Welcome to our dedicated page for Dave & Buster's Entertainment news (Ticker: PLAY), a resource for investors and traders seeking the latest updates and insights on Dave & Buster's Entertainment stock.
Dave & Buster's Entertainment, Inc. (NASDAQ: PLAY) is a leading North American operator of entertainment and dining venues, providing a unique fusion of food, drinks, and games. Headquartered in Dallas, Texas, the company operates nearly a hundred establishments across the United States. Each venue offers a comprehensive menu featuring an array of delicious entrees and appetizers, alongside a full selection of alcoholic and non-alcoholic beverages. Patrons can enjoy over 250 of the latest and greatest games, making it the ultimate destination for fun and entertainment.
Specializing in creating memorable experiences, Dave & Buster's combines dining, gaming, and televised sports under one expansive roof. The venues are equipped with private rooms, full-service audio-visual capabilities, bars, and a world-class billiards table. The company also emphasizes teambuilding activities, making it an ideal spot for corporate gatherings and social events.
In recent developments, Dave & Buster's announced a successful amendment to its credit agreement, increasing the Term Loan B facility to $900 million with favorable pricing. This move highlights the company's robust financial standing and the positive momentum following its merger with Main Event. As per Chief Financial Officer Michael Quartieri, the swift execution and improved economics of the deal underscore the company's strong financial position.
Additionally, the company's Board of Directors has approved an increase to its share repurchase program, authorizing up to $200 million in common stock repurchases. This initiative reflects the company's commitment to enhancing shareholder value and maintaining financial flexibility.
Dave & Buster's continues to innovate and expand, solidifying its position as a premier destination for entertainment and dining. With continuous updates and developments, the company remains focused on delivering exceptional experiences to its customers.
Dave & Buster's Entertainment (NASDAQ: PLAY) reported preliminary fourth-quarter results, showing a steep decline in sales due to COVID-19. For the first nine weeks ending January 3, 2021, revenue was $69.4 million, marking a 75% drop in comparable store sales. The company had an EBITDA loss of $22 million and a cash burn rate of $3.7 million per week. By mid-January, over 100 stores are expected to reopen, though 27 locations in California and New York will remain closed. Revenue guidance for the quarter is projected between $98 million and $102 million.
Dave & Buster's Entertainment (NASDAQ: PLAY) will present at the 2021 ICR Virtual Conference on January 11, 2021, at 4:30 PM ET. CEO Brian Jenkins and CFO Scott Bowman will lead the presentation, which will be accessible via a live webcast on the company's investor relations website. Dave & Buster's operates 139 entertainment and dining venues across North America, providing a unique blend of meals, drinks, and games. Founded in 1982 and headquartered in Dallas, Texas, the company serves customers in 40 states, Puerto Rico, and Canada.
Dave & Buster's Entertainment, Inc. (NASDAQ: PLAY) has appointed James Chambers to its Board of Directors and key committees, effective December 22, 2020. Chambers, a partner at Hill Path Capital LP, joins the board as the company's largest shareholder. This addition increases the board's independence, with 8 of 10 directors now classified as independent. CEO Brian A. Jenkins expressed confidence that Chambers' extensive experience in entertainment will enhance strategic growth. Hill Path Capital, a significant investor, aims to collaborate closely to realize the company's potential.
Dave & Buster's Entertainment (NASDAQ:PLAY) reported its third quarter 2020 financial results, severely affected by COVID-19. Revenues fell to $109.1 million, down 63.6% from $299.4 million in Q3 2019. Comparable store sales plummeted 66%. The company posted a net loss of $48.0 million, or $1.01 per share, compared to a net income of $0.5 million in the prior year. By November 1, 104 stores were operational, but recent COVID spikes are expected to further impact fourth-quarter sales and profitability.
Dave & Buster's Entertainment, Inc. (NASDAQ: PLAY) will announce its Q3 2020 financial results on December 10, 2020, after market close. The results will be discussed in a conference call scheduled for 4:00 PM CST. Interested parties can join by dialing (720) 543-0214 or toll-free (888) 254-3590. A replay will be available for one year. The company operates 138 venues across North America, providing entertainment and dining experiences. Their establishments are found in 40 states, Puerto Rico, and Canada.
Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) announced the completion of a $550 million offering of 7.625% senior secured notes due 2025. The notes, exempt from SEC registration, are guaranteed by subsidiaries that also back the company's Revolving Credit Facility. Proceeds from the offering will be used to repay outstanding amounts under a Term Loan Facility and drawings under the Revolving Credit Facility, ensuring future liquidity. J.P. Morgan led the offering, supported by several other financial institutions.
Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) announced the pricing of $550 million in 7.625% senior secured notes due 2025, a $50 million increase from the initial offering. The private offering is set to close on October 27, 2020. The proceeds will be directed to repay the Term Loan Facility and drawings under the Revolving Credit Facility to enhance liquidity, which is expected to total $348.2 million post-closing. Notably, amendments to the Credit Facility include a two-year maturity extension and suspension of certain covenant requirements until April 2022.
Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) announced a proposed private offering of $500 million in senior secured notes due 2025. These notes, guaranteed by the Company's subsidiaries, aim to refinance existing debts under its Term Loan and Revolving Credit Facilities. Post-offering, the Company anticipates approximately $299.1 million in liquidity. The offering's success could enhance financial stability, particularly with a two-year maturity extension for its Revolving Credit Facility. It remains subject to market conditions and is exempt from federal registration requirements.
Dave & Buster's (NASDAQ:PLAY) announced a positive update on its store operations as of October 4, 2020. The company has reopened 98 out of 136 stores, with comparable store sales showing significant recovery after an 87% decline in Q2. Sales performance improved to a decline of 62% in September. The top-quartile stores achieved 84% of 2019 sales levels. With $197 million in cash and $744 million in credit, the company is optimistic about achieving EBITDA breakeven at 50-55% of 2019 sales.
Dave & Buster's (NASDAQ:PLAY) reported a second quarter net loss of $58.6 million, or $1.24 per share, reflecting a severe impact from COVID-19. Revenues dropped 85% to $50.8 million compared to $344.6 million in 2019, with comparable store sales decreasing 87%. Despite challenges, the company has reopened 89 stores, operating under reduced hours and capacity. Cash and equivalents were approximately $224 million at quarter-end. The company did not provide financial guidance for fiscal 2020, citing ongoing uncertainty.
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