<PAGE>   1
                            SCHEDULE 14A INFORMATION

                   PROXY STATEMENT PURSUANT TO SECTION 14(a)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


Filed by the Registrant [x]
Filed by a Party other than the Registrant [ ]

Check the appropriate box:

[ ]    Preliminary Proxy Statement
[ ]    Confidential for Use of the Commission Only (as permitted by Rule
       14a-6(e)(2))
[x]    Definitive Proxy Statement
[ ]    Definitive Additional Materials
[ ]    Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12

             ---------------------------------------------------
                            Dave & Buster's, Inc.
              (Name of Registrant as Specified In Its Charter)
             ---------------------------------------------------

               Alan L. Murray, Vice President and General Counsel
                    (Name of Person Filing Proxy Statement)

Payment of Filing Fee (Check the appropriate box):

[x]    No fee required.
[ ]    Fee computed on the table below per Exchange Act Rule 14a-6(i)(4) and
       0-11 ("Rule 0-11").

       (1)     Title of each class of securities to which transaction applies
       (2)     Aggregate number of securities to which transaction applies
       (3)     Per unit price or other underlying value of transaction computed
               pursuant to Rule 0-11
       (4)     Proposed maximum aggregate value of transaction
       (5)     Total fee paid
[ ]    Fee paid previously with preliminary materials.
[ ]    Check box if any part of the fee is offset as provided by Exchange Act
       Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
       paid previously. Identify the previous filing by registration statement
       number or the Form or Schedule and the date of its filing.
               (1)      Amount Previously Paid
               (2)      Form, Schedule or Registration Statement No.:
               (3)      Filing Party
               (4)      Date Filed

<PAGE>   2
                            DAVE & BUSTER'S, INC.
                            2751 Electronic Lane
                             Dallas, Texas 75220


                  NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
                          TO BE HELD JUNE 11, 1997

To the holders of Common Stock of
Dave & Buster's, Inc.:

       NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders of Dave &
Buster's, Inc. (the "Company") will be held in The Show Room at Dave &
Buster's, 10727 Composite Drive, Dallas, Texas, on June 11, 1997 at 1:00 p.m.
local time, for the following purposes:

               (a)  To elect one class of directors (consisting of three
       directors) of the Company for a three year term; and

               (b)  To transact such other business as may properly come before
       the meeting or any adjournment thereof.

       Only stockholders of record at the close of business on May 7, 1997 are
entitled to notice of, and to vote at, the meeting or any adjournment thereof.

       Whether or not you plan to attend the Annual Meeting and regardless of
the number of shares you own, please date, sign and return the enclosed proxy
card in the enclosed envelope (which requires no postage if mailed in the
United States).

                                        By Order of the Board of Directors



                                        Alan L. Murray
                                        Secretary


Dallas, Texas
M
ay 12, 1997

<PAGE>   3
                            DAVE & BUSTER'S, INC.
                            2751 Electronic Lane
                             Dallas, Texas 75220


                               PROXY STATEMENT
                                     FOR
                       ANNUAL MEETING OF STOCKHOLDERS
                          TO BE HELD JUNE 11, 1997

       This Proxy Statement is furnished to stockholders of Dave & Buster's
Inc., a Missouri corporation (the "Company"), in connection with the
solicitation of proxies by the Board of Directors of the Company for use at the
Annual Meeting of Stockholders to be held on June 11, 1997, and at any and all
adjournments or postponements thereof.  Proxies in the form enclosed will be
voted at the meeting, if properly executed, returned to the Company prior to
the meeting and not revoked.  The proxy may be revoked at any time before it is
voted by giving written notice to the Secretary of the Company.

       This Proxy Statement and accompanying form of proxy are being mailed to
the Company's stockholders on or about May 12, 1997.  The Company's Annual
Report, covering the Company's 1996 fiscal year, is enclosed herewith but does
not form any part of the materials for solicitation of proxies.

                       ACTION TO BE TAKEN AT THE MEETING

       Only holders of record of common stock at the close of business on May
7, 1997 (the "Record Date") are entitled to notice of, and to vote at, the
Annual Meeting.  At the close of business on the Record Date, the Company had
issued and outstanding, and entitled to vote at the Annual Meeting,
approximately 7,268,056 shares of common stock.  The presence, either in person
or by properly executed proxy, of the holders of record of a majority of the
common stock outstanding on the Record Date is necessary to constitute a quorum
at the Annual Meeting.

       At the Annual Meeting, holders of the Company's common stock will
consider and vote for the election of James W.  Corley, Peter A. Edison and
Mark B. Vittert to a three year term as directors of the Company.  Should any
nominee become unable or unwilling to accept nomination or election, the proxy
holders may vote the proxies for the election in his stead of any other person
the Board of Directors may recommend.  Each nominee has expressed his intention
to serve the entire term of three years for which election is sought.

       Holders of record of common stock are entitled to one vote per share.
The election as a director of each nominee for election as a director requires
the affirmative vote of the holders of record of a plurality of the outstanding
voting power of the shares of common stock represented, in person or by proxy,
at the Annual Meeting.

<PAGE>   4
       The accompanying proxy, unless the stockholder otherwise specifies in
the proxy, will be voted (i) for the election to a three year term as directors
of the Company of the three nominees set forth above; and (ii) at the
discretion of the proxy holders on any other matter that may properly come
before the meeting or any adjournment thereof.  Where stockholders have
appropriately specified how their proxies are to be voted, they will be voted
accordingly.  Abstentions will be included in vote totals and, as such, will
have the same effect on any proposal other than the election of directors as a
negative vote.  Broker non-votes will not count for or against the matters to
be voted on at the Annual Meeting.

       If any other matter or business is brought before the meeting, the proxy
holders may vote the proxies in their discretion.  The directors do not know of
any such other matter or business.


                      BENEFICIAL OWNERSHIP OF COMMON STOCK

       The following table sets forth certain information regarding the
beneficial ownership of the Company's common stock as of March 31, 1997 for (i)
each person who is known by the Company to own beneficially more than 5% of the
outstanding shares of common stock, (ii) each director and nominee for director
of the Company, (iii) each of the named executive officers, and (iv) all of the
directors and officers of the Company as a group.  Except pursuant to
applicable community property laws and except as otherwise indicated, each
stockholder identified in the table possesses sole voting and investment power
with respect to its or his shares.


<TABLE>
<CAPTION>
 
                                                           Shares Beneficially Owned(1)
Name                                                          Number             Percent 
- ----                                                        ---------           ---------
<S>                                                          <C>                    <C>
5% OR MORE STOCKHOLDERS:

Raborn & Co., Inc.                                           455,050                6.3%
777 E. Atlantic Avenue, Suite 301
Delray Beach, Florida 33483

DIRECTORS AND EXECUTIVE OFFICERS:

David O. Corriveau                                           365,147                5.0%
2751 Electronic Lane
Dallas, Texas 75220

James W. Corley                                              355,147                4.8%

Barry N. Carter                                                6,000                *

Gary W. Duffey                                                 1,500                *

Cory J. Haynes                                                 3,500                *

Charles M. Krauthamer, Jr.                                     3,780                *

Kimberly M. Martinez                                           1,500                *

Charles Michel                                                 4,478                *

Alan L. Murray                                                 2,600                *
</TABLE>






                                       2

<PAGE>   5


<TABLE>
<S>                                                            <C>                 <C>
Dennis C. Paine                                                5,350               *

J. Michael Plunkett                                            9,900               *

Mary E. Reynolds                                               1,400               *

Sterling R. Smith                                              9,600               *

Bryan L. Spain                                                 1,000               *

Allen J. Bernstein                                             5,000               *

Peter A. Edison                                               87,237 (2)           1.2%

Walter S. Henrion                                             43,483               *

Mark A. Levy                                                   5,000               *

Christopher C. Maguire                                             0 (5)           *

Andrew E. Newman                                             142,356 (3)           1.9%

Martin K. Sneider                                             20,536 (4)           *

Mark B. Vittert                                                5,000               *

ALL DIRECTORS AND OFFICERS                                                         
  AS A GROUP (15 PERSONS)                                  1,079,514              14.7% 
</TABLE>


- -------------------------

*        Indicates less than 1%.
(1)      Includes shares issuable upon exercise of stock options which are
         vested or will be vested prior to May 31, 1997.

(2)      Mr. Edison has sole voting and dispositive power with respect to
         13,145 shares and shared voting and dispositive power with respect to
         74,092 shares.

(3)      Mr. Newman has sole voting and dispositive power with respect to
         44,236 shares and shared voting and dispositive power with respect to
         98,120 shares.

(4)      Mr. Sneider has sole voting and dispositive power with respect to
         20,530 shares and shared voting and dispositive power with respect to
         6 shares.  Mr. Sneider resigned as a director in April 1997.

(5)      Mr. Maguire was elected a director in April 1997.


                        DIRECTORS AND EXECUTIVE OFFICERS

       A brief description of each director and executive officer of the
Company is provided below.  Directors hold office until the next annual meeting
of the stockholders or until their successors are elected and qualified.  All
officers serve at the discretion of the Board of Directors, except as provided
below.

       Mr. Corriveau, a co-founder of the Dave & Buster's concept in 1982, has
served as Co-Chief Executive Officer and President since June 1995, and as a
director of the Company since May 1995 and as Co-Chairman of the Board since
February 1996.  Mr. Corriveau served as President and Chief Executive Officer
of D&B Holding (a predecessor of the Company) from 1989 through June 1995.
From 1982 to 1989, Messrs. Corriveau and Corley operated the Company's
business.





                                       3

<PAGE>   6
       Mr. Corley, a co-founder of the Dave & Buster's concept in 1982, has
served as Co-Chief Executive Officer and Chief Operating Officer since June
1995, and as a director of the Company since May 1995 and as Co-Chairman of the
Board since February 1996.  Mr. Corley served as Executive Vice President and
Chief Operating Officer of D&B Holding from 1989 through June 1995.  From 1982
to 1989, Messrs. Corley and Corriveau operated the Company's business.

       Mr. Carter has served as Vice President, Director of Store Support,
since June 1995 and as Vice President and Director of Store Support of D&B
Holding from November 1994 to June 1995.  From 1982 to November 1994, he served
in operating positions of increasing responsibilities for the Company and its
predecessors.

       Mr. Duffey has served as Vice President of Amusements since March 1997
and as Director of Amusements of the Company from January 1995 until March
1997.  From November 1987 to January 1995, Mr. Duffy served as Amusements
Manager for the Company.

       Mr. Haynes has served as Vice President, Assistant Director of
Operations of Dave & Busters, Inc. since September 1996.  From January 1996 to
September 1996, he served as Corporate Director of Management and Development.
From 1982 to January 1996, he served in operating positions of increasing
responsibilities for the Company and its predecessors.

       Mr. Krauthamer has served as Vice President of Training and Opening Team
Director since October 1996 and as Vice President, Director of Store Openings,
from December 1995 to October 1996.  From 1991 to December 1995, Mr. Krauthamer
served in operating positions of increasing responsibilities for the Company
and its predecessors.

       Ms. Martinez has served as Vice President of Purchasing of the Company
since March 1997 and as Corporate Business Manager from January 1995 until
March 1997.  From 1991 to 1995, Ms. Martinez served in operating positions of
increasing responsibility for the Company and its predecessors.

       Mr. Michel has served as Vice President and Chief Financial Officer
since February 1996, as Chief Financial Officer of the Company since June 1995
and as Chief Financial Officer of D&B Holding from November 1994 to June 1995.
From 1992 to October 1994, Mr. Michel served as Vice President and Chief
Financial Officer of Sfuzzi, Inc., an Italian restaurant chain based in Dallas,
Texas.  Mr. Michel was with the accounting firm of KPMG Peat Marwick from 1976
to 1992, becoming a partner of such firm in 1986.

       Mr. Murray has served as Vice President, Director of Legal and
Administration and Secretary, since February 1996 and as Secretary and Director
of Legal and





                                       4

<PAGE>   7
Administration since June 1995.  Mr. Murray served as Director of Legal and
Administration of D&B Holding from November 1994 until June 1995.  Mr. Murray
served as Vice President, Secretary, and General Counsel of Phillips Colleges,
Inc.  from 1988 through 1994.

       Mr. Paine has served as Vice President, Director of Communications of
Dave & Busters, Inc. since September 1996.  From November 1994 to September
1996 he served as Director of Communications.  From 1983 to 1994, Mr. Paine was
President of Dennis Paine & Associates, an advertising firm based in Woodland
Hills, California.

       Mr. Plunkett has served as Vice President, Director of Information
Systems of the Company since November 1996, as Vice President, Director of
Training from June 1995 until November 1996 and as Vice President and Director
of Training of D&B Holding from November 1994 to June 1995.  From 1982 to
November 1994, he served in operating positions of increasing responsibilities
for the Company and its predecessors.

       Ms. Reynolds has served as Vice President of Human Resources since March
1997.  From April 1996 to March 1997, she served as Director of Human
Resources.  Ms. Reynolds was the Georgia Joint Venture Partner for Carrabba's
Italian Grill, a division of Outback Steakhouse, Inc., from May 1994 to March
1996.  Ms. Reynolds served as Director of Human Resources for Peasant
Restaurants, a division of Morton's Restaurant Group, Inc., from 1989 to 1994.

       Mr. Smith has served as Vice President, Director of Operations, of the
Company since June 1995 and as Vice President and Director of Operations of D&B
Holding from November 1994 to June 1995.  From 1983 to July 1995, Mr. Smith
served in operating positions of increasing responsibilities for the Company
and its predecessors.

       Mr. Spain joined Dave & Busters, Inc. in March 1997 as Vice President,
Director of Real Estate Development.  From 1993 until joining Dave & Buster's,
Mr. Spain managed the Real Estate Acquisition and Development Program for the
Incredible Universe and Computer City Divisions of Tandy Corporation.  In
addition, from 1991 to 1993, Mr. Spain served as Director of Real Estate
Financing for Tandy Corporation.

       Mr. Bernstein is founder of Morton's Restaurant Group, Inc., a New York
Stock Exchange Company, and has been its Chairman of the Board and Chief
Executive Officer since its inception in October 1988.  Morton's owns and
operates more than 42 restaurants, comprised of two distinct restaurant
companies, Morton's of Chicago Steak Houses and Bertolini's Restaurants.

       Mr. Edison has been President and Founder of Acorn Retail Development
since March 1997.  He was Senior Executive Vice President of Edison Brothers
Stores,





                                       5

<PAGE>   8
Inc., a specialty retailer ("Edison Brothers") from April 1995 to February 1997
and Director, Corporate Development of Edison Brothers from 1989 until February
1997.  From 1992 to April 1995, Mr. Edison was an Executive Vice President of
Edison Brothers.  He was elected to the Board of Directors of Edison Brothers
in 1990 and served as a director of the Company from December 1989 until
February 1997.  In November 1995, Edison Brothers filed for protection under
Chapter 11 of the Federal Bankruptcy Code.

       Mr. Henrion has been a director of D&B Holding and, as a partner in
Sandell Investments, has served as a consultant to the Company's business since
1989, and he has been a director of the Company since May 1995.  He has also
been a consultant to the restaurant industry since 1983.  From 1972 to 1981,
Mr. Henrion served as Executive Vice President and a director of TGI Friday's,
Inc.  Mr. Henrion is also Chairman of the Board and Chief Executive Officer of
The Waldon Company, a corporation primarily engaged in real estate activities.

       Mr. Levy has been Vice Chairman of the Board of Directors of The Levy
Restaurants and its parent entity, The Levy Organization, since 1978. The Levy
Organization is a real estate development company, and The Levy Restaurants
operates more than 40 restaurants, food service and special concession
operations throughout the United States.

       Mr. Maguire has served as President of Staubach Retail Services, a
national retail real estate consulting company, since its inception in 1994.
Mr. Maguire joined The Staubach Company, a Dallas-based national real estate
brokerage firm in 1986 to form its Retail Services Division.

       Mr. Newman has been Chairman and Chief Executive Officer of Race Rock
International, a motorsports themed restaurant company, since July 1995.  He
served as Chairman of the Board of Edison Brothers from 1987 to April 1995.  He
served as Chairman of the Board of the Company from June 1995 to February 1996.
Mr. Newman has been a director of the Company since 1989.  He is also a
director of Lee Enterprises, Inc. and Sigma-Aldrich Corporation.  In November
1995, Edison Brothers filed for protection under Chapter 11 of the Federal
Bankruptcy Code.

       Mr. Vittert has been a private investor for more than five years and is
a director of Premiumwear, Inc. and Lee Enterprises, Inc.

       The Board of Directors held four meetings in fiscal 1996.  No director
attended fewer than 75% of the meetings of the Board which they were required
to attend.

COMMITTEES OF THE BOARD OF DIRECTORS

       The Audit Committee, comprised of Messrs. Sneider (Chairman), Edison and
Levy, recommends to the Board of Directors the appointment of the Company's





                                       6

<PAGE>   9
independent auditors, reviews and approves the scope of the annual audit of the
Company's financial statements, reviews and approves any non-audit services
performed by the independent auditors, reviews the findings and recommendations
of the internal and independent auditors and periodically reviews and approves
major accounting policies and significant internal accounting control
procedures.  The Audit Committee met three times during fiscal 1996.  Mr. Levy
attended one Audit Committee meeting.

       The Compensation Committee, comprised of Messrs. Levy (Chairman),
Bernstein and Vittert, reviews and recommends compensation of officers and
directors, administers stock option plans and reviews major personnel matters.
The Compensation Committee met one time during fiscal 1996.  Mr. Bernstein did
not attend the Compensation Committee meeting.  See "Report of the Compensation
Committee" included elsewhere in this Proxy Statement.

       The Executive Committee, comprised of Messrs. Corriveau, Corley, Levy,
Newman and Sneider, exercises all of the powers and authority of the Board of
Directors in the management and affairs of the Company when the Board of
Directors is not in session, except to the extent such authority is delegated
to another committee.

SUMMARY OF EXECUTIVE COMPENSATION

       The following table sets forth information concerning cash compensation
paid or accrued by the Company during fiscal 1995 and  1996 to or for the
Company's Co-Chief Executive Officers and the three other highest compensated
executive officers of the Company whose total salary and bonus exceeded
$100,000.





                                       7

<PAGE>   10

<TABLE>
<CAPTION>
                      Annual Compensation                         Long-Term Compensation           
                      -------------------                 -------------------------------------

                                                                          Securities
Name and                                                  Restricted      Underlying   All Other
Principal                                                   Stock          Options/     Compen-
Position               Year       Salary       Bonus        Awards          SAR's      sation (1)
- --------               ----       ------      -----       ----------      ----------   --------   
<S>                    <C>      <C>            <C>             <C>          <C>          <C>
David O. Corriveau     1996     $263,718          0            0            0            0
                       1995      255,256           (2)         0            0            0

James W. Corley        1996      263,718          0            0            0            0
                       1995      255,256           (2)         0            0            0

Charles Michel         1996      138,462      2,500            0            0            0
                       1995      129,151      6,929          478            0            0

Alan L. Murray         1996      101,731      2,000            0            0            0
                       1995       96,821      1,500            0            0            0

Sterling R. Smith      1996       99,231     17,948            0            0            0
                       1995       94,151    136,100        9,000            0            0
</TABLE>


- -------------------

(1)      None of the named executive officers received perquisites and other
         personal benefits, securities or property in excess of the lesser of
         $50,000 or 10% of such officer's total annual salary and bonus.

(2)      See "Certain Transactions-Spin-Off and Related Transactions" regarding
         amounts paid in 1995 pursuant to 1989 acquisition agreements.

EMPLOYMENT AGREEMENTS; STANDSTILL

         In June 1995, Edison Brothers consummated a spin-off (the "Spin-Off")
to its stockholders of its ownership position in the Company.  In connection
with the Spin-Off, the Company entered into employment agreements with each of
Messrs. Corriveau and Corley (the "Employment Agreements") to supersede the
employment agreements entered in 1989.  The Employment Agreements provide for
employment by the Company of Messrs. Corriveau and Corley at salaries at least
equal to their present salaries for a period of five years after the Spin-Off
and contain a covenant not to compete during such employment and for a period
of two years after such Employment Agreements' termination prior to expiration.
After the termination of an Employment Agreement by expiration, the two year
covenant not to compete remains in effect if the Company elects to pay the
employee the full amount of his then current salary for a period of one year
after such date of expiration.  The Employment Agreements may be terminated
upon death, disability, for "cause" (as defined therein) or for a material
breach of such Employment Agreement.  Pursuant to the terms of each Employment
Agreement, if either Mr.  Corriveau's or Mr. Corley's employment is terminated
prior to the expiration of their respective Employment Agreement other than
because of death, certain disabilities, certain unlawful or dishonest acts or a
breach of the terms of such Employment Agreement, the Company will be obligated
to continue to provide such employee's current salary and benefits until the
later of (i) one year after the date of such termination or (ii) the earlier of
(x) the expiration date of the respective Employment Agreement or (y) three
years from the date of such termination.  If, at any time during the term of
either Employment Agreement, the respective employee is removed from the Board
of





                                       8

<PAGE>   11
Directors of the Company or at the expiration of his term as a director is not
nominated to serve as a director of the Company, and the cause of such removal
or failure to nominate is not the result of employee's unwillingness to serve
as a director of the Company or certain actions by the employee, then such
employee may elect to terminate his employment and treat such removal or
failure to nominate as a termination without cause.

         Pursuant to a standstill agreement entered in connection with the
Spin-Off, Messrs. Corriveau, Corley and Henrion have agreed that, until June
2000, they (i) will support the candidates selected by the majority of the
Board of Directors as nominees to the Board of Directors of the Company and
will vote all of their common stock in favor of the election of such nominees
at all annual and any special meetings of the shareholders of the Company; (ii)
will not, without the consent of a committee of the Company's independent
directors, proceed with or seek to cause, directly or indirectly, the
acquisition of the Company or substantially all of the equity securities or
assets of the Company, or participate in any group to accomplish the foregoing;
and (iii) will not seek, without the consent of a committee of the Company's
independent directors, directly or indirectly, to control or influence the
management, Board of Directors or policies of the Company, through proxy
solicitation, voting agreement or otherwise, or participate in any group to
accomplish the foregoing; provided, however, this restriction shall not prevent
any of them from influencing management, the Board of Directors or the policies
of the Company as an officer or director of the Company.

1995 STOCK OPTION PLAN

         The Company's Board of Directors adopted the Dave & Buster's, Inc.
1995 Stock Option Plan (the "Option Plan") in order to encourage ownership of
the Company's common stock by key employees of the Company and its subsidiaries
as well as other persons providing services to the Company. The Board of
Directors believes that the Option Plan will enable the Company to attract and
retain the services of outstanding employees in competition with other
employers.  Approximately 150 employees of the Company are eligible to receive
options under the Option Plan.  Administration of the Option Plan is vested in
the Compensation Committee of the Company's Board of Directors (the
"Committee").

         A total of 450,000 shares of common stock of the Company is available
for the granting of options under the Option Plan.  As of February 2, 1997,
options to purchase a total of 365,000 shares of common stock had been granted
under the Plan.  If an option expires or terminates before it has been
exercised in full, the shares of common stock allocable to the unexercised
portion of such option will again be available for the grant of options under
the Option Plan.  The maximum number of shares with respect to which the
options may be granted to any individual during any calendar year is 45,000.





                                       9

<PAGE>   12
         The purchase price of the shares under each incentive stock option may
not be less than 100% of the fair market value of the common stock at the time
of grant.  The purchase price under each non-qualified stock option may not be
less than 85% of the fair market value of the common stock at the time of
grant.  The aggregate fair market value, determined at the time of grant, of
the common stock with respect to which incentive stock options (granted under
the Option Plan and any other stock option plan of the Company) first become
exercisable by an optionee in any calendar year may not exceed $100,000.  The
term of an option may not be more than ten years from the date of grant.  The
Option Plan will terminate on May 25, 2005; however, options outstanding at the
termination of the Option Plan will not be affected by such termination.

         The Committee, in its sole discretion, may grant tax-offset bonus
rights ("TOBRs") with respect to non- qualified options.  A TOBR entitles the
optionee to receive from the Company, upon exercise of the related
non-qualified options, an amount in cash equal to (1) the excess, if any, of
the aggregate market price over the aggregate purchase price of the shares
acquired by such exercise, multiplied by (2) a percentage determined solely by
the Committee.  The Committee is charged with determining all other terms and
provisions of any TOBR.

         The federal income tax consequences with respect to awards under the
Option Plan differ depending on the form of stock options granted and certain
other circumstances.  Grants and exercises of incentive stock options are not
taxable events although the excess of the fair market value of the shares on
the date of exercise over the option price is an item of tax preference for
purposes of computing alternative minimum taxable income.  However, upon the
subsequent disposition of shares acquired upon exercise, the optionee generally
will realize, as long-term capital gain or loss, the difference between the
sale price and the option price, provided the shares are held by the optionee
for at least one year after the date of exercise and two years after the date
of grant; however, if the shares are disposed of before the expiration of the
one-year and two-year holding periods, the optionee generally will realize
ordinary compensation income at the time of the disposition limited to the
lesser of (a) the gain, if any, or (b) the excess of the fair market value of
the shares at the time the option was exercised over the option price. The
Company generally will be entitled to a deduction equal to the ordinary
compensation income realized by the optionee. Grants of non-qualified stock
options are not taxable events. However, upon exercise, the optionee generally
will realize ordinary compensation income equal to the excess of the fair
market value of the shares so acquired over the option price. The Company
generally will be entitled to a deduction equal to the ordinary compensation
income realized by the optionee.





                                       10

<PAGE>   13
         The following table sets forth information regarding the grant of
stock options during fiscal 1996 under the Option Plan to the executive
officers named in the above compensation table:



<TABLE>
<CAPTION>
                                                                    
                          Individual Grants                         
                          -----------------                         
                              Percent of                            
                                Total                                     Potential Realizable
                              Options/                                      Value at Assumed
                                SARs                                      Annual Rates of Stock
                 Options/     Granted to      Exercise                    Price Appreciation for
                   SARs       Employees       or Base                        Option Term(1)  
                 Granted       in Fiscal       Price     Expiration        ------------------
Name               (#)           Year         ($/Sh)        Date           5%($)       10%($)
- ----             -------      ----------     --------    ----------        -----       ------
<S>                <C>          <C>            <C>         <C>              <C>         <C>
Charles Michel     2,500        3.88%          16.50       4/01/06          25,950      65,750
                                                     
Alan L. Murray     2,500        3.88%          16.50       4/01/06          25,950      65,750
                                                     
Sterling R. Smith  2,500        3.88%          16.50       4/01/06          25,950      65,750
</TABLE>


- ----------------------

(1)      The 5% and 10% assumed annual rates of appreciation are mandated by
         the rules of the Securities and Exchange Commission and do not reflect
         the Company's estimates or projections of future prices of the shares
         of the Company's common stock.  There can be no assurance that the
         amounts reflected in this table will be achieved.


         The following table sets forth certain information with respect to the
options held by the executive officers named in the above compensation table at
February 2, 1997:


<TABLE>
<CAPTION>
                                                                                       Value of Unexercised                  
                                                      Number of Unexercised             In-the-Money Option 
                                                            Options at                           at 
                                                        February 2, 1997(1)             February 2, 1997(2)         
                       Shares         Value         ----------------------------    --------------------------- 
Name                 Exercised      Realized        Exercisable    Unexercisable    Exercisable   Unexercisable
- ----                 ---------      --------        -----------    -------------    -----------   -------------
 <S>                     <C>           <C>            <C>             <C>              <C>            <C>     
 David O.                0             0              8,835           35,340           54,144         216,458 
 Corriveau                                                                                                    
                                                                                                              
 James W. Corley         0             0              8,835           35,340           54,144         216,458 

 Charles Michel          0             0              3,500           16,500           10,063          51,813 
                                                                                                              
 Alan L. Murray          0             0              2,100           10,900            6,038          35,713 
                                                                                                              
 Sterling R.             0             0              2,100           10,900            6,038          35,713 
 Smith
</TABLE>


- --------------------
(1)      No options were exercised by the named executive officers during
         fiscal 1996.
(2)      Based upon the closing price of the Common Stock of the Company on
         February 2, 1997, which price was $21.125 per share.





                                       11

<PAGE>   14
DIRECTOR COMPENSATION

         Directors who are employees of the Company receive no additional
compensation for their attendance at meetings of the Board or any of its
committees of which they are members.

         Directors who are not employees of the Company receive $8,000 as an
annual retainer, $1,000 for participation in each Board meeting and $800 for
participation in each committee meeting.  When participation in a Board or
committee meeting is by telephone, the fee paid is one-half of the amount
reported above.

         In February 1996, the Company adopted a stock option plan for outside
directors (the "Directors Plan") to provide independent, outside directors
(excluding those directors who were stockholders prior to February 1996) with
an incentive for serving as a director by providing a proprietary interest in
the Company through the granting of options.  Directors who are not employees
are entitled to participate in the Directors Plan.  A total of 100,000 shares
of common stock are subject to the Directors Plan.  Upon election to the Board
of Directors of the Company, each eligible director is granted an option to
purchase 15,000 shares effective as of the date of such election and vesting
over a three year period.  Accordingly, options have been granted to each of
Messrs. Bernstein, Levy and Vittert to purchase an aggregate of 15,000 shares
at an exercise price of $15.56 per share.  The options granted under the
Directors Plan are not entitled to "incentive stock option" treatment for
federal income tax purposes.  Accordingly, under federal income tax laws, an
optionee upon exercise of an option under the Directors Plan will recognize
ordinary income equal to the fair market value of the stock on the date of
exercise minus the exercise price.

CERTAIN FILINGS BY EXECUTIVE OFFICERS AND DIRECTORS

         Under the securities laws of the United States, the Company's
directors, executive officers and persons who own more than 10% of the
Company's common stock are required to report their initial ownership of the
Company's common stock and any subsequent changes in that ownership to the
Securities and Exchange Commission.  Specific due dates have been established
for these reports, and the Company is required to disclose in this proxy
statement any failure to file by these dates.  All of these filing requirements
were satisfied during fiscal 1996 except that Mr. Corriveau and Mr.  Michel
each filed one report 13 days late (sale of 15,000 shares by Mr. Corriveau on
September 13, 1996 and sale of 100 shares by Mr. Michel on September 21, 1996).





                                       12

<PAGE>   15

                              CERTAIN TRANSACTIONS

         Pursuant to a consulting agreement between the Company and Sandell
Investments, the Company pays consulting fees to Sandell Investment for
advisory services relating to expansion and site selection, market analysis,
improvement and enhancement of the Company's business and other similar
activities. The Company paid Sandell Investments the amount of $125,000 in
fiscal 1996 and will continue to pay such amount through 1999 when the
consulting agreement expires.





                                       13

<PAGE>   16
 
                           STOCK PRICE PERFORMANCE

         The Company's common stock has been traded publicly since June 26,
1995.  Prior to such date, there was no established market for its common
stock.  Set forth below is a line graph indicating a comparison of cumulative
total returns (change in stock price plus reinvested dividends) for the
Company's common stock from June 26, 1995 (the first day which the common stock
was publicly traded) through February 2, 1997 as contrasted with (i) the
Standard & Poor's 500 Stock Index and (ii) the Standard & Poor's Restaurant
Stock Composite Index.  Each index assumes $100 invested at June 26, 1995 and
is calculated assuming reinvestment of dividends.






<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
                           06/26/95          02/04/96          02/02/97
- --------------------------------------------------------------------------------
 <S>                        <C>               <C>               <C>
 Dave & Buster's            100.00            132.95            192.04
- --------------------------------------------------------------------------------
 S&P 500                    100.00            116.85            148.51
- --------------------------------------------------------------------------------
 S&P Restaurants            100.00            127.12            118.93
- --------------------------------------------------------------------------------
</TABLE>
            





                                       14

<PAGE>   17
                            STOCKHOLDERS' PROPOSALS

         Any proposals that stockholders of the Company desire to have
presented at the 1998 annual meeting of stockholders must be received by the
Company at its principal executive offices no later than January 31, 1998.


                                 MISCELLANEOUS

         The accompanying proxy is being solicited on behalf of the Board of
Directors of the Company.  The expense of preparing, printing and mailing the
form of proxy and the material used in the solicitation thereof will be borne
by the Company. In addition to the use of the mails, proxies may be solicited
by personal interview, telephone and telegram by directors and regular officers
and employees of the Company.  Arrangements may also be made with brokerage
houses and other custodians, nominees and fiduciaries for the forwarding of
solicitation material to the beneficial owners of stock held of record by such
persons, and the Company may reimburse them for reasonable out-of-pocket
expenses incurred by them in connection therewith.

         Representatives of Ernst & Young  LLP, the Company's independent
auditors, are expected to be present at the Annual Meeting with the opportunity
to make a statement if they desire and to be available to respond to
appropriate questions.

                                    By Order of the Board of Directors  
                                                                        
                                                                        
                                    Alan L. Murray                      
                                    Secretary                           


Dallas, Texas
May 12, 1997





                                       15

<PAGE>   18
                      REPORT OF THE COMPENSATION COMMITTEE

         The Compensation Committee is empowered to review, and to recommend to
the full Board of Directors, the annual compensation, long-term incentive
compensation and compensation procedures for all executive officers of the
Company.  The Compensation Committee, composed solely of non-employee
directors, also administers the Option Plan.

         As a matter of policy, the Compensation Committee believes that the
annual compensation of the executive officers should consist of both a base
salary component and bonus component.  The base salary component should be
based on generally subjective factors and include the contribution the
executive officer made and is anticipated to make to the success of the
Company, the level of experience and responsibility of the executive officer,
the competitive position of the Company's executive compensation and the
Company's historical levels of compensation for executive officers.  The
Compensation Committee does not expect to assign quantitative relative weights,
however, to any of these factors.  The bonus component of the annual
compensation of the executive officers should provide executive officers with
the opportunity to earn a significant portion of their base salary in the form
of incentive compensation, which therefore puts a significant portion of their
total compensation "at risk."  This incentive compensation is distributed upon
the achievement of certain predetermined earnings targets.

         As described elsewhere in the proxy statement, the annual base salary
for the co-chief executive officers of the Company has been established
pursuant to arms length negotiations between the co-chief executive officers
and Edison Brothers as a part of the spin-off of the Company from Edison
Brothers and in recognition of the 1989 agreements entered into in connection
with the original acquisition of the Company's business by Edison Brothers in
1989.  In addition, the incentive compensation paid in fiscal 1995 to such
persons was established pursuant to agreements negotiated in 1989.
Accordingly, the Compensation Committee did not separately review the
compensation of the co-chief executive officers during fiscal 1996.

         The Company does not provide for any long-term compensation for
executive officers other than through the granting of stock options.  Option
grants are made in the discretion of the Compensation Committee.  No options
were granted to the Company's co-chief executive officers in fiscal 1996.

Mark A. Levy, Chairman
Mark B. Vittert
Allen J. Bernstein





                                       16

<PAGE>   19
     [DAVE & BUSTER'S LOGO]

                                                                  May 12, 1997

     Dear Stockholder:

     The annual meeting of stockholders of Dave & Buster's, Inc. will be held
     in the Show Room at Dave & Buster's, 10727 Composite Drive, Dallas, Texas,
     on June 11, 1997 at 1:00 p.m., local time.

     It is important that your shares are represented at this meeting. Whether
     or not you plan to attend the meeting, please review the enclosed proxy
     materials, complete the attached proxy form below, and return it promptly
     in the envelope provided.

     Thank You.


     PLEASE DETACH PROXY HERE, SIGN AND MAIL IN PROVIDED ENVELOPE
 
    -------------------------------------------------------------------------

                            DAVE & BUSTER'S, INC.

                        Annual Meeting June 11, 1997

    THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS OF THE CORPORATION

The undersigned hereby (a) acknowledges receipt of the Notice of Annual Meeting
of Stockholders of Dave & Buster's, Inc. (the "Company") to be held on June 11,
1997, at 1:00 p.m., local time, and the Proxy Statement in connection
therewith, and (b) appoints David O. Corriveau and James W. Corley, or each of
them, his proxies, with full power of substitution and revocation, for and in
the name, place and stead of the undersigned, to vote upon and act with respect
to all of the shares of Common Stock of the Company standing in the name of the
undersigned or with respect to which the undersigned is entitled to vote and
act at said meeting or at any adjournment thereof, and the undersigned directs
that his proxy be voted as follows:

1. Election of Directors:
            
FOR all nominees listed               WITHHOLD AUTHORITY          
below (except as marked             to vote for all nominees            
to the contrary below)                  listed below 
                                                                               
        [ ]                                  [ ]       


   James W. Corley, Peter A. Edison and Mark B. Vittert.

  INSTRUCTION: To withhold  authority to vote for any individual nominee, 
  write that nominee's name in the space below. 

2. On any other matter that may be submitted to a vote of shareholders.


(YOU ARE REQUESTED TO COMPLETE, SIGN AND RETURN THIS PROXY PROMPTLY)
   

<PAGE>   20

          PLEASE DETACH PROXY HERE, SIGN AND MAIL IN PROVIDED ENVELOPE

- --------------------------------------------------------------------------------


If more than one of the proxies listed shall be present in person or by
substitute at the meeting or any adjournment thereof, the majority of said
proxies so present and voting, either in person or by substitute, shall exercise
all of the powers hereby given. 

THIS PROXY WILL BE VOTED AS SPECIFIED ON THE REVERSE SIDE. IF NO SPECIFICATION
IS MADE, THIS PROXY WILL BE VOTED FOR ALL NOMINEES FOR DIRECTORS. 

The undersigned hereby revokes any proxy or proxies heretofore given to vote 
upon or act with respect to such stock and hereby ratifies and confirms all 
that said proxies, their substitutes, or any of them, may lawfully do by 
virtue hereof.

                                                Dated: _________________________

                                                ________________________________
                                                Signature

                                                ________________________________
                                                Signature if held jointly

                                                Please date the proxy and sign 
                                                your name exactly as it appears
                                                hereon. Where there is more 
                                                than one owner, each should 
                                                sign. When signing as an 
                                                attorney, administrator, 
                                                executor, guardian or trustee, 
                                                please add your title as such. 
                                                If executed by a corporation, 
                                                the proxy should be signed by 
                                                a duly authorized officer. 
                                                Please sign the proxy and 
                                                return it promptly whether or 
                                                not you expect to attend the 
                                                meeting. You may nevertheless 
                                                vote in person if you do attend.