Who Started Dave and Buster’s? The Surprising Story Behind the Duo

If you’ve ever stepped into a neon-lit Midway or shared a plate of wings over a game of Skee-Ball, you’ve likely wondered: Who started Dave and Buster's? Was it a corporate board or two real guys with a dream?

The answer is the latter. David “Dave” Corriveau and James “Buster” Corley founded Dave & Buster’s in December 1982. The duo opened their very first location in an empty 40,000-square-foot warehouse in Dallas, Texas, introducing a revolutionary “Eat, Drink, Play” concept that changed the American dining landscape forever.

While the brand is now a billion-dollar public powerhouse, its origins weren't in a boardroom—they were on a street corner in Little Rock, Arkansas, born from a coin toss and a simple observation of human behavior.

The Little Rock Origins: Two Men, One Street

Before they were business partners, Dave and Buster were friendly neighbors—and accidental competitors.

In the late 1970s, James “Buster” Corley operated a restaurant in Little Rock’s Union Station. Known simply as "Buster’s," it was a classic "fern bar" of the era, famous for its tasty food, friendly service, and a diverse crowd that included everyone from local yuppies to state politicians.

Just a few doors down, David Corriveau was running his own venture: "Slick Willy’s World of Entertainment" (previously known as Cash McCool's). While Buster focused on the kitchen, Dave was the master of the "outrageous." His establishment was an adult-focused game parlor filled with billiards, pinball, and an atmosphere built for pure fun.

The "Aha" Moment

The two entrepreneurs began to notice a pattern. Customers would grab a meal and a drink at Buster’s, then walk down the street to play games at Dave’s. Conversely, Dave’s gamers would eventually get hungry and head to Buster’s for a burger.

The lightbulb went off: Why not put both concepts under one roof?

The idea of combining a full-service restaurant with a massive arcade was unheard of at the time. In fact, many in the industry famously proclaimed the duo "certifiably crazy." 

Undeterred, Dave and Buster decided to merge their expertise Dave’s eye for entertainment and Buster’s passion for hospitality—to create something the world had never seen.

The $3 Million Leap: Launching in Dallas (1982)

The founders knew they needed a bigger stage than Little Rock to prove their concept. They set their sights on Dallas, Texas, specifically an area known as "Restaurant Row."

In 1982, with an initial investment of approximately $3 million, they began transforming a massive, empty warehouse into the ultimate adult playground. This was a significant gamble for the time, but the pair leaned into their "crazy" reputation, focusing on high-end details that set them apart.

The Famous Coin Toss

There was only one problem: whose name would go first?

The duo couldn't decide on "Buster & Dave's" or "Dave & Buster's." In true spirit of the brand they were building, they didn't consult a marketing firm they flipped a coin. David Corriveau won the toss, and "Dave & Buster's" was officially born.

When the doors opened in December 1982, the 35,000-square-foot space was an immediate sensation. It wasn't just a place to eat; it was an experience. Guests played pool on $15,000 handmade mahogany tables, competed on professional-grade shuffleboard sets, and explored the "Million Dollar Midway" while enjoying a full-service bar and gourmet menu.

Defining the Roles: The Secret to Their Success

What made the partnership work for over 25 years was a clear division of labor.

• Dave Corriveau: As the "entertainment" half of the duo, Dave focused on the games, the tech, and the "wow" factor. He was the visionary who ensured the arcade was always cutting-edge and outrageous.

• James "Buster" Corley: Buster was the heart of the hospitality side. He believed that "everybody is somebody," a philosophy that shaped the company’s culture. He was obsessed with excellence in service and the quality of the food and beverage program.

Together, they operated as co-CEOs, a rare leadership structure that lasted through the company's most critical growth years.

Scaling the Empire: From Private Duo to Public Powerhouse

By the late 1980s, Dave Corriveau and Buster Corley had a hit on their hands, but they faced a classic entrepreneur’s dilemma: they had a world-class concept but lacked the massive capital required to take it national. Building a 50,000-square-foot "adult playground" wasn't cheap even in 1989.

The Edison Brothers Era (1989–1995)

In the winter of 1989, the founders made a pivotal decision to sell a majority stake in the company to Edison Brothers Stores, a massive St. Louis-based retail conglomerate. Edison Brothers saw Dave & Buster’s as the crown jewel of their new entertainment division.

This partnership provided the financial gasoline the brand needed. Under Edison’s umbrella, the chain expanded into Houston, Atlanta, and Philadelphia, proving that the Dallas success story could be replicated in any major American city. By the time Dave & Buster’s was spun off as an independent entity in 1995, it had grown into a formidable national brand.

The 2014 IPO: A New Chapter on Wall Street

After years of moving through various private equity hands—including Wellspring Capital and Oak Hill Capital Partners Dave & Buster’s reached its ultimate financial milestone on October 10, 2014.

The company went public on the NASDAQ under the perfectly chosen ticker symbol PLAY. The Initial Public Offering (IPO) priced 5.88 million shares at $16 per share, raising roughly $94 million. This transition was more than just a stock market debut; it provided the capital to pay down debt and aggressively fund a new era of "Eat, Drink, Play, and Watch."

The Main Event Acquisition: A Billion-Dollar Move

In June 2022, the company made its most significant strategic move yet: the $835 million acquisition of Main Event.

This wasn't just a merger; it was a demographic masterstroke. While Dave & Buster’s traditionally targeted young adults (21–35), Main Event was a leader in family-focused entertainment. 

By owning both, the company became the undisputed king of the "Eatertainment" industry, controlling over 200 locations across North America.

Who Owns Dave & Buster’s Today? (2026 Landscape)

As of 2026, Dave & Buster’s Entertainment, Inc. is a widely-held public company. No single person "owns" it in the way Dave and Buster once did. Instead, the ownership is a mix of powerful institutional investors and the general public.

The Institutional Powerhouses

According to recent 2025 and 2026 filings, the "big three" institutional owners hold a significant portion of the company’s influence:

• Hill Path Capital LP: Currently the largest stakeholder, holding approximately 20.5% of the company.

• The Vanguard Group: A major institutional holder with roughly 10.5% ownership.

• BlackRock, Inc.: Holds about 8.8% of the outstanding shares.

These institutions, along with 400+ other shareholders, oversee the strategic direction of the brand through the Board of Directors.

Current Leadership: Tarun Lal

While the owners are institutional, the "face" of the company today is CEO Tarun Lal. Appointed in July 2025, Lal brought over 25 years of experience from Yum! Brands (specifically as the former President of KFC U.S.). 

His mission in 2026 has been clear: a "back to basics" approach that prioritizes operational excellence and digital innovation to reconnect with the core "Eat, Drink, Play" fans.

The Legacy of the Founders: Remembering Dave and Buster

The story of Dave & Buster’s is ultimately a human one. While the company is now a corporate giant, the personalities of its founders remained woven into the fabric of the brand long after they stepped down as co-CEOs in 2007.

Remembering David Corriveau (1951–2015)

David "Dave" Corriveau, the winner of the legendary coin toss, passed away on February 7, 2015, at the age of 63. Dave was the "Legend of Fun" a man whose background included everything from waiting tables and selling snow cones to dealing blackjack in Las Vegas.

His obsession with the "outrageous" is what gave Dave & Buster's its edge. He didn't just want an arcade; he wanted a "Million Dollar Midway" filled with state-of-the-art simulators and high-stakes fun. His family and colleagues remember him as a perfectionist with a "zest for life" who treated every guest's experience as a personal challenge.

Remembering James "Buster" Corley (1950–2023)

The brand faced another heavy loss on January 2, 2023, when James "Buster" Corley passed away at age 72. Buster was the soul of the restaurant's hospitality. He was the one who insisted that even though guests were there to play, the food had to be "outstanding."

His passing was particularly poignant. His daughter, Kate Corley, revealed that Buster had suffered a severe stroke four months prior, which caused significant damage to the communication and personality centers of his brain. 

His death was a somber moment for the hospitality industry, which hailed him as a pioneer who proved that "eatertainment" didn't have to mean sacrificing quality.

The 34-Year Homecoming: Little Rock (2016)

One of the most heartwarming chapters in the company's history is its return to its roots. Despite starting in Little Rock, the duo had to move to Dallas in 1982 because of Arkansas state laws that strictly limited prizes for amusement games.

For over three decades, the "Natural State" was without a Dave & Buster’s. That changed on June 13, 2016, when the company finally opened a 30,000-square-foot location at the Outlets of Little Rock. It was a true homecoming, 34 years in the making. 

The opening was made possible by a legislative shift (sponsored by State Sen. Jeremy Hutchinson) that raised the prize cap, finally allowing the "Million Dollar Midway" to operate in the city where the idea was first born.

Fun Facts & Trivia: The "Million Dollar" Details

To truly understand the scale of what Dave and Buster built, you have to look at the details that set them apart from every other arcade in the world.

• The $15,000 Pool Tables: In the early days, Dave and Buster wanted to signal that this wasn't a "kid's place." They filled their billiard rooms with handcrafted tables made of solid mahogany and rosewood.

• The Million Dollar Midway: The name isn't just marketing—it refers to the fact that each location typically houses over $1 million worth of arcade and interactive games.

• The Power Card Revolution: In 1997, Dave & Buster’s pioneered the "Power Card," a declining-balance debit card that eliminated the need for clunky tokens and paper tickets. Today, you can even add your Power Card to your Apple Wallet or Google Pay.

• The Electric Chair Incident: In a rare "outrageous" misstep in 2000, a Maryland location briefly featured a "shocker" ride—a replica electric chair that vibrated to simulate an execution. It was quickly removed after being deemed in "bad taste."

• The Wednesday Tradition: To this day, one of the most popular ways to experience the founders' legacy is "Half-Price Games Wednesday," a tradition that keeps the midway packed even in the middle of the workweek.

Conclusion: Why the Dave & Buster’s Model Still Works

When David Corriveau and Buster Corley flipped that coin in 1982, they weren't just naming a business; they were launching a cultural phenomenon. By merging the social atmosphere of a "fern bar" with the high-energy thrill of a world-class arcade, they created a "third place" for adults that didn't exist before.

Today, as the company expands into India and the Philippines and integrates the family-friendly Main Event brand, the core philosophy remains the same. Whether it’s the handcrafted mahogany pool tables of the 80s or the 40-foot "VIP Watch Rooms" of 2026, the legacy of two guys from Little Rock who were "certifiably crazy" enough to dream big continues to endure.