1) Jacobin is a rag, not a real news source and greatly exaggerates almost every topic they cover.
This whole "PE ruins [x]" assumes that x was doing well before PE invested, which in most cases, is a complete fairtytale. Bowling has been dying rapidly over the past 2 decades. Every "local" bowling alley is dark, dingy, non-updated/maintained, etc etc.
If customers actually wanted true, simple bowling and not "upscale entertainment", there would be businesses to fill the void. Unfortunately for people who really like bowling, the demand just doesn't exist.
> If customers actually wanted true, simple bowling and not "upscale entertainment", there would be businesses to fill the void.
This presumes oxygen in the ecosystem - in this case affordable commercial rents, well trafficked retail locations etc. In their absence local maxima can create all kinds of exploitative socially detrimental businesses (e.g.: casinos, betting shops, dollar stores, lots held empty to maintain property values etc.
It's also circular - a culture sustain a given hobby if that hobby is reliant on venues that no longer exist, aren't safe or customer friendly etc.
The pandemic complicated things greatly for physical businesses. Bowlero started buying up during the pandemic when these businesses had no alternatives. And throwing up some flat screens while cutting hours and removing janitors isn't renovating "dark, dingy, non-updated/maintained" locations.
This whole "PE ruins [x]" assumes that x was doing well before PE invested, which in most cases, is a complete fairtytale. Bowling has been dying rapidly over the past 2 decades. Every "local" bowling alley is dark, dingy, non-updated/maintained, etc etc.
If customers actually wanted true, simple bowling and not "upscale entertainment", there would be businesses to fill the void. Unfortunately for people who really like bowling, the demand just doesn't exist.