[Form 4] Dave & Buster's Entertainment, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Dave & Buster’s Entertainment, Inc. (PLAY) – SEC Form 4 filed 1 Jul 2025

Hill Path Capital–affiliated funds and managing partner Scott Ross reported a small incremental acquisition of 4,760 PLAY common shares on 27 Jun 2025 (transaction code A, price $0.00). After the transaction, the reporting group now shows indirect beneficial ownership spread across six limited-partnership vehicles totaling about 7.12 million shares, while Ross directly holds 4,760 shares. The filing confirms the entities act as a Section 13(d) group owning more than 10 % of PLAY’s outstanding stock. No derivative securities were reported, and there were no dispositions.

The purchase is immaterial in size relative to both the group’s existing stake and PLAY’s ~40 million share float; however, it signals continued long-term alignment and maintains the group’s insider status. Because the shares were acquired at no cash cost, the transaction likely reflects a director equity grant or internal transfer rather than open-market buying, limiting its immediate market impact.

Positive

• Continued high insider ownership (>10 %) underscores strategic commitment and alignment with minority shareholders.

Negative

• Purchase size is immaterial (4,760 shares) and was executed at $0, offering no insight into insiders’ willingness to buy at market prices.

Insights

Equity Portfolio Manager

TL;DR: Tiny insider add; confirms 10%+ holder status, negligible valuation impact.

The Hill Path complex remains PLAY’s largest shareholder, now disclosing roughly 7.1 million shares (~17 % of float). The additional 4,760-share award represents less than 0.01 % of shares outstanding and carries no cash outlay, so it does not alter the ownership thesis or signal aggressive accumulation. Still, persistent insider ownership above 10 % can provide governance influence and strategic optionality, which long-term investors may view favorably. Overall impact on valuation or liquidity is de minimis.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hill Path D Fund LP

(Last) (First) (Middle)

150 EAST 58TH STREET

33RD FLOOR

(Street)

NEW YORK NY 10155

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Dave & Buster's Entertainment, Inc. [ PLAY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			SEE EXPLANATION OF RESPONSES

3. Date of Earliest Transaction (Month/Day/Year)
06/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)(2)	06/27/2025		A		4,760	A	$0.00	4,760	I	By Scott Ross
Common Stock(1)(2)								156,760	I	By Hill Path D Fund LP(3)
Common Stock(1)(2)								1,293,990	I	By Hill Path G Fund LP(4)
Common Stock(1)(2)								650,501	I	By Hill Path J Fund LP(5)
Common Stock(1)(2)								2,095,246	I	By Hill Path Capital Partners LP(6)
Common Stock(1)(2)								2,869,527	I	By Hill Path Capital Partners II LP(7)
Common Stock(1)(2)								53,231	I	By Hill Path Capital Co-Investment Partners LP(8)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Hill Path D Fund LP

(Last) (First) (Middle)

150 EAST 58TH STREET

33RD FLOOR

(Street)

NEW YORK NY 10155

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			SEE EXPLANATION OF RESPONSES

1. Name and Address of Reporting Person^*

HP D GP LLC

(Last) (First) (Middle)

150 EAST 58TH STREET

33RD FLOOR

(Street)

NEW YORK NY 10155

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			SEE EXPLANATION OF RESPONSES

1. Name and Address of Reporting Person^*

Hill Path G Fund LP

(Last) (First) (Middle)

150 EAST 58TH STREET

33RD FLOOR

(Street)

NEW YORK NY 10155

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			SEE EXPLANATION OF RESPONSES

1. Name and Address of Reporting Person^*

HP G GP LLC

(Last) (First) (Middle)

150 EAST 58TH STREET

33RD FLOOR

(Street)

NEW YORK NY 10155

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			SEE EXPLANATION OF RESPONSES

1. Name and Address of Reporting Person^*

Hill Path J Fund LP

(Last) (First) (Middle)

150 EAST 58TH STREET

33RD FLOOR

(Street)

NEW YORK NY 10155

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			SEE EXPLANATION OF RESPONSES

1. Name and Address of Reporting Person^*

HP J GP LLC

(Last) (First) (Middle)

150 EAST 58TH STREET

33RD FLOOR

(Street)

NEW YORK NY 10155

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			SEE EXPLANATION OF RESPONSES

Explanation of Responses:

1. This Form 4 is filed jointly by Hill Path Capital Partners LP ("Hill Path Capital"), Hill Path Capital Partners II LP ("Hill Path Capital II"), Hill Path Co-Investment Partners LP ("Hill Path Co-Investment"), Hill Path D Fund LP ("Hill Path D Fund"), Hill Path G Fund LP ("Hill Path G Fund"), Hill Path J Fund LP ("Hill Path J Fund"), Hill Path Capital Partners GP LLC ("Hill Path GP"), Hill Path Capital Partners II GP LLC ("Hill Path GP II"), HP D GP LLC ("HP D GP"), HP G GP LLC ("HP G GP"), HP J GP LLC ("HP J GP"), Hill Path Investment Holdings LLC ("Hill Path Investment Holdings"), Hill Path Investment Holdings II LLC ("Hill Path Investment Holdings II"), Hill Path Capital LP ("Hill Path"), Hill Path Holdings LLC ("Hill Path Holdings") and Scott Ross ("Mr. Ross," and collectively with the aforementioned entities, the "Reporting Persons").

2. To enable the Reporting Persons to gain access to the Securities and Exchange Commission's electronic filing system (which only accepts a maximum of 10 joint filers per report), this report is the second of two identical reports relating to the same transactions being filed with the Securities and Exchange Commission. Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively beneficially own more than 10% of the Issuer's outstanding shares of Common Stock (the "Common Stock"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

3. Shares of Common Stock owned directly by Hill Path D Fund. HP D GP, as the general partner of Hill Path D Fund, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path D Fund. Hill Path Investment Holdings II, as the managing member of HP D GP, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path D Fund. Hill Path, as the investment manager of Hill Path D Fund, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path D Fund. Hill Path Holdings, as the general partner of Hill Path, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path D Fund. Mr. Ross, as the managing partner of each of Hill Path Investment Holdings II, Hill Path and Hill Path Holdings, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path D Fund.

4. Shares of Common Stock owned directly by Hill Path G Fund. HP G GP, as the general partner of Hill Path G Fund, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path G Fund. Hill Path Investment Holdings II, as the managing member of HP G GP, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path G Fund. Hill Path, as the investment manager of Hill Path G Fund, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path G Fund. Hill Path Holdings, as the general partner of Hill Path, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path G Fund. Mr. Ross, as the managing partner of each of Hill Path Investment Holdings II, Hill Path and Hill Path Holdings, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path G Fund.

5. Shares of Common Stock owned directly by Hill Path J Fund. HP J GP, as the general partner of Hill Path J Fund, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path J Fund. Hill Path Investment Holdings II, as the managing member of HP J GP, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path J Fund. Hill Path, as the investment manager of Hill Path J Fund, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path J Fund. Hill Path Holdings, as the general partner of Hill Path, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path J Fund. Mr. Ross, as the managing partner of each of Hill Path Investment Holdings II, Hill Path and Hill Path Holdings, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path J Fund.

6. Shares of Common Stock owned directly by Hill Path Capital. Hill Path GP, as the general partner of Hill Path Capital, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Capital. Hill Path Investment Holdings, as the managing member of Hill Path GP, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Capital. Hill Path, as the investment manager of Hill Path Capital, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Capital. Hill Path Holdings, as the general partner of Hill Path, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Capital. Mr. Ross, as the managing partner of each of Hill Path Investment Holdings, Hill Path and Hill Path Holdings, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Capital.

7. Shares of Common Stock owned directly by Hill Path Capital II. Hill Path GP II, as the general partner of Hill Path Capital II, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Capital II. Hill Path Investment Holdings II, as the managing member of Hill Path GP II, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Capital II. Hill Path, as the investment manager of Hill Path Capital II, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Capital II. Hill Path Holdings, as the general partner of Hill Path, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Capital II. Mr. Ross, as the managing partner of each of Hill Path Investment Holdings II, Hill Path and Hill Path Holdings, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Capital II.

8. Shares of Common Stock owned directly by Hill Path Co-Investment. Hill Path GP, as the general partner of Hill Path Co-Investment, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Co-Investment. Hill Path Investment Holdings, as the managing member of Hill Path GP, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Co-Investment. Hill Path, as the investment manager of Hill Path Co-Investment, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Co-Investment. Hill Path Holdings, as the general partner of Hill Path, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Co-Investment. Mr. Ross, as the managing partner of each of Hill Path Investment Holdings, Hill Path and Hill Path Holdings, may be deemed to beneficially own the shares of Common Stock owned directly by Hill Path Co-Investment.

	Hill Path D Fund LP, By: Hill Path Capital LP, By: /s/ Scott Ross, Managing Partner	07/01/2025
	HP D GP LLC, By: Hill Path Investment Holdings II LLC, By: /s/ Scott Ross, Managing Partner	07/01/2025
	Hill Path G Fund LP, By: Hill Path Capital LP, By: /s/ Scott Ross, Managing Partner	07/01/2025
	HP G GP LLC, By: Hill Path Investment Holdings II LLC, By: /s/ Scott Ross, Managing Partner	07/01/2025
	Hill Path J Fund LP, By: Hill Path Capital LP, By: /s/ Scott Ross, Managing Partner	07/01/2025
	HP J GP LLC, By: Hill Path Investment Holdings II LLC, By: /s/ Scott Ross, Managing Partner	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many PLAY shares did Hill Path entities report owning after the filing?

The group reported indirect beneficial ownership of about 7.12 million PLAY common shares plus 4,760 shares held directly by Scott Ross.

What was the transaction reported in the Form 4 for PLAY?

4,760 shares of Dave & Buster’s common stock were acquired on 27 Jun 2025; transaction code A, price $0.00.

Does the filing change Hill Path’s status as a 10% owner of PLAY?

No. Hill Path remains a 10%+ beneficial owner; the filing merely updates its aggregate holdings.

Were any derivative securities such as options or warrants involved?

No derivative securities were reported in Table II of the Form 4.

Is the reported acquisition likely to affect PLAY’s share price?

Given the small size (4,760 shares), the transaction is unlikely to have a meaningful market impact.