The LBE chain Dave & Buster’s went public Oct. 10 for the second time in the company’s history, and investors welcomed the move, trading shares on the NASDAQ up from an opening price of $17 to as high as $18.43 at one point during the opening day. The stock trades under the ticker symbol PLAY.
The New York Times reported that the IPO raised $94.1 million for the company, giving the firm a total valuation of $625.4 million. Dave & Buster’s says it will use the proceeds of the stock sale to reduce its debt, which stood at $529 million two months ago.
“The successful debut most likely comes as a relief for Oak Hill Capital Partners, the private equity firm that bought Dave & Buster’s for $570 million in 2010 and will continue to be its majority shareholder,” the Times reported. “The restaurant chain made an earlier attempt to go public in 2012, but those plans were scrapped because of continued volatility in the markets.”
Founded in Dallas in 1982, Dave & Buster’s now operates 70 stores in the United States and Canada. The company reported a $2.2 million profit in its fiscal year that ended in February.
Shake Shoppe Taps Sacoa
The new Hershey’s Ice Cream Shake Shoppe Arcade and Bowling Alley at Orlando’s Fashion Square Mall has installed the Sacoa Playcard System, the supplier reports. The facility is located directly across from the Premiere Cinema 14 movie theater.
Besides the famous hand-scooped ice cream treats and milk shakes, the location features a full-service bar/lounge and a 18,000 sq.-ft. game room operated by PrimeTime Amusements with about 35 video and redemption games, 12 AMF bowling lanes and pool tables.
The entire venue, designed in a 1950s nostalgia theme, is controlled through the Sacoa Playcard System, using the ColorShot display readers for games and attractions. The Sacoa redemption system takes care of the entire ticketless operation with Ordyx’s POS integrated to Sacoa for F&B operation.
“It is one of the most fantastic locations Prime Time Amusements has opened since they began operating with the Sacoa system,” said Sebastian Mochkovsky, Director of Sacoa. Primetime President David Goldfarb added: “We’re in the process of opening the largest Hershey’s Shake Shoppe Arcade in Fort Lauderdale using the same system with other attractions as well.” To learn more, log on to www.sacoacard.com.
Table game maker Valley-Dynamo of Richland Hills, Texas, has signed an agreement to acquire the assets of Rowe Changer, which produces bill changing equipment. Valley-Dynamo will acquire those assets from Megatouch LLC.
Valley Dynamo topper Kelye Stites says the changer business will operate as a separate entity. “Rowe is an industry leader with a proven and well established reputation in the money handling industry,” said Stites. “We welcome all the Rowe distributors and operators to the Valley-Dynamo family of companies.”
Rowe Changer VP Tom Kozlik said: “This transaction offers many significant benefits to Rowe bill changer owners, distributors and stakeholders. Valley-Dynamo is infusing excitement and financial investment that provides compelling new opportunities for Rowe now and in the future. Together we will continue to support our customers and provide innovative solutions for the money handling industry.”
A survey of 4,000 adults conducted by the White Hutchinson Leisure & Learning Group concludes that bowling continues to be the most popular attraction for community-based entertainment venues. The survey examined participation in major attractions at family entertainment centers.
“As far as we know, this is the first national participation survey that has been conducted about the family entertainment center industry in the last decade,” said White Hutchinson founder Randy White.
The survey found that 18- to 24-year-olds showed the highest participation rate. Over three-quarters of participants were occasional bowlers, having bowled four or less times during the previous past year. “These results are clearly attributable to the fast changing nature of bowling,” said White. “At one time, league bowlers dominated bowling. Today, the primary customer base is the casual social bowler. Their numbers are growing as old run down alleys are either closing or being renovated and/or replaced by new upscale hybrid entertainment centers with multiple attractions.”
One of the survey’s surprise results was that miniature golf came in second as the attraction adults participated in at least once during the past year. White Hutchinson speculates that the majority of miniature golf play takes place on vacations. Billiards came in third as the most popular attraction, followed by go-karts and laser tag.
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