SCHEDULE 13D/A: Hill Path Capital's Stake in Dave & Buster's Rises to 20.6% Due to Share Reduction

Hill Path Capital's beneficial ownership in Dave & Buster's Entertainment, Inc. has increased to 20.6% of outstanding common stock, primarily driven by a reduction in the total number of the issuer's outstanding shares.

Summary

• Hill Path Capital LP and its affiliated entities, including Hill Path Capital Partners LP, Hill Path Capital Partners II LP, and others, collectively beneficially own 7,119,255 shares of Dave & Buster's Entertainment, Inc. common stock.
• This aggregate ownership represents approximately 20.6% of the company's total outstanding shares.
• The increase in beneficial ownership percentage, which triggered this Schedule 13D amendment, was solely due to a reduction in the number of Dave & Buster's outstanding shares, not through additional share acquisitions by Hill Path Capital.
• As of April 4, 2025, Dave & Buster's Entertainment, Inc. reported 34,515,297 shares outstanding.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership percentages, with no explicit positive or negative operational news. The increase in percentage is due to a reduction in outstanding shares, not new investment by the reporting person, making the sentiment neutral from an operational perspective.

Positives

• Hill Path Capital's proportional ownership and potential influence over Dave & Buster's Entertainment, Inc. has increased to 20.6% without requiring additional capital investment.
• The increase in percentage ownership indicates a more concentrated stake for a significant investor, which could be viewed positively by some market participants.

Future Outlook

This document is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding the company's future performance or strategy.

Industry Context

This filing reflects a change in the ownership stake of a significant institutional investor in a publicly traded entertainment and restaurant company. Such changes can indicate shifts in investor confidence or strategic positioning within the leisure and entertainment sector, though in this specific case, the change was driven by the issuer's share count reduction rather than new investment.

Stakeholder Impact

• Shareholders: The increased percentage ownership by Hill Path Capital could lead to greater influence on corporate decisions, potentially impacting future strategic direction or capital allocation.

Key Dates

Keywords

Dave & Buster's Entertainment Inc., Hill Path Capital, Beneficial Ownership, Schedule 13D, Common Stock, Share Reduction, Investment Management, Shareholder Stake