Dave & Buster’s has become the center of entertainment dining in America. You’ve probably heard the rumors floating around social media. The ones claiming comedian Dave Chappelle and rapper Busta Rhymes own the popular arcade-restaurant chain. It’s a perfect story—the names match up perfectly, after all. But it’s completely false.
The real story behind Dave & Buster’s ownership is much more interesting than internet myths suggest. Two businessmen named David Corriveau and James “Buster” Corley founded the entertainment destination after meeting in Little Rock, Arkansas back in 1978.
Their first Dave & Buster’s opened in Dallas, Texas, in 1982. They combined what most business owners kept separate—arcade games, big-screen TVs, and a full-service restaurant with bar—all under one roof. This concept proved so successful that it grew from that single location into what we recognize today.
The ownership picture looks completely different now. Dave & Buster’s went public in 2014 and trades on NASDAQ under the fitting ticker symbol “PLAY.” What started as one 40,000-square-foot venue has expanded to 159 locations across 42 U.S. states, Canada, and Puerto Rico as of December 2023.
The company hasn’t stopped growing, either. With approximately 22,748 employees, Dave & Buster’s plans to remodel 40-45 stores in 2024 and open 15 new locations. Their 2022 purchase of Main Event for $835 million marked a major expansion of their entertainment portfolio.
In this article, you’ll learn about Dave & Buster’s ownership journey—from the founding duo to its current structure as a publicly traded company where Hill Path Capital holds the largest stake at 17.67%. You’ll also discover why that celebrity ownership rumor keeps circulating despite being completely untrue.
The Real Founders of Dave & Buster’s
David “Dave” Corriveau and James “Buster” Corley are the true founders of Dave & Buster’s, putting to rest any celebrity ownership rumors. Together, these two entrepreneurs created an entertainment concept that would grow into a nationwide phenomenon by doing something remarkably simple yet effective—bringing arcade games and restaurant dining under the same roof.
Who founded Dave & Buster’s?
Dave & Buster’s was founded by two businessmen whose skills perfectly complemented each other. David Corriveau brought his passion and expertise in gaming and arcades from his previous venture, Cash McCool’s. James “Buster” Corley contributed his restaurant knowledge from running a place appropriately named Buster’s.
Corriveau, originally from New Hampshire, had developed a deep understanding of what makes arcade games appealing to adults. Corley, who hailed from North Carolina, had mastered the restaurant business before their paths crossed. Each man had found success in his respective field, but together they’d create something even more powerful.
How Dave Corriveau and Buster Corley met
The future business partners met in 1978 in Little Rock, Arkansas, where they operated separate businesses in the same shopping center. Corriveau ran Cash McCool’s, an adult-oriented venue featuring games and entertainment that attracted a steady stream of customers. Just a few doors down, Corley operated Buster’s, a restaurant focused on food and drinks with its own loyal following.
What caught their attention was a pattern they both noticed—customers frequently traveled between their establishments during the same evening. People would eat dinner at Buster’s, then head to Cash McCool’s for games, or start with games and finish the night with drinks at Buster’s. This customer behavior sparked an idea that would change the entertainment dining industry.
The origin of the name: a coin toss
One of the most charming aspects of their partnership is how they decided whose name would come first on the sign. Instead of lengthy negotiations or arguments, they settled it the way many great decisions are made—with a simple coin toss.
Corriveau won this fateful flip, which is why “Dave” comes before “Buster’s” in the company name. This game of chance determined the name recognition order for what would eventually become a billion-dollar business. It’s a perfect origin story for a company built around games and friendly competition.
Early businesses that led to the idea
Both men had gained valuable experience through their individual businesses. Corriveau understood what made arcade games appealing to adults, while Corley knew how to create an inviting restaurant atmosphere with quality food and drinks.
Their first Dave & Buster’s opened in a 40,000-square-foot facility in Dallas, Texas in 1982. Instead of making customers walk between separate establishments, they created a one-stop entertainment destination where you could enjoy games, food, and drinks all under one roof.
This concept seems obvious today, but in 1982, it was a groundbreaking idea. Most arcades at the time targeted children and teenagers, while Dave & Buster’s created an adult-focused venue that combined entertainment and dining in a way no one had successfully done before. The formula worked, setting the foundation for the nationwide chain we know today.
Debunking the Myth: No, It’s Not Dave Chappelle and Busta Rhymes
If you’re active on social media, you’ve probably seen the claim that comedian Dave Chappelle and rapper Busta Rhymes own Dave & Buster’s. This rumor is completely false. As we’ve established, the entertainment chain was founded by businessmen David Corriveau and James “Buster” Corley, whose first names created the company’s iconic brand.
Where the rumor started
The Chappelle-Rhymes ownership myth likely began from a simple wordplay connection. The similarity between “Dave Chappelle” and “Busta Rhymes” to “Dave & Buster’s” created a perfect setup for an urban legend.
This kind of false correlation happens all the time with brand names. People make assumptions based solely on name similarities, and suddenly a new “fact” is born. The rumor probably started as a joke on social media or comedy forums that some people mistook for reality.
Why the myth gained traction
Several factors helped this misconception spread so widely. First, the connection is simple and memorable—it just sounds right. Second, both Chappelle and Rhymes have enough celebrity wealth that makes the story seem plausible if you don’t know the company’s real history.
Third, most people don’t know much about the actual founders of Dave & Buster’s, creating an information gap that this myth easily filled.
How social media spreads misinformation
Social media platforms were perfect breeding grounds for this myth. Unverified claims about Dave & Buster’s ownership spread through tweets, memes, and posts that got thousands of shares.
Platforms like Twitter (now X), TikTok, and Instagram boost these claims through algorithms that reward engagement over accuracy. Many users share content without checking facts, creating what sociologists call “information cascades”—where misinformation spreads because people assume something shared widely must be true.
The persistence of this myth shows how vulnerable we all are to misinformation. Even though a quick internet search reveals the true founders of Dave & Buster’s, the Chappelle-Rhymes story continues making the rounds. It’s a perfect example of how entertaining falsehoods often travel faster than boring truths, especially when they involve beloved celebrities.
Dave & Buster’s Ownership Over the Years
The ownership structure of Dave & Buster’s has changed dramatically throughout its four-decade history. What began as a partnership between two entrepreneurs has evolved into a publicly traded corporation backed by major institutional investors.
Initial ownership and early investors
After launching their first location in Dallas in 1982, Dave Corriveau and James “Buster” Corley maintained private ownership of their entertainment concept for several years. Their complementary skills—Corriveau’s gaming expertise and Corley’s restaurant knowledge—helped build a solid foundation for the business.
By 1989, they had opened their second location in Houston, Texas, proving the concept could work beyond its original market.
Sale to Edison Brothers and expansion
A major turning point came in 1989 when the founders sold a majority stake to Edison Brothers Stores, a mall-based retail company. This deal provided the capital needed for expansion, allowing the brand to open new locations in Philadelphia, Chicago, and Atlanta.
Under Edison Brothers’ ownership, Dave & Buster’s grew to seven units by 1995. However, Edison Brothers ran into financial problems and declared bankruptcy in 1997, forcing the company to sell its Dave & Buster’s stake.
Going public and stock market listing
After Edison Brothers’ bankruptcy, Dave & Buster’s was acquired by Wellspring Capital Management and HBK Investments in 2006. The company went public that same year but returned to private ownership when Oak Hill Capital Partners purchased it in 2010.
The owners took Dave & Buster’s public again in October.2014, listing on NASDAQ under the ticker symbol “PLAY”—a fitting choice for an entertainment company.
Current CEO and leadership team
Today, the company operates under CEO Chris Morris, who took the helm in 2022 after serving as CEO of Main Event Entertainment before Dave & Buster’s acquired it. The executive team oversees operations across nearly 160 locations throughout North America.
While the original founders are no longer involved (Dave Corriveau passed away in 2015), their vision continues through the current leadership’s strategic growth initiatives.
Who Owns Dave & Buster’s Today?
Today, Dave & Buster’s looks nothing like the company its founders first created. It now operates as a publicly traded business with ownership shared among institutional investors, company insiders, and individual shareholders.
Public company structure
If you’re looking to own a piece of Dave & Buster’s, you can. As a publicly traded company on NASDAQ under the ticker symbol PLAY, Dave & Buster’s Entertainment Inc. maintains a standard corporate structure with a board of directors overseeing executive leadership.
The company completed its initial public offering in October 2014, creating an ownership structure where anyone with a brokerage account can purchase shares and become a partial owner of the arcade-restaurant chain.
Top institutional shareholders
Big investment firms hold most of Dave & Buster’s stock. Hill Path Capital stands as the largest stakeholder with approximately 17.67% ownership. Other major institutional owners include BlackRock (10.37%), Vanguard Group (9.24%), and HG Vora Capital Management (5.01%).
Together, institutional investors own about 99.62% of outstanding shares, showing strong confidence from professional investment firms in the company’s business model and growth potential.
Insider ownership and board members
Company insiders hold relatively small stakes compared to the institutional giants. The board of directors, including Chairman Kevin Sheehan and CEO Chris Morris, collectively own less than 1% of the company.
This arrangement follows typical public company ownership patterns where executives receive equity incentives but don’t maintain controlling interests in the business.
Recent acquisitions like Main Event
In 2022, Dave & Buster’s made a major move by purchasing Main Event Entertainment for $835 million. This acquisition significantly expanded its entertainment portfolio and added 50 locations to the company’s footprint.
The deal gave Dave & Buster’s greater market presence throughout the United States and brought in new leadership, including Chris Morris, who moved from Main Event CEO to become Dave & Buster’s chief executive.
Stock buybacks and market strategy
In recent years, the company has implemented strategic stock repurchase programs to boost shareholder value. These buyback initiatives signal management’s confidence in long-term growth prospects.
The company has also focused on store renovations and digital initiatives to stay competitive in the entertainment dining sector. For example, their plans to remodel 40-45 stores in 2024 show a commitment to keeping the customer experience fresh and engaging across their locations.
Conclusion
The story of Dave & Buster’s ownership takes you from a simple coin toss between two entrepreneurs to a multi-billion dollar entertainment giant traded on the stock market.
What started with David Corriveau and James “Buster” Corley in Little Rock has grown into something neither founder could have imagined. Their vision to combine arcade games and restaurant dining under one roof created an entirely new category of entertainment that continues to thrive today.
The path from that first Dallas location to today’s ownership structure wasn’t straightforward. After the founders sold their majority stake to Edison Brothers Stores in 1989, the company changed hands several times before going public in 2014. Now anyone can own a piece of Dave & Buster’s by purchasing PLAY stock on NASDAQ.
Today’s Dave & Buster’s looks quite different from its humble beginnings. Hill Path Capital holds the largest stake at 17.67%, followed by major financial institutions like BlackRock and Vanguard Group. Yet despite these ownership changes, the core concept remains exactly what Dave and Buster originally built—a place where people can enjoy games, food, and drinks all under one roof.
The company’s growth shows no signs of slowing. With 159 locations across 42 states and international markets, plus the recent $835 million acquisition of Main Event, Dave & Buster’s continues to expand its footprint in the entertainment dining sector.
Though Dave Corriveau passed away in 2015 and neither founder maintains ownership today, their legacy lives on in every location. The next time you visit a Dave & Buster’s, you’ll know the true story behind the name above the door—not celebrities with similar names, but two business partners who changed the entertainment industry with a straightforward yet brilliant concept.
FAQs
Q1. Who are the true founders of Dave & Buster’s?
Dave & Buster’s was founded by David Corriveau and James “Buster” Corley in 1982. They met in Little Rock, Arkansas, and combined their expertise in gaming and restaurants to create the popular entertainment venue.
Q2. Is Dave & Buster’s owned by celebrities Dave Chappelle and Busta Rhymes?
No, this is a common misconception. Dave & Buster’s was not founded by or owned by celebrities Dave Chappelle and Busta Rhymes. This rumor likely started due to name similarities and spread through social media.
Q3. How did Dave & Buster’s get its name?
The name order was decided by a coin toss between the founders. David Corriveau won the toss, which is why “Dave” comes before “Buster’s” in the company name.
Q4. Who owns Dave & Buster’s today?
Dave & Buster’s is now a publicly traded company listed on NASDAQ under the ticker symbol PLAY. The largest stakeholder is Hill Path Capital, owning about 17.67% of the company, followed by other institutional investors.
Q5. How has Dave & Buster’s expanded since its founding?
From its first location in Dallas in 1982, Dave & Buster’s has grown to 159 locations across 42 U.S. states, Canada, and Puerto Rico as of December 2023. The company also acquired Main Event for $835 million in 2022, further expanding its entertainment offerings.