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DALLAS - Dave & Buster’s Entertainment, Inc. (NASDAQ: PLAY), a leading owner and operator of entertainment and dining venues, has announced the appointment of Scott Ross to its Board of Directors, effective as of January 30, 2025. Ross, the Managing Partner of Hill Path Capital, is recognized for his experience in enhancing value for stakeholders across various consumer and entertainment businesses.
Kevin Sheehan, the Board Chair and Interim CEO, expressed confidence in Ross’s ability to contribute to the company’s growth, citing his financial acumen and significant ownership in Dave & Buster’s. Ross himself expressed enthusiasm for the company’s strategic plan, which he believes will lead to notable increases in revenue, cash flow, and shareholder value.
Scott Ross brings a wealth of experience to the table, with a background at Apollo Management and Goldman, Sachs & Co. He currently holds positions as Chairman of the Board at United Parks & Resorts, Inc. and as a Director at The ONE Group Hospitality (NASDAQ:STKS), Inc. His previous board roles include Diamond Eagle Acquisition Corp (NASDAQ:DKNG)., Great Wolf Resorts, Inc., EVERTEC, Inc., and CEC Entertainment, Inc.
Dave & Buster’s, headquartered in Coppell, Texas, operates 232 venues under two brands: Dave & Buster’s and Main Event. The company’s establishments combine dining and entertainment, offering guests a place to enjoy meals, beverages, games, and live sports. The addition of Ross to the Board is part of the company’s ongoing efforts to enhance its business and drive value for stakeholders.
The information in this article is based on a press release statement from Dave & Buster’s Entertainment, Inc.
"In other recent news, Dave & Buster’s Entertainment, Inc. has bolstered its stock buyback program by an additional $100 million. This is part of the company’s ongoing efforts to enhance shareholder value and reflects its commitment to financial strategy and confidence in the long-term value of its stock. In further developments, Dave & Buster’s third-quarter earnings per share (EPS) were reported as ($0.45), with total revenue for the quarter standing at $453 million, marking a 3.0% year-over-year decrease. Amid these financial revisions, the company also announced leadership changes with CEO Chris Morris stepping down and Kevin Sheehan stepping in as interim CEO.
Analysts have responded to these developments with Loop Capital lowering its price target for the company to $45, while maintaining a Buy rating. BMO Capital and Benchmark maintained their Outperform and Hold ratings respectively, despite the company’s third-quarter earnings falling short of consensus. Raymond (NSE:RYMD) James reiterated a Market Perform rating, acknowledging the company’s struggles. These recent developments highlight the ongoing financial and strategic challenges faced by Dave & Buster’s."
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