July 1997). "D&B: Go West, Young Gamer". Next Generation . No. 31. Imagine Media. p. 29.
  10. ↑ "Dave & Busters and Gemini Investors to purchase Jillian's assets". Dallas Business Journal. September 24, 2004. Archived from the original on November 7, 2009.
  11. ↑ "Dave & Buster's to turn out the lights on Katy Mills Jillian's". Houston Business Journal. October 8, 2004.
  12. ↑ "Dave & Buster's, Inc. Agrees to Be Acquired by Wellspring Capital for $18.05 Cash Per Share; Dave & Buster's Announces Third Quarter Results of Operations". Find Articles (Press release). December 9, 2005. Archived from the original on August 18, 2006.
  13. ↑ "Dave & Buster's owner seeks to go public again". Archived from the original on October 15, 2008.
  14. ↑ "DAVE & BUSTER'S ENTERTAINMENT, INC. IPO". NASDAQ.com.
  15. ↑ "Spain upgrades smoking ban". October 21, 2010.
  16. 1 2 3 Leslie Picker and Leslie Patton (October 10, 2014). "Dave & Buster's Raises $94 Million in Games and Food Chain IPO". bloomberg.com. Bloomberg L.P. Retrieved October 10, 2014.
  17. ↑ "David Corriveau Obituary (1951 - 2015) - Dallas, TX - Dallas Morning News". Legacy.com . Retrieved March 6, 2024.
  18. ↑ Ruggless, Ron (February 9, 2015). "Dave & Buster's cofounder David Corriveau dies". Nation's Restaurant News . Retrieved March 6, 2024.
  19. ↑ "Dave & Buster's to buy Main Event for $835M". Restaurant Dive. Retrieved July 19, 2022.
  20. ↑ "Dave & Buster's CEO to retire". Restaurant Dive. Retrieved July 19, 2022.
  21. ↑ Lalley, Heather. "Dave & Buster's completes its Main Event acquisition". Restaurant Business. Retrieved July 19, 2022.
  22. ↑ "House Policies: Dave and Buster's". www.daveandbusters.com. Retrieved March 25, 2024.
  23. ↑ Entertainment, Main Event. "Main Event House Policies". Main Event. Retrieved March 25, 2024.
  24. ↑ Lalley, Heather. "Dave & Buster's might convert some units to Main Event". Restaurant Business. Retrieved July 19, 2022.
  25. ↑ Rob, Big RobBig (May 3, 2023). "The Summit Will Soon Be No More. What's Next For This Colorado Favorite?". 99.9 The Point. Retrieved March 22, 2024.
  26. ↑ Victor, Daniel (January 4, 2023). "James 'Buster' Corley, Co-Founder of Dave & Buster's, Dies at 72". The New York Times . ISSN   0362-4331 . Retrieved March 6, 2024.
  27. ↑ Monroy, Mayra (January 3, 2023). "James 'Buster' Corley, co-founder of Dallas-based Dave & Buster's, dead at 72". WFAA . Retrieved March 6, 2024.
  28. ↑ Klein, Danny (January 23, 2024). "Dave & Buster's 'Store of the Future' Goes Big on Experience". FSR magazine. Retrieved March 4, 2024.
  29. ↑ Romeo, Peter. "Dave & Buster's is set to hit 'Play' on a new high-tech prototype". Restaurant Business. Retrieved March 6, 2024.
  30. ↑ "Financials in Hospitality – IGHRM: Guild for Hospitality, Restaurant, Foodnd Beverage Managers". www.hospitalityguild.com.
  31. ↑ "Dave & Buster's, Inc. -- Company History". www.company-histories.com. Retrieved January 24, 2018.
  32. ↑ "A Comprehensive Guide to Understanding Dave and Busters". eBay. Retrieved January 24, 2018.
  33. ↑ "Embed Smart-Touch Makes Debut Across Dave & Buster's Chain | Articles | Vending Times". www.vendingtimes.com. Retrieved January 24, 2018.
  34. ↑ "Dave & Buster's Fun App". Dave & Buster's. December 15, 2020. Retrieved March 1, 2021.
  35. ↑ "Sharks Invite Fans To Dave & Buster's For Official Game Watching Party". NHL.com. Retrieved February 14, 2018.
  36. ↑ Grubb, Sophie (September 9, 2023). "The lost Bristol attraction that was 'the greatest place on earth'". Bristol Live. Retrieved October 17, 2023.
  37. ↑ "Dave &Buster's set for Solihull". The Caterer. January 1, 2000. Retrieved October 17, 2023.
  38. ↑ "Trio of car dealerships to open in Solihull | TheBusinessDesk.com". West Midlands. September 7, 2011. Retrieved October 17, 2023.
  39. ↑ "11 New Dave and Buster's to Launch – Retail & Leisure International". www.rli.uk.com. Retrieved September 11, 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.