Owners Of Dave And Busters Today? The Evolution of an Entertainment Legend

Dave & Buster's trades publicly on NASDAQ under the ticker symbol PLAY, with shares valued at around $47 as of December 2023. The entertainment giant has grown tremendously from its modest start.

The company's story began in 1978 when founders David Corriveau and James "Buster" Corley met in Little Rock, Arkansas. They launched their first location in Dallas, Texas in 1982, transforming a 40,000-square-foot warehouse into a groundbreaking venue that combined dining with arcade gaming. 

The company now operates 159 branded stores throughout 42 US states, Canada, and Puerto Rico, with a workforce of 22,748 people. Dave & Buster's growth plans look promising for 2024 after their most important acquisition of Main Event for $835 million in April 2022. The company aims to remodel 40-45 stores and open 15 new venues.

Who owns Dave & Buster’s today?

Dave & Buster's ownership structure reflects its position as a publicly traded company. A mix of institutional investors and executive leaders guide its direction.

Publicly traded on NASDAQ under the ticker PLAY

Dave & Buster's trades on the NASDAQ stock exchange under the ticker symbol "PLAY." The entertainment company launched its second IPO in October 2014 and has remained available to public investors since then. The stock price has seen ups and downs through the years as the company adapted to industry challenges and worked to stay relevant in the market.

Dave & Buster's stands apart from many entertainment venues that stay private. Its public status spreads ownership among thousands of individual and institutional shareholders. This setup helps the company raise capital for expansion while meeting all public company transparency requirements.

Major institutional shareholders

Large institutional investors hold much of Dave & Buster's ownership and shape the company's direction. Investment management powerhouses like BlackRock, Vanguard Group, and Hill Path Capital rank among the biggest stakeholders.

These institutions wield substantial influence through their voting rights at shareholder meetings where they help decide the company's future. Their representatives work closely with Dave & Buster's management team on strategic initiatives and performance goals.

The backing of these major financial institutions shows their confidence in Dave & Buster's business model and growth potential, even as brick-and-mortar entertainment venues face ongoing challenges.

Current CEO and leadership team

The executive leadership team runs Dave & Buster's daily operations with the CEO at the helm. This core team sets and executes the company's long-term vision.

The leadership structure includes several vital roles beyond the CEO. The Chief Financial Officer manages financial planning and reporting. The Chief Operating Officer oversees venue operations everywhere. The Chief Marketing Officer leads brand strategy and customer growth initiatives.

A Board of Directors guides and oversees the executive team. This board brings together independent directors and representatives from major shareholders. The result is a governance structure that serves all stakeholder interests effectively.

The original Dave & Buster’s founders

Dave & Buster's story starts with two entrepreneurs who changed how we think about entertainment. The company grew from a simple idea into a publicly traded entertainment powerhouse, thanks to two businessmen who brought their unique skills together.

Who founded Dave and Buster's?

Dave & Buster's began in 1982 when David "Dave" Corriveau and James "Buster" Corley joined forces. These entrepreneurs met in Little Rock, Arkansas, where they ran businesses next to each other. Their meeting led to a game-changing concept that brought dining, drinking, and gaming together under one roof - something rarely seen at that time.

David Corriveau and James 'Buster' Corley

Dave Corriveau ran Cash McCool's, a saloon-style adult arcade that drew regular customers who loved games and entertainment. His game expertise and business sense helped him understand what made arcade customers come back.

Next door, James "Buster" Corley owned a restaurant called Buster's. His years in the restaurant business gave him deep knowledge of hospitality. Customers loved his restaurant's quality food and warm atmosphere.

Both owners noticed something interesting - their customers would eat at Buster's then play games at Dave's arcade, or the other way around. This observation got them thinking about a new business idea.

How their businesses merged into one concept

The natural fit between their businesses became clear, and they started talking about joining forces. They decided to create one venue where people could enjoy both food and entertainment.

They opened the first Dave & Buster's in Dallas, Texas in December 1982. The 40,000-square-foot warehouse facility changed the entertainment world by combining restaurant dining with arcade gaming. Dave's name came first in the business title after he won a coin flip.

Ownership timeline and major transitions

Dave & Buster's ownership has changed hands several times throughout its corporate history. The company evolved from being entrepreneur-owned to becoming a public entity through several significant transitions.

1989: Edison Brothers acquires majority stake

The company's first major ownership shift happened in 1989. Edison Brothers Stores, a $1 billion conglomerate that ran about 2,700 retail stores, bought a majority stake in Dave & Buster's. This acquisition gave them the capital they needed to expand into new markets across the United States.

The deal gave Edison Brothers roughly 80% ownership, while founders Corriveau and Corley managed to keep the remaining 20%. The St. Louis-based retail giant was building an entertainment division at the time, which made Dave & Buster's an attractive investment.

1995: Company goes public

Dave & Buster's spun off to Edison's shareholders in 1995, after six years under Edison Brothers' control. The entertainment chain then went public with Andy Newman taking the chairman's role. The company's original public offering raised nearly $30 million in stock on NASDAQ under the ticker symbol "DANB".

The company also grew internationally by signing a licensing agreement with Bass plc to run up to seven locations in the United Kingdom.

2005–2010: Private equity ownership

Dave & Buster's announced its acquisition by private equity firm Wellspring Capital Management on December 8, 2005. The deal was worth approximately $257 million in cash plus debt. Wellspring brought in new management and continued expanding after taking the company private.

Oak Hill Capital Partners teamed up with Dave & Buster's management to buy the company from Wellspring for about $570 million in June 2010. This deal doubled the company's value during its time under private ownership.

2014: Dave & Buster's IPO and public trading

Dave & Buster's made its way back to public markets in October 2014 with its second IPO after four years with Oak Hill. They sold 5.88 million shares at $16 per share—hitting the bottom of the expected $16-$18 range. The offering brought in $94 million, which they used to pay off debt.

Trading began on NASDAQ under the new ticker symbol "PLAY" on October 10, 2014. Oak Hill Capital Partners stayed on as the majority shareholder and didn't sell its shares during this public offering.

Recent developments and future direction

Dave & Buster's has implemented most important strategic changes to boost its market position since becoming publicly owned. These changes have altered the map of both its portfolio and growth strategy in the competitive entertainment industry.

Acquisition of Main Event in 2022

Dave & Buster's history reached a milestone with its $835 million acquisition of Main Event in June 2022. Both companies' boards of directors unanimously approved this strategic purchase from Ardent Leisure Group Limited and RedBird Capital Partners. Dave & Buster's footprint grew immediately as 50 Main Event centers across 17 states joined its portfolio.

Main Event's CEO Chris Morris took charge of Dave & Buster's leadership after the deal closed. Morris's team positioned the company to leverage brand synergies that would save roughly $20 million within two years through consolidated store support centers and improved supply chain efficiency.

Store remodels and digital upgrades

Dave & Buster's undertook a task of ambitious remodeling after the acquisition. The company launched 11 new Dave & Buster's stores and 5 Main Event locations during fiscal 2024. The remodeling program gained momentum when 15 Dave & Buster's locations received updates in the fourth quarter, which brought the total to 44 renovated stores since 2023.

Technology investments became a priority with new payment processors, better Wi-Fi, and self-service kiosks. These digital improvements streamline processes and enhance guest experiences. Notwithstanding that, current leadership takes a more calculated approach to renovations by prioritizing high-return investments over system-wide updates.

Stock buybacks and shareholder strategy

Dave & Buster's aggressive pursuit of shareholder value through stock repurchases happened alongside these operational improvements. The company's fiscal 2024 saw approximately 5 million shares bought back for $172 million, which represented 12.4% of outstanding shares. December 2024 brought an additional $100 million authorization from the company's Board of Directors for its share repurchase program.

Dave & Buster's financial position grew stronger after completing a sale-leaseback deal for five store properties in Q4 2024, which generated $111.4 million. Management's steadfast dedication to maximizing shareholder value while securing capital for expansion becomes clear through these strategic financial decisions.

Conclusion

Dave & Buster's trades on NASDAQ under the ticker symbol PLAY, with public shareholders owning the company. This entertainment powerhouse started as a single location by two entrepreneurs and has grown into a publicly traded corporation with 159 branded stores across North America over the last four decades.

David Corriveau and James "Buster" Corley created a unique business that combined dining with arcade gaming. The company went through several ownership changes as it grew. Edison Brothers took majority control in 1989, and the company went public for the first time in 1995. Dave & Buster's then moved to private ownership under

Wellspring Capital Management in 2005, followed by Oak Hill Capital Partners in 2010. The company returned to public markets with its second IPO in 2014.

The company made a game-changing $835 million purchase of Main Event in 2022. This strategic move added 50 new locations and brought new leadership with Main Event's CEO Chris Morris at the helm. The company also modernized 44 stores since 2023 and upgraded its digital systems to enhance customer service.

Dave & Buster's showed its commitment to shareholders by buying back about 5 million shares worth $172 million in fiscal 2024. The company keeps growing and adapting its business model despite the challenges faced by physical entertainment venues. This small Arkansas partnership between two neighboring business owners has grown into an entertainment icon that looks set for continued success.

FAQs

Q1. Who currently owns Dave & Buster's?

Dave & Buster's is a publicly traded company on the NASDAQ stock exchange under the ticker symbol PLAY. Ownership is distributed among thousands of individual and institutional shareholders, with major stakeholders including investment firms like BlackRock, Vanguard Group, and Hill Path Capital.

Q2. What happened to one of Dave & Buster's founders?

Tragically, James "Buster" Corley, co-founder of Dave & Buster's, passed away on January 2, 2023. His death was reported as a suicide, highlighting the importance of mental health awareness and support.

Q3. Who is currently leading Dave & Buster's?

Chris Morris is the current CEO of Dave & Buster's. He assumed this role following the company's acquisition of Main Event in 2022, where he previously served as CEO.

Q4. How has Dave & Buster's ownership changed over time?

Dave & Buster's ownership has evolved significantly since its founding. It was initially owned by its founders, then acquired by Edison Brothers in 1989, went public in 1995, was taken private by equity firms in 2005 and 2010, and finally returned to public ownership with its second IPO in 2014.

Q5. What recent developments have shaped Dave & Buster's business strategy?

Dave & Buster's acquired Main Event for $835 million in 2022, significantly expanding its footprint. The company has also undertaken an extensive store remodeling program, implemented digital upgrades to enhance customer experience, and engaged in substantial stock buybacks to increase shareholder value.