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Dave & Buster's

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Dave & Buster's
TypePublic
NasdaqPLAY
S&P 600 Component
IndustryEntertainment/Restaurant (Eatertainment)
FoundedDallas, Texas (1982)
FounderDavid O. Corriveau
James W. "Buster" Corley
Headquarters
Dallas, Texas, U.S.
Number of locations
145[1]
Key people
Brian A. Jenkins, CEO[2]
Websitedaveandbusters.com

Dave & Buster's is an American restaurant and entertainment business headquartered in Dallas.[3] Each Dave & Buster's has a full-service restaurant and a video arcade. As of April 2022, the company has 145 locations in the United States and two in Canada.[1]

History

Original Dave & Buster's logo used from 1982 to 2014.
Previous logo from 2014 to 2020.

The first Dave & Buster's was opened in Dallas in 1982 by David Corriveau and James "Buster" Corley.[4] 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.[5] After opening Dave & Buster's, the two operated as co-CEOs.[6]

In 1989, Edison Brothers Stores purchased a majority ownership in the restaurant to finance further expansion into other cities.[5] Dave & Buster's was spun off from Edison Brothers, and went public with Andy Newman as chairman in 1995.[7] By 1997 the chain had ten locations across the country.[8]

D&B acquired nine Jillian's locations after Jillian's filed for Chapter 11 Bankruptcy[9][10] 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.[11] On July 16, 2008, Dave & Buster's Holdings Inc, filed with the SEC to again become a publicly traded company.[12] The company had set a date for the Initial public offering IPO of October 5, 2012.[13] 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.[14]

In October 2014, Dave & Buster's launched a second IPO, selling 5.88 million shares at an offering price range of $16–18.[15] The offering raised $94 million, to be used for debt repayments.[15] Shares are traded on the NASDAQ stock exchange using the symbol PLAY.[15]

On March 20, 2020, Dave & Buster's temporarily closed all locations due to the COVID-19 pandemic.[16] Most locations have been reopening since May 2020.

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.[17] 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.[4]

Games

Dave & Buster's dubbed their arcade section, which features interactive games and simulators, "Million Dollar Midway".[18][19] 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.[20][21] 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.[22] Since 2020, Power Cards have been able to be added to Google Pay and Apple Wallet through the DING DING DING app.[23]

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.[24]

References

  1. ^ a b "Dave & Buster's Store Locations". Dave & Busters. Retrieved April 6, 2021.
  2. ^ "Investor Relations - Management". Dave & Buster's.
  3. ^ "Dave & Buster's - Contact Us." Dave & Buster's. Retrieved on January 20, 2020.
  4. ^ a b "The Prototype: Dave & Buster's". Electronic Gaming Monthly. No. 104. Ziff Davis. March 1998. p. 109.
  5. ^ a b Myers, Dan. "Who are Dave and Buster? – LA Times". Los Angeles Times. Retrieved 2017-12-07.
  6. ^ "A rapidly expanding adult-entertainment chain was once a 'haunt for politicians, bond daddies, and cocaine whores'". Business Insider. Retrieved 2017-12-07.
  7. ^ "Dave & Buster's, Inc. History". Funding Universe. Retrieved 24 March 2013.
  8. ^ Webb, Marcus (July 1997). "D&B: Go West, Young Gamer". Next Generation. No. 31. Imagine Media. p. 29.
  9. ^ "Dave & Busters and Gemini Investors to purchase Jillian's assets". Dallas Business Journal. September 24, 2004. Archived from the original on November 7, 2009.
  10. ^ "Dave & Buster's to turn out the lights on Katy Mills Jillian's". Houston Business Journal. October 8, 2004.
  11. ^ "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.
  12. ^ "Dave & Buster's owner seeks to go public again". Archived from the original on October 15, 2008.
  13. ^ "DAVE & BUSTER'S ENTERTAINMENT, INC. IPO". NASDAQ.com.
  14. ^ "Spain upgrades smoking ban". 21 October 2010.
  15. ^ a b c Leslie Picker and Leslie Patton (10 October 2014). "Dave & Buster's Raises $94 Million in Games and Food Chain IPO". bloomberg.com. Bloomberg L.P. Retrieved 10 October 2014.
  16. ^ Dave and Busters Coronavirus COVID 19 Protocols response
  17. ^ "Financials in Hospitality – IGHRM: Guild for Hospitality, Restaurant, Foodnd Beverage Managers". www.hospitalityguild.com.
  18. ^ "Dave & Buster to launch online version of 'Million Dollar Midway'". www.bizjournals.com.
  19. ^ "Review: Dave & Buster's Million Dollar Midway". www.umich.edu. Retrieved 2018-01-24.
  20. ^ "Dave & Buster's, Inc. -- Company History". www.company-histories.com. Retrieved 2018-01-24.
  21. ^ "A Comprehensive Guide to Understanding Dave and Busters". eBay. Retrieved 2018-01-24.
  22. ^ "Embed Smart-Touch Makes Debut Across Dave & Buster's Chain | Articles | Vending Times". www.vendingtimes.com. Retrieved 2018-01-24.
  23. ^ "Dave & Buster's Fun App". Dave & Buster's. 2020-12-15. Retrieved 2021-03-01.
  24. ^ "Sharks Invite Fans To Dave & Buster's For Official Game Watching Party". NHL.com. Retrieved 2018-02-14.

External links