Financial research concept

Entertainment Venue Capital Expenditures

measures cash invested in new venues, remodels, games, technology, and other property and equipment used across an entertainment-venue network.

By Lee BaileyPublished Sep 26, 2026

Research context

See what supports this page, how current it is, and where comparable or historical context is available.

Research date: Sep 26, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context: 17 connected conceptsPart of the reviewed Entertainment Venue Store Economics; issuer definitions remain distinct where disclosed.
Company examples: 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.

Lower total spending did not mean less investment everywhere
Capex should be read with the expansion pipeline
Cash spending is not the same as depreciation
Part of the Entertainment Venue Store Economics
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Entertainment venue capital expenditures measure the cash a venue operator invests in new locations, remodels, games, technology, maintenance, and other long-lived assets.

Dave & Buster's spent $391.4 million on capital expenditures in fiscal 2025, down from $530.2 million in fiscal 2024.

Lower total spending did not mean less investment everywhere

Management said the decline reflected lower spending on store remodels and new-store openings, partly offset by higher investment in games at existing stores.

That distinction matters because the same headline capex number can support different strategic objectives. New-store construction expands the footprint, remodels refresh existing locations, games can directly alter the entertainment offering, and maintenance preserves the current estate.

Capex should be read with the expansion pipeline

Dave & Buster's opened 11 new stores in fiscal 2025 and ended the year with 243 company-owned venues. New-store development therefore still consumed meaningful capital even though total capex fell.

The company separately reported $19.0 million of pre-opening costs. Those costs are expensed as incurred rather than included in capital expenditures.

Cash spending is not the same as depreciation

Capital expenditures are an investing cash-flow measure. Depreciation and amortization recognize the cost of long-lived assets over time through the income statement.

For a venue operator, separating those measures helps distinguish current cash reinvestment from the accounting expense associated with prior investment.

Primary source: Dave & Buster's fiscal 2025 Form 10-K.

Part of the Entertainment Venue Store Economics

Connects entertainment and dining revenue mix with product-cost rates, comparable-store performance, new-store development and maturation, operating-cost leverage, pre-opening expense, and capital reinvestment for large-format entertainment venues.

Browse the full operating model in Company Analysis →

Where this concept fits

Footprint expansion, launch expense, and capital reinvestmentCurrent relationship
Ending company-owned store count and new-store openings show the physical venue base and expansion flow. Pre-opening costs capture launch expense before operations begin, while capital expenditures show cash invested in new stores, remodels, games, technology, and other property and equipment.
Capital ExpendituresCurrent conceptCompany-Owned Store Count New Store Openings Pre-Opening Costs
Revenue mix, direct product costs, and store-level operating leverage
Entertainment and food-and-beverage revenue mix show what customers spend on inside the venue. Their direct product cost rates preserve different denominators, while payroll and other store operating expense rates show additional store-level cost intensity against total revenue.
Entertainment Cost Rate Entertainment Revenue Entertainment Revenue Mix Food & Beverage Cost Rate Food & Beverage Revenue Food & Beverage Revenue Mix Operating Payroll Rate Other Store Operating Expense Rate
Seasoned-store performance, noncomparable exposure, and new-store maturation
Comparable-store sales growth measures the seasoned base, while comparable and noncomparable operating weeks expose the time contribution behind each population. The comparable-store base count and honeymoon effect help distinguish mature-store performance from early new-store sales patterns.
Comparable Store Base Count Comparable Store Operating Weeks Comparable Store Sales Growth New Store Honeymoon Effect Noncomparable Store Operating Weeks

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

PLAYOpen operating-model research →17 of 17 reviewed concepts in Entertainment Venue Store EconomicsFootprint expansion, launch expense, and capital reinvestment4 of 4 bridge concepts supportedContinue through this bridge:Company-Owned Store Count New Store Openings Pre-Opening Costs

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Compare companies where growth capex, remodels, maintenance, and asset refresh compete for cash.

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