Who Owns Dave & Buster’s?

Dave & Buster’s Entertainment operates as a publicly traded company on the NASDAQ stock exchange, where institutional investors and individual shareholders collectively control the organization. Hill Path Capital maintains the largest ownership position at 17.67% of total shares.

The entertainment and dining chain has evolved significantly since founders David Corriveau and James Corley established the first location in Dallas during 1982. Today, the ownership structure reflects a diverse mix of institutional investors, private equity firms, and individual stakeholders who influence corporate strategy through their voting rights and board representation.

Understanding Dave & Buster’s ownership requires examining the company’s transition from private ownership to public markets, its major shareholders, and the leadership team guiding strategic decisions. The organization’s acquisition of Main Event Entertainment in 2022 further complicated its corporate structure while expanding its market presence in family entertainment, similar to how other entertainment companies have grown through acquisitions.

Who Owns Dave & Buster’s?

Dave & Buster’s functions as a publicly traded corporation without a single controlling owner. The entertainment company distributed its ownership across thousands of shareholders when it completed its initial public offering in October 2014.

Public Ownership Structure

The company’s shares trade freely on the NASDAQ exchange under the ticker symbol PLAY. This public structure allows institutional investors, mutual funds, and individual investors to purchase equity stakes. The transparent nature of public ownership means shareholders can buy or sell shares based on company performance and market conditions.

Unlike privately held companies where ownership concentrates among a small group, Dave & Buster’s disperses control across its shareholder base. Each share carries voting rights that shareholders exercise during annual meetings to elect board members and approve major corporate decisions.

Majority Institutional Ownership

Institutional investors control approximately 91.45% of outstanding shares according to SEC filings. These investment firms manage assets on behalf of pension funds, retirement accounts, and mutual fund investors. The concentration of institutional ownership influences strategic decisions while providing financial stability through long-term investment commitments.

The remaining shares belong to individual retail investors, company executives with equity compensation, and employee stock ownership programs. This mixed ownership structure balances institutional influence with broader shareholder participation.

History of Dave & Buster’s Co-founders

David Corriveau’s Background

David Corriveau brought extensive arcade gaming experience when he partnered to create Dave & Buster’s. He previously operated a successful gaming establishment in Little Rock, Arkansas, where he developed expertise in arcade operations and customer engagement strategies.

Corriveau understood the entertainment industry’s potential for combining traditional arcade games with modern gaming technologies. His vision extended beyond simple game rooms to create immersive entertainment experiences that would attract diverse customer demographics.

James Corley’s Restaurant Expertise

James Corley operated a restaurant in Little Rock before joining forces with Corriveau. His culinary background and hospitality management skills complemented Corriveau’s entertainment expertise. Corley recognized that customers frequently visited his restaurant before heading to nearby entertainment venues.

The two entrepreneurs noticed this pattern and conceived a business model merging quality dining with arcade entertainment. They opened their first combined venue in Dallas during 1982, establishing the template that would define Dave & Buster’s for decades.

Founding Partnership

The partnership worked because both founders brought distinct skill sets to the venture. Corriveau managed gaming operations while Corley oversaw food service and hospitality aspects. They served as co-chief executives during the company’s early growth phase.

David Corriveau passed away in 2015, followed by James Corley in 2023. Their legacy continues through the brand they built, which has expanded far beyond their original Dallas location to become a major player in the entertainment dining sector.

Largest Shareholders of Dave & Buster’s

Understanding Dave & Buster’s ownership requires examining the institutional investors who control substantial equity positions. These shareholders influence corporate governance through voting rights and board representation.

Hill Path Capital

Hill Path Capital commands the largest ownership stake at approximately 17.67% of outstanding shares, representing over 7 million shares valued at hundreds of millions. Founded by Scott Ross, this private equity firm specializes in consumer-focused businesses within hospitality and entertainment sectors.

The firm takes active roles in portfolio companies to enhance profitability and operational efficiency. Hill Path’s substantial stake grants significant influence over strategic decisions, including expansion plans, leadership appointments, and financial restructuring initiatives. Scott Ross serves on Dave & Buster’s board, providing direct input on corporate strategy.

BlackRock Holdings

BlackRock maintains the second-largest position with approximately 13.27% ownership. The global asset management firm oversees trillions in investments through index funds, exchange-traded funds, and managed portfolios. BlackRock’s investment strategy focuses on long-term value creation across diversified holdings.

The firm typically supports management strategies that align with institutional investor interests. BlackRock exercises influence primarily through proxy voting on governance matters, executive compensation, and major capital allocation decisions. Its passive investment approach means it rarely intervenes in daily operations, similar to its positions in other publicly traded technology and entertainment companies.

Vanguard Group Position

Vanguard Group holds approximately 10.98% of Dave & Buster’s shares through various mutual funds and index funds. The Pennsylvania-based investment firm manages assets for millions of individual investors through retirement accounts and investment vehicles, maintaining significant positions across major entertainment and technology companies.

Similar to BlackRock, Vanguard focuses on governance matters and shareholder value maximization rather than operational involvement. The firm’s large stake provides voting power on board elections and corporate policies affecting long-term performance.

Additional Major Investors

Eminence Capital owns 7.94% of shares through its hedge fund operations. This activist investor takes more aggressive positions than passive index fund managers, potentially pushing for leadership changes or strategic shifts when it identifies value creation opportunities.

Nomura Holdings, a Japanese financial services firm, maintains a 6% stake. Other significant institutional shareholders include Candlestick Capital, American Century Investments, and State Street Corporation, each holding smaller percentages that collectively represent substantial ownership.

Who is on the Board of Directors for Dave & Buster’s?

Dave & Buster’s board provides strategic oversight and governance for the entertainment company. The board composition changed significantly during 2025 with new director appointments and departures.

Executive Leadership

Kevin Sheehan serves as Chairman of the Board and previously held the Interim CEO position until July 2025. His extensive background includes leadership roles at Norwegian Cruise Line, Scientific Games Corporation, and Cendant Corporation. Sheehan brings expertise in hospitality, entertainment, and corporate turnarounds.

Tarun Lal joined the board as CEO in July 2025 after serving as President of KFC United States. His 25-year career at Yum Brands included roles as Global COO for KFC and Managing Director for multiple international regions. Lal’s appointment represented a strategic shift toward operational excellence and brand innovation.

Investment and Finance Expertise

Scott Ross represents Hill Path Capital’s interests on the board. His background at Apollo Management and Goldman Sachs provides financial expertise in private equity and debt investments. Ross currently chairs the board at United Parks & Resorts and serves on other hospitality company boards.

The board includes directors with backgrounds in consumer goods, food and beverage operations, and global business management. These members bring diverse perspectives on growth strategies, operational efficiency, and market expansion opportunities.

Entertainment Industry Veterans

Allen R. Weiss joined the board in 2025 after serving as President of Worldwide Operations for Walt Disney Parks and Resorts. His theme park and entertainment venue experience provides valuable insights into customer experience design and operational excellence at scale.

Nathaniel J. Lipman brings legal and finance expertise from roles at The Walt Disney Company, House of Blues Entertainment, and Planet Hollywood. His experience serving on boards at United Parks & Resorts and other entertainment companies adds governance depth.

Operational and Strategic Directors

Several board members contribute expertise in specific operational areas. Directors with backgrounds in digital marketing, technology implementation, and consumer behavior help guide Dave & Buster’s adaptation to changing entertainment preferences. The board structure ensures representation across critical business functions.

Board committees handle specific oversight responsibilities including audit, compensation, and governance matters. These committees meet regularly to review financial performance, executive compensation structures, and compliance with regulatory requirements.

Dave & Buster’s Corporate Governance and Control

Strategic Decision-Making Authority

The board of directors maintains ultimate authority over major corporate decisions. Board members vote on acquisitions, capital expenditures exceeding specific thresholds, executive appointments, and dividend policies. The CEO and executive team implement board-approved strategies while managing daily operations.

Shareholders exercise control through annual meetings where they vote on board elections and major policy changes. The NASDAQ listing requires transparent reporting of financial results, executive compensation, and material business developments.

Executive Team Structure

Below the CEO, Dave & Buster’s maintains executive positions including Chief Financial Officer, Chief Operating Officer, Chief Marketing Officer, and Chief Technology Officer. Les Lehner serves as Chief Development Officer overseeing expansion and procurement. Steve Klohn leads technology initiatives as Chief Information Officer.

The executive team reports directly to the CEO while coordinating with board committees on specific initiatives. This structure balances operational flexibility with board oversight to ensure alignment between management actions and shareholder interests.

Dave & Buster’s Market Position and Competition

Industry Standing

Dave & Buster’s competes in the entertainment dining sector alongside several established brands. The company differentiates itself through its adult-focused entertainment offerings combined with full-service dining and bars. This positioning contrasts with family-oriented competitors like Chuck E. Cheese.

The 2022 acquisition of Main Event Entertainment expanded Dave & Buster’s addressable market by adding family entertainment centers. Main Event locations feature bowling, laser tag, and arcade games targeting younger demographics. This acquisition strategy mirrors approaches used by other entertainment companies expanding through strategic purchases.

Competitive Landscape

Topgolf represents significant competition in the sports entertainment space. Round1 Bowling & Amusement brings Japanese arcade gaming expertise to North American markets. Bowlero competes through its extensive bowling center network with upgraded entertainment features.

The competitive environment requires continuous innovation in gaming technology, menu development, and venue design. Dave & Buster’s invests in virtual reality attractions, interactive social games, and digital integration to maintain customer engagement across demographic segments. The company’s approach to entertainment technology mirrors innovations seen across major gaming and entertainment corporations.

Financial Performance and Shareholder Value

Revenue Generation

Dave & Buster’s generates revenue through multiple streams including food and beverage sales, amusement games, special events, and merchandise. The company reported approximately $2.11 billion in trailing 12-month revenue as of early 2025^[1].

Same-store sales performance fluctuates based on consumer spending patterns and competitive dynamics. The company focuses on unit-level economics, new location development, and remodeling existing venues to drive revenue growth across its portfolio.

Capital Allocation Strategy

Dave & Buster’s board authorized share repurchase programs to return capital to shareholders. The company repurchased approximately 5 million shares during fiscal 2024, totaling $172 million. Additional authorization of $100 million for stock buybacks demonstrates management’s confidence in long-term value creation.

The capital allocation strategy balances growth investments, debt management, and shareholder returns. The company completed sale-leaseback transactions for several properties, generating liquidity while maintaining operational control of strategic locations.

FAQs

Who is the primary owner of Dave & Buster’s?

No single entity owns Dave & Buster’s outright. Hill Path Capital holds the largest stake at approximately 17.67%, followed by BlackRock and Vanguard Group as major institutional shareholders.

When did Dave & Buster’s become publicly traded?

Dave & Buster’s completed its initial public offering in October 2014, listing shares on the NASDAQ exchange under ticker symbol PLAY at $16 per share.

Who currently serves as CEO of Dave & Buster’s?

Tarun Lal assumed the CEO position in July 2025. He previously served as President of KFC United States with 25 years of experience at Yum Brands.

Does Dave & Buster’s pay dividends to shareholders?

Dave & Buster’s does not currently pay regular cash dividends. The company returns capital through share repurchase programs while investing in growth and debt management.

How many locations does Dave & Buster’s operate?

Dave & Buster’s operates 236 venues across North America as of 2025, including 175 Dave & Buster’s locations and 61 Main Event Entertainment centers acquired in 2022.