Dave & Buster’s has not invested in new games since before the pandemic. | Photo: Shutterstock
Visitors to Dave & Buster’s are buying more food and drinks than they were a year ago. Now the chain just needs them to play more games.
Same-store sales at the eatertainment chain fell 3.3% in the fiscal fourth quarter ended Feb. 3, despite a 7% increase in food and beverage same-store sales, indicating that fewer people came in and played games at Dave & Buster’s and sister concept Main Event.
So, as the 243-unit chain sets its sights on breaking a 12-quarter streak of same-store sales declines, it will focus on putting more exciting games in its arcades.
“I think one of the mistakes we made as a business is that over the past six years, we have not invested in amusements at all,” said CEO Tarun Lal, who joined the company in July, during an earnings call Tuesday. “The number of new games in our arcade or in general the total number of games in the arcade or partnerships with relevant IPs, that’s been missing for a long time.”
To address that issue, Dave & Buster’s will add 10 new games this year, including some based on popular entertainment franchises like Stranger Things and John Wick. It has already scored a hit with its Human Crane game, now available systemwide, and it’s gotten good feedback on tests of other new games, like the Perfect Pump, in which players try to stop a gas pump on a certain number.
The Human Crane has been a popular addition. | Photo courtesy of Dave & Buster’s
Lal said that adding new and relevant games will be a key part of making 2026 a positive year for the chain. In 2025, total revenues fell 1.4% to $2.1 billion; same-store sales declined 5%; and earnings before interest, taxes, depreciation and amortization (EBITDA) were down 14%.
For 2026, however, the company is forecasting growth in both same-store sales and EBITDA. Its stock jumped more than 20% Wednesday on the positive outlook.
Coppell, Texas-based Dave & Buster’s has already seen some signs of improvement under Lal, who has spearheaded a “back to basics” strategy focused on food, games, marketing, operations and store remodels.
Though same-store sales were negative last quarter, they have gotten better in each of the past six months, excluding a three-day impact from Winter Storm Fern in January. In February, they were roughly flat. The company declined to share results for March, citing a need to get through the busy spring break period.
The chain credited some of the recent growth to a test of half-price games on Sunday through Thursday (rather than just on Wednesday). Lal said the promotion resulted in customers spending more time on the game floor, and thus ordering more food and drinks.
The chain has also worked to capitalize on tentpole events like the Super Bowl. The day of the big game has historically been slow for Dave & Buster’s, but this year, it developed more programming for the Super Bowl, including unlimited wings and games for $24.99 while the game played on giant 40-foot screens.
“[It] ended up being a highly productive day for us this year,” Lal said, noting that the chain hopes to do more of the same during the World Cup this summer.
Remodeled locations have also performed well, outpacing the system by 700 basis points. Dave & Buster’s remodeled 16 stores last year and has completed 51 since the program began in 2023, with plans to add four more in the next nine months.
Despite its same-store sales troubles, the company continues to be aggressive about opening new locations. It opened two stores last quarter for a total of 11 in fiscal 2025 and expects to open another 11 this year—eight Dave & Buster’s and three Main Events.
The company said it’s getting good returns on new locations and that they are helping it fill out markets and build a competitive advantage. It expects to invest $200 million in capital expenditures this year.
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