Dave & Buster’s Insider Hill Path Boosts Holding with Minor Share Buy
Filing Impact
Filing Sentiment
Form Type
4
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
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.
Insider Trade Summary
7 transactions reported
Mixed
7 txns
Insider
Hill Path Capital Partners LP, Hill Path Capital Partners II LP, Hill Path Capital Co-Investment Partners LP, Hill Path Capital Partners GP LLC, Hill Path Capital Partners II GP LLC, Hill Path Investment Holdings LLC, Hill Path Investment Holdings II LLC, Hill Path Capital LP, Hill Path Holdings LLC, ROSS SCOTT I
Role
Insider | Insider | Insider | Insider | Insider | Insider | 10% Owner | 10% Owner | 10% Owner | Director, 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Common Stock | 4,760 | $0.00 | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 4,760 shares (Indirect, By Scott Ross)
Footnotes (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"). 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. 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. 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. 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. 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. 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. 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.
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.
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.