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

Rhea-AI Filing Summary

Dave & Buster’s Entertainment, Inc. (PLAY) – Form 4 insider transaction

On 06/27/2025, Hill Path Capital Partners LP and a group of affiliated investment funds, together with their managing partner Scott Ross, reported a change in beneficial ownership of PLAY common stock. The filing shows a direct acquisition of 4,760 shares by Scott Ross at an indicated price of $0.00 per share. No derivative securities were reported.

After the transaction, aggregate indirect ownership disclosed across the various Hill Path entities is as follows:

• Hill Path D Fund LP – 156,760 shares
• Hill Path G Fund LP – 1,293,990 shares
• Hill Path J Fund LP – 650,501 shares
• Hill Path Capital Partners LP – 2,095,246 shares
• Hill Path Capital Partners II LP – 2,869,527 shares
• Hill Path Co-Investment Partners LP – 53,231 shares
• Scott Ross (direct) – 4,760 shares

Total beneficial ownership disclosed across the reporting group is approximately 7.12 million shares, confirming their status as a “>10% owner” of the company. The group filed two identical Form 4s due to SEC limits on joint filers.

No sales were reported, and there is no accompanying earnings data or material corporate event in this filing. The purchase slightly increases the group’s already significant position and can be interpreted as a nominal vote of confidence, though its absolute size is immaterial relative to existing holdings.

Positive

• Continued accumulation by a >10% owner underscores ongoing commitment to PLAY shares.
• No insider sales were disclosed, limiting potential negative interpretations.

Negative

• Acquired amount (4,760 shares) is immaterial relative to the 7.1 million-share position, offering limited incremental information.

Insights

Financial Analyst

TL;DR – Small insider buy; immaterial to ownership size, mildly positive signal.

The Hill Path funds and Scott Ross, already controlling >10 % of PLAY, added a modest 4,760 shares. Post-trade, the group holds roughly 7.1 million shares. While insider purchases are generally supportive of sentiment, the incremental stake is de minimis versus existing ownership and unlikely to influence market value. The filing does reaffirm sustained alignment between a large shareholder/director and outside investors, but from a materiality standpoint the impact on valuation, liquidity, or control dynamics is negligible.

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
Estimated average burden
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 Capital Partners 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 Capital Partners 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^*

Hill Path Capital Partners II 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^*

Hill Path Capital Co-Investment Partners 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^*

Hill Path Capital Partners 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 Capital Partners II 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 Investment Holdings 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 Investment Holdings II 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	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Hill Path Capital 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	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Hill Path Holdings 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	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ROSS SCOTT I

(Last) (First) (Middle)

150 EAST 58TH STREET

33RD FLOOR

(Street)

NEW YORK NY 10155

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

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 first 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 Capital Partners LP, By: Hill Path Capital Partners GP LLC, By: /s/ Scott Ross, Managing Partner	07/01/2025
	Hill Path Capital Partners II LP, By: Hill Path Capital Partners II GP LLC, By: /s/ Scott Ross, Managing Partner	07/01/2025
	Hill Path Capital Co-Investment Partners LP, By: Hill Path Capital Partners GP LLC, By: /s/ Scott Ross, Managing Partner	07/01/2025
	Hill Path Capital Partners GP LLC, By: Hill Path Investment Holdings LLC, By: /s/ Scott Ross, Managing Partner	07/01/2025
	Hill Path Capital Partners II GP LLC, By: Hill Path Investment Holdings II LLC, By: /s/ Scott Ross, Managing Partner	07/01/2025
	Hill Path Investment Holdings LLC, By: /s/ Scott Ross, Managing Partner	07/01/2025
	Hill Path Investment Holdings II LLC, By: /s/ Scott Ross, Managing Partner	07/01/2025
	Hill Path Capital LP, By: Hill Path Holdings LLC, By: /s/ Scott Ross, Managing Partner	07/01/2025
	Hill Path Holdings LLC, By: /s/ Scott Ross, Managing Partner	07/01/2025
	By: /s/ Scott Ross	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Hill Path Capital report in the July 1, 2025 Form 4 for PLAY?

The group disclosed the purchase of 4,760 PLAY common shares on 06/27/2025, bringing total beneficial ownership to roughly 7.12 million shares.

Does the filing indicate insider buying or selling?

It shows buying only; no sales or dispositions were reported.

How large is Hill Path’s total stake in Dave & Buster’s (PLAY)?

The Hill Path entities and Scott Ross collectively report beneficial ownership of about 7.12 million PLAY shares, exceeding 10 % of the company’s outstanding stock.

Was any price paid for the newly acquired shares?

The Form 4 lists an acquisition price of $0.00, suggesting a grant or transfer without cash consideration.

Is this transaction likely to affect PLAY’s stock price?

Given the small size of the purchase relative to existing holdings, the filing is considered not materially impactful to valuation.

Why were two identical Form 4s filed?

SEC EDGAR allows only 10 joint filers per form; the group needed two parallel filings to include all reporting persons.