DALLAS - Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY), a prominent entertainment and dining venue operator, has announced the promotion of Cory Hatton to Head of Entertainment Finance, Investor Relations & Treasurer. Hatton, who joined the company in October 2022 as Vice President, Investor Relations & Treasurer, will now oversee financial strategies for the company’s core Entertainment division.
Cory Hatton’s promotion reflects his significant contributions to Dave & Buster’s since his arrival. Darin Harper, the Chief Financial Officer, praised Hatton for being an indispensable partner, stating that Hatton’s "passionate pursuit" of his new role will benefit the company’s future. Kevin Sheehan, Board Chair and Interim Chief Executive Officer, emphasized the importance of Hatton’s expanded role during a pivotal time for the company’s Entertainment offerings.
Hatton’s background includes a range of finance and operational positions at notable companies such as Standard Chartered (OTC:SCBFF) Bank, Mellon Capital Management, Pinnacle Entertainment, Scientific Games (NASDAQ:LNW), and Maverick Gaming. He holds a B.A. in Economics from the University of Wisconsin, Madison, and is a Chartered Financial Analyst (CFA).
Dave & Buster’s, with headquarters in Coppell, Texas, operates 232 venues under two brands: Dave & Buster’s and Main Event. The company’s 171 Dave & Buster’s locations across 43 states, Puerto Rico, and Canada, and 61 Main Event stores in 22 states, provide a variety of entertainment and dining experiences, including arcade games, bowling, laser tag, and virtual reality.
This move comes as Dave & Buster’s continues to focus on enhancing its financial leadership within the entertainment sector. The information regarding Cory Hatton’s promotion is based on a press release statement from Dave & Buster’s Entertainment, Inc.
In other recent news, Dave & Buster’s Entertainment, Inc. reported a third-quarter revenue of $453 million, a 3.0% decline from the previous year and below analyst expectations. The company also reported an earnings per share (EPS) loss of ($0.45), missing consensus estimates. In light of these results, Loop Capital reduced its price target for Dave & Buster’s from $59 to $45 while maintaining a Buy rating. BMO Capital also adjusted its price target from $51 to $47 but maintained an Outperform rating, citing a favorable risk-to-reward ratio.
Meanwhile, Dave & Buster’s has expanded its stock buyback program by $100 million, reflecting confidence in the company’s long-term value. The company is also undergoing a leadership change, with Kevin Sheehan stepping in as interim CEO following the departure of Chris Morris. Additionally, Dave & Buster’s appointed Scott Ross to its Board of Directors, bringing financial expertise to the team. Benchmark analysts have maintained a Hold rating, noting potential risks related to remodel openings and external factors. These developments come as Dave & Buster’s works on refreshing its entertainment offerings and strategic plans.
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