CEC Entertainment names CEO amid expansion push

Core Insights - CEC Entertainment has undergone significant transformation under David McKillips, emerging from bankruptcy in 2021 due to the COVID-19 pandemic's impact on eatertainment chains [3] - Scott Drake has been promoted to CEO and president, succeeding McKillips, and will lead the company's next growth phase, including brand extensions and new entertainment offerings [8] Financial Developments - Drake oversaw the closing of a $625 million private credit term loan facility and an amendment to CEC's revolving credit agreement, aimed at deleveraging the balance sheet and increasing free cash flow [5] - Under Drake's financial leadership, CEC strengthened its balance sheet and refined its capital structure, positioning the company favorably among competitors [6] Expansion and Growth Strategy - CEC is expanding its entertainment offerings, including the opening of Chuck's Arcade in 10 mall locations, which provides a variety of arcade games for adults [7] - The company plans to open its first Peter Piper Pizza location in the U.K. and continues to expand internationally [3]