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Dave & Buster's

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Dave & Buster's
Public
Traded as NASDAQPLAY
S&P 600 Component
Industry Entertainment/Restaurant (Eatertainment)
Founded Dallas, Texas (1982)
Founder David O. Corriveau
James W. "Buster" Corley
Headquarters Dallas, Texas, U.S.
Number of locations
117[1]
Key people
Stephen M. King, CEO[2]
Website www.daveandbusters.com

Dave & Buster's (D&B) 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 July 2018, the company has 117 locations in the United States and Canada, with more opening in the near future.[1]

History

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

The first Dave & Buster's was opened in Dallas in 1982 by David Corriveau and James "Buster" Corley. Corley had previously operated a bar called "Buster's" in Little Rock, AR next door to a saloon and game parlor called "Cash McCool's", owned by Corriveau.[4] After opening Dave & Buster's, the two operated as co-CEOs.[5]

In 1989, Edison Brothers Stores purchased a majority ownership in the restaurant to finance further expansion into other cities.[4] Dave & Buster's was spun off from Edison Brothers, and went public with Andy Newman as chairman in 1995.[6]

D&B acquired nine Jillian's locations after Jillian's filed for Chapter 11 Bankruptcy[7][8] 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.[9] On July 16, 2008, Dave & Buster's Holdings Inc, filed with the SEC to again become a publicly traded company.[10] The company had set a date for the Initial public offering IPO of October 5, 2012.[11] 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.[12]

In October 2014, Dave & Buster's launched a second IPO, selling 5.88 million shares at an offering price range of $16–18.[13] The offering raised $94 million, to be used for debt repayments.[13] Shares are traded on the NASDAQ stock exchange using the symbol PLAY.[13]

Operations

Food and drinks

The main D&B arcade in Hilliard, Ohio

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.[14]

Games

Dave & Buster's dubbed their arcade section "Million Dollar Midway" which features interactive games and simulators.[15][16] 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.[17][18] 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 debit card readers that allow guests to simply tap on the readers to play.[19]

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.[20][citation needed]

References

  1. ^ a b "Dave & Buster's Store Locations". Dave & Busters. Retrieved 30 July 2018. 
  2. ^ "Management". Dave & Buster's. Retrieved June 9, 2017. 
  3. ^ "Contact Us." Dave & Buster's. Retrieved on November 4, 2009.
  4. ^ a b Myers, Dan. "Who are Dave and Buster? – LA Times". latimes.com. Retrieved 2017-12-07. 
  5. ^ "A rapidly expanding adult-entertainment chain was once a 'haunt for politicians, bond daddies, and cocaine whores'". Business Insider. Retrieved 2017-12-07. 
  6. ^ "Dave & Buster's, Inc. History". Funding Universe. Retrieved 24 March 2013. 
  7. ^ Dallas Business Journal: Sept 24, 2004-Dave & Busters and Gemini Investors to purchase Jillian's assets Archived November 7, 2009, at the Wayback Machine.
  8. ^ Houston Business Journal: Oct 8, 2004-Dave & Buster's to turn out the lights on Katy Mills Jillian's
  9. ^ "FindArticles.com - CBSi". findarticles.com. 
  10. ^ Dave & Buster's owner seeks to go public again. Archived 2008-10-15 at the Wayback Machine.
  11. ^ "DAVE & BUSTER'S ENTERTAINMENT, INC. IPO". NASDAQ.com. 
  12. ^ "Spain upgrades smoking ban". 21 October 2010. 
  13. ^ 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. 
  14. ^ "Financials in Hospitality – IGHRM: Guild for Hospitality, Restaurant, Food and Beverage Managers". www.hospitalityguild.com. 
  15. ^ "www.bizjournals.com/dallas/stories/2001/02/19/daily24.html". www.bizjournals.com. Retrieved 2018-01-24. 
  16. ^ "leisure02". www.umich.edu. Retrieved 2018-01-24. 
  17. ^ "Dave & Buster's, Inc. -- Company History". www.company-histories.com. Retrieved 2018-01-24. 
  18. ^ "A Comprehensive Guide to Understanding Dave and Busters". eBay. Retrieved 2018-01-24. 
  19. ^ "Embed Smart-Touch Makes Debut Across Dave & Buster's Chain | Articles | Vending Times". www.vendingtimes.com. Retrieved 2018-01-24. 
  20. ^ "Sharks Invite Fans To Dave & Buster's For Official Game Watching Party". NHL.com. Retrieved 2018-02-14. 

External links