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Dave & Buster’s stock surged Tuesday after the restaurant and arcade chain blew past Wall Street’s estimates in the first quarter.

The Dallas-based chain reported a larger profit and greater revenue than experts expected and said its newest stores are performing well – and it’s opening stores at a faster pace than it has in the past.

Analysts were pleased with the results and optimistic about the company’s plans for virtual reality games.

Dave & Buster’s also said Stephen King will retire as CEO after 12 years while remaining chairman. Chief Financial Officer Brian Jenkins will become CEO on Aug. 5.

The company’s stock jumped 16.7 percent. That was its largest gain in a year and a half and it wiped out most of the losses Dave & Buster’s shares took at the start of the year. They closed at $55.82.