SEE EXPLANATION OF RESPONSES Hill Path Capital Partners Lp was granted 4,760 shares (SEC Form 4)

7/1/25 6:37:24 PM ET

$PLAY

Restaurants

Consumer Discretionary

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SEC FORM 4 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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

1. Name and Address of Reporting Person^*

Hill Path Capital Partners LP

(Last)

(First)

(Middle)

150 EAST 58TH STREET

33RD FLOOR

(Street)

NEW YORK

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

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

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

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

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

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

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

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

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

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.

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Recent Analyst Ratings for

$PLAY

Date	Price Target	Rating	Analyst
12/11/2024		Outperform → Mkt Perform	William Blair
12/11/2024	$56.00 → $36.00	Buy → Hold	Truist
12/11/2024	$40.00 → $34.00	Buy → Hold	Gordon Haskett
10/7/2024		Hold	The Benchmark Company
4/4/2024	$50.00 → $71.00	Overweight → Neutral	Piper Sandler
3/25/2024		Outperform → Mkt Perform	Raymond James
9/7/2023	$60.00 → $55.00	Strong Buy → Outperform	Raymond James
7/18/2023	$56.00	Overweight	Piper Sandler

More analyst ratings

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

Amount

(A) or (D)

Price

Common Stock⁽¹⁾⁽²⁾

06/27/2025

4,760

$0.00

4,760

By Scott Ross

Common Stock⁽¹⁾⁽²⁾

156,760

By Hill Path D Fund LP⁽³⁾

Common Stock⁽¹⁾⁽²⁾

1,293,990

By Hill Path G Fund LP⁽⁴⁾

Common Stock⁽¹⁾⁽²⁾

650,501

By Hill Path J Fund LP⁽⁵⁾

Common Stock⁽¹⁾⁽²⁾

2,095,246

By Hill Path Capital Partners LP⁽⁶⁾

Common Stock⁽¹⁾⁽²⁾

2,869,527

By Hill Path Capital Partners II LP⁽⁷⁾

Common Stock⁽¹⁾⁽²⁾

53,231

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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Recent Analyst Ratings for

$PLAY

Date	Price Target	Rating	Analyst
12/11/2024		Outperform → Mkt Perform	William Blair
12/11/2024	$56.00 → $36.00	Buy → Hold	Truist
12/11/2024	$40.00 → $34.00	Buy → Hold	Gordon Haskett
10/7/2024		Hold	The Benchmark Company
4/4/2024	$50.00 → $71.00	Overweight → Neutral	Piper Sandler
3/25/2024		Outperform → Mkt Perform	Raymond James
9/7/2023	$60.00 → $55.00	Strong Buy → Outperform	Raymond James
7/18/2023	$56.00	Overweight	Piper Sandler

More analyst ratings

SEE EXPLANATION OF RESPONSES Hill Path Capital Partners Lp was granted 4,760 shares (SEC Form 4)

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Recent Analyst Ratings for $PLAY

SEE EXPLANATION OF RESPONSES Hill Path Capital Partners Lp was granted 4,760 shares (SEC Form 4)

Crush Q3 2025 with the Best AI Executive Assistant

Recent Analyst Ratings for $PLAY

$PLAY Press Releases

Fastest customizable press release news feed in the world

Dave & Buster's Announces Promotion of Les Lehner to Chief Development Officer

Dave & Buster's Reports First Quarter 2025 Financial Results

Dave & Buster's Entertainment, Inc. to Report First Quarter 2025 Financial Results on June 10, 2025

$PLAY SEC Filings

Dave & Buster's Entertainment Inc. filed SEC Form 8-K: Leadership Update, Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits

SEC Form S-8 filed by Dave & Buster's Entertainment Inc.

SEC Form 144 filed by Dave & Buster's Entertainment Inc.

$PLAY Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

Dave & Buster's downgraded by William Blair

Dave & Buster's downgraded by Truist with a new price target

Dave & Buster's downgraded by Gordon Haskett with a new price target

$PLAY Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

Interim CEO Sheehan Kevin M bought $503,107 worth of shares (19,025 units at $26.44) (SEC Form 4)

SVP, Chief Int'l Dev Ofc Pineiro Antonio bought $27,350 worth of shares (1,000 units at $27.35), increasing direct ownership by 4% to 25,646 units (SEC Form 4)

Director Dodds Hamish bought $273,100 worth of shares (10,000 units at $27.31), increasing direct ownership by 34% to 39,456 units (SEC Form 4)

$PLAY Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

Amendment: Chief Financial Officer Harper Darin covered exercise/tax liability with 1,144 shares and was granted 3,014 shares, increasing direct ownership by 4% to 54,943 units (SEC Form 4)

SEE EXPLANATION OF RESPONSES Hill Path D Fund Lp was granted 4,760 shares (SEC Form 4)