Ron Shaich’s Act III invests another $50M in gaming concept Level99
Ron Shaich's Act III invests $50M in Level99 to fuel expansion of its eatertainment venues.
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Ron Shaich's Act III Holdings has invested an additional $50 million in Level99, doubling its stake in the entertainment and dining concept. Level99, currently operating four locations in the U.S., plans to open four more annually as it seeks to establish a national presence.
Why It Matters
This investment may accelerate Level99's growth, potentially impacting territory availability as it seeks to expand nationally. The concept's novel integration of food and gaming could influence unit economics and franchisee interest in emerging eatertainment models.
Ron Shaich's investment firm, Act III Holdings, has committed an additional $50 million to the rapidly expanding food-and-gaming concept Level99, marking the second investment in the brand within a year. This funding doubles previous investments, bringing Act III's total stake to $110 million since it first invested $10 million at Level99's inception. The fresh capital is aimed at accelerating the development of Level99’s unique venues, designed to blend interactive gaming experiences with high-quality food and drink selections.
Level99 currently operates four locations across Florida, Massachusetts, Rhode Island, and Virginia, with plans to open four more by the end of next year, signaling a robust expansion strategy. The company aims to establish itself as a "category-defining entertainment brand" with a significant national footprint, underscoring a strong commitment to growth in a competitive environment. The positive performance of its recent locations, notably the latest opening at Disney Springs in Florida, has bolstered confidence in the concept’s viability.
Shaich highlighted the brand's potential by stating, "Level99 represents one of the most exciting concepts I've encountered in my career, and we believe it’s incredibly well-positioned to transform the entertainment landscape." Founder Matt DuPlessie, who has a background in immersive gaming venues, emphasizes an interactive and engaging customer experience, featuring elements such as Challenge Rooms and interactive leaderboards. This innovative approach seeks to attract consumers by offering a re-playable experience alongside a varied menu that includes items like Detroit-style pizza and craft cocktails.
