Here are 1-2 brief analogies for Dave & Buster's Entertainment (PLAY):

• Topgolf for arcade games.
• Applebee's meets Chuck E. Cheese for adults.

Dave & Buster's Entertainment (symbol: PLAY) primarily sells to individual customers rather than other companies. The company operates a direct-to-consumer model, with its venues designed to attract and serve a diverse range of individual patrons and groups.

The up to three major categories of individual customers Dave & Buster's serves are:

1. Families and Friend Groups: This broad category includes parents with children and teenagers looking for a combined dining and entertainment experience, as well as groups of friends (of various ages) seeking a fun social outing with arcade games, food, and drinks. This segment often visits for casual leisure, celebrations, or weekend entertainment.
2. Young Adults and Adults (21+) for Social and Sports Entertainment: This demographic is drawn to Dave & Buster's as a venue for social gatherings, date nights, watching sporting events on large screens, and enjoying alcoholic beverages alongside arcade games. This category appreciates the "adult playground" atmosphere and the integrated bar and sports viewing experience.
3. Individuals and Groups Hosting Private Celebrations: This segment comprises individuals or groups who book Dave & Buster's for personal events such as birthday parties (for adults or children), graduation parties, or other private get-togethers. They often utilize the company's event packages, dedicated party spaces, and catering options for a structured celebratory experience.

Tarun Lal, Chief Executive Officer

Tarun Lal joined Dave & Buster's in July 2025. He brings over 25 years of experience from Yum! Brands, where he most recently served as President of KFC U.S. His previous leadership roles at Yum! Brands include Global Chief Operating Officer for KFC and Managing Director for KFC Middle East, Turkey, Africa, India, and Pakistan, where he oversaw major brand expansions and consistent growth in various markets.

Darin Harper, Chief Financial Officer

Darin Harper became Chief Financial Officer of Dave & Buster's in June 2024. He has over 25 years of finance experience in both public and private sectors, focusing on multisite consumer, retail, and entertainment brands. Previously, he served as the Chief Financial Officer of World Choice Investments, LLC and as Executive Vice President and Chief Financial Officer for Main Event Entertainment, Inc., a company that was acquired by Dave & Buster's.

Tony Wehner, Chief Operating Officer

Tony Wehner has served as Chief Operating Officer of Dave & Buster's since August 2022. He was previously Chief Operating Officer at Main Event Entertainment from January 2021 to July 2022, a company acquired by Dave & Buster's. His background also includes serving as Chief Executive Officer of BigShots Golf, Chief Operations Officer of Bar Louie, and Senior Vice President Operations at Logan's Roadhouse. He began his career as a busboy at Red Lobster.

Steve Klohn, Chief Information Officer

Steve Klohn rejoined Dave & Buster's as Chief Information Officer in December 2024. He was instrumental in the acquisition of Main Event in June 2022, leading both technology teams to ensure seamless system integrations. Prior to his return, he was Chief Technology Officer for Legends. He also served as CIO for Main Event and held technology leadership positions at Brinker, JCPenney, and RealPage.

Antonio Bautista, Chief International Development Officer

Antonio Bautista has served as Chief International Development Officer for Dave & Buster's since August 2022. Before this, he was Senior Vice President and Head of International Development for the company. His prior experience includes roles as CEO of ALBP Global Hospitality Solutions, Chief Operating Officer of Fogo De Chao, Senior Vice President for Hard Rock Cafe and Retail Division, and Franchise Development and Operations at Hard Rock International, and President and Chief Operating Officer of Gourmet Gulf LLC.

The public company Dave & Buster's Entertainment (symbol: PLAY) faces several key risks to its business, primarily stemming from weak consumer engagement and financial pressures.

1. Weak Consumer Demand and Declining Comparable Store Sales: Dave & Buster's has consistently struggled with underperforming sales, weak traffic, and declining comparable store sales. This issue is attributed to broader consumer weakness, inflationary pressures, and economic uncertainty impacting discretionary spending on "eatertainment," and potentially a waning underlying customer interest in the brand itself. Despite ongoing remodeling efforts and strategic initiatives, the company's sales performance has not revitalized as planned, directly impacting its profitability and cash flow.
2. High Debt Load and Deteriorating Financial Health: The company carries a significant debt load, which is a substantial concern, particularly when coupled with weakening profitability. This high degree of leverage, reflected in an elevated debt-to-equity ratio and a net total leverage ratio of 3.2x as of Q2 2025, limits the company's financial flexibility and has led to credit rating downgrades. Negative free cash flow further exacerbates concerns about its financial stability and ability to return capital to investors.
3. Execution Risk of Turnaround Strategy and Operational Inefficiency: Dave & Buster's is in the process of implementing a "back to basics" turnaround plan, involving investments in new units, remodels, marketing discipline, and menu enhancements. However, the effectiveness of these strategic changes in consistently revitalizing sales and improving operational efficiency remains a significant risk. The company's profitability measures have been offset by weak traffic, and there are concerns that operational inefficiencies and high fixed costs for its large-format venues drag down operating margins below industry averages. Leadership changes also add to the execution risk.

The clear emerging threat to Dave & Buster's Entertainment (PLAY) is the rapid proliferation and increasing market share of specialized "eatertainment" venues. These competitors offer curated, often technology-enhanced, social activity experiences combined with food and beverage services, directly targeting Dave & Buster's core demographic and leisure spending. Examples include:

• Topgolf: Combines a driving range with advanced ball tracking technology, food, and drinks, creating a highly social and engaging experience that appeals to a broad audience. Its continued expansion and popularity divert customers seeking group entertainment.
• Puttshack, Drive Shack, Urban Putt, and similar tech-infused mini-golf concepts: Modernized versions of mini-golf with sophisticated scoring, interactive elements, and a strong food and bar component, appealing to adults looking for an upscale, social activity.
• Axe-throwing venues, upscale bowling lounges (e.g., Bowlero's premium concepts), and dedicated VR experience centers (that integrate F&B): These offer niche but growing forms of experiential entertainment that draw from the same pool of discretionary spending for out-of-home social activities.
• Punch Bowl Social and Pins Mechanical Co.: Venues that blend vintage games (bowling, arcade games, karaoke) with craft food, unique cocktails, and a trendy, social atmosphere, directly competing for the adult group entertainment market.

These businesses differentiate themselves by offering more specialized, often higher-tech, or themed experiences compared to Dave & Buster's broader arcade model, fragmenting the market and intensifying competition for customers seeking interactive social entertainment outside the home.

The addressable markets for Dave & Buster's Entertainment's main products and services in the U.S. and North America are as follows:

• Entertainment (Arcade, Food & Entertainment Complexes): The market size for Arcade, Food & Entertainment Complexes in the U.S. was estimated at $6.0 billion in 2024 and is projected to reach $6.1 billion in 2025.
• Entertainment (Family/Indoor Entertainment Centers): The U.S. family/indoor entertainment centers market was valued at approximately $5.25 billion ($5,248.87 million) in 2024. This market is estimated to reach approximately $10.56 billion ($10,555.24 million) by 2034.
• Food & Beverages (Casual Dining): The global casual dining market size was valued at $333.02 billion in 2025. North America contributes 28% of this global market share, suggesting an addressable market of approximately $93.2 billion for casual dining in North America in 2025.

Expected Drivers of Future Revenue Growth for Dave & Buster's Entertainment (PLAY)

• New Store Expansion: Dave & Buster's is continuing to grow its footprint through the opening of new Dave & Buster's and Main Event locations. The company opened 22 new stores since the start of fiscal 2024 and plans to open 10 to 12 new stores in fiscal 2025. There are also efforts in international franchise development, with the first international franchise location already open in India and 35 franchise partnership agreements in place.
• Growth in Special Events: The special events business has demonstrated significant improvement and is seen as a driver for increased awareness, subsequent visits, and deeper brand engagement. The Dave & Buster's brand comparable special events revenue was up nearly 10% year-over-year and 20% over 2023 in the second quarter of fiscal 2024.
• Menu Revitalization and Optimized Pricing: Management is focused on a "back-to-basics" approach to relaunch the food and beverage menu. This initiative aims to restore entree sales and enhance guest value perception, addressing past missteps where an overemphasis on appetizers and removal of high-revenue items negatively impacted the food and beverage business. Additionally, the company may look to raise prices on games in line with inflation, which could significantly impact the bottom line due to high game margins.
• Enhanced Game Offerings and Simplified Pricing: To improve guest experience and value, Dave & Buster's plans to refresh its games lineup and simplify complex pricing structures that previously hurt customer perception. New games, such as the Human Crane, are being introduced as part of this strategy.
• Focused Marketing and Brand Clarity: The company is prioritizing clear, integrated marketing campaigns and sharper value messaging to reduce guest confusion and drive frequency. This includes a renewed focus on TV and digital channels, and a return to historically successful promotional activities like the "Eat & Play Combo."

Share Repurchases

• Dave & Buster's repurchased approximately 5 million shares totaling $172.0 million in fiscal 2024.
• Approximately 1 million shares have been repurchased to date in fiscal 2025, totaling $23.9 million.
• As of April 2025, the remaining share repurchase authorization approved by the Board of Directors was approximately $104 million. An additional $100 million authorization was approved on December 16, 2024.

Share Issuance

• The Dave & Buster's Entertainment, Inc. 2025 Omnibus Incentive Plan, subject to shareholder approval, covers the issuance of up to 4,000,000 shares of common stock.

Inbound Investments

• In the fourth quarter of fiscal 2024 (ended February 4, 2025), Dave & Buster's generated $111.4 million in proceeds from sale-leaseback transactions for the real estate of five stores. These transactions contributed to a fiscal year total of $185 million from sale-leaseback transactions.

Outbound Investments

• In June 2022, Dave & Buster's acquired Main Event Entertainment for $835 million.
• The company opened its first franchise location in Bengaluru, India, in December 2024.
• Dave & Buster's has entered into international franchise partnership agreements for over 35 stores committed to development across five countries, with plans to open 38 franchised locations beginning in 2024.

Capital Expenditures

• Capital expenditures in fiscal 2024 were $330.2 million, which included the opening of 14 new stores (11 Dave & Buster's and three Main Events) and 44 remodels of Dave & Buster's stores since 2023.
• For fiscal 2025, total capital expenditures are projected to be less than $220 million, with a focus on new store development, remodels, and other high-ROI initiatives, including 10 to 12 new store openings and one store relocation.
• Capital expenditures increased from $83.016 million in fiscal 2021 to $92.2 million in fiscal 2022, and further to $234.2 million in fiscal 2023.