Rick's Cabaret International, Inc. Launches Licensing Program in Latin America for Its Upscale Gentlemen's Clubs
May 14 2007 - 9:00AM
Business Wire
Rick�s Cabaret International, Inc. (NASDAQ: RICK), the publicly
traded chain of upscale gentlemen�s clubs, said today it has
finalized a licensing agreement with Rick�s Buenos Aires S.A., a
subsidiary of Latin Entertainment Srl, to open adult nightclubs in
Buenos Aires and other Latin American cities. It will mark the
first presence of the company�s brand outside the U.S. It is
anticipated that the first internationally licensed Rick�s Cabaret
will open in Buenos Aires during the company�s fourth quarter of
2007 in a 20,000-square foot former tango dance palace and
superclub on the posh Avenue Cordoba in the heart of the Argentine
capital�s financial district. �We have been exploring international
activities for several years and have now found a great partner in
Latin Entertainment SRL,� said Eric Langan, President and CEO of
Rick�s Cabaret. �Latin Entertainment is managed by individuals with
outstanding experience in the entertainment and nightclub business.
They have agreed to operate at the same high quality standards that
characterize the Rick�s Cabaret brand. The agreement requires no
financial investment on our part and no management resources except
for training and marketing guidance.� Roberto Estrada, chief
executive of Buenos Aires-based Latin Entertainment SRL, said
Rick�s Buenos Aires S.A. has renovated the former tango palace near
the corner of Avenue Cordoba and Libertador, a busy commercial
crossroads within walking distance of numerous upscale hotels
catering to high-end business travelers and tourists. �Our mission
is to create the same quality brand awareness in Latin America that
Rick�s Cabaret has built in the U.S.,� Mr. Estrada said. �Our
managers will undergo training at Rick�s Cabaret locations in the
U.S. and our patrons will enjoy the same outstanding entertainment
experience � beautiful performers, terrific food, warm hospitality
and even private parking.� Mr. Estrada said that after opening the
first club in Buenos Aires his firm plans to establish clubs in Sao
Paolo, Santiago, Mexico City and other metropolitan areas with
populations of at least three million, heavy tourist traffic and
thriving financial and business districts. Mr. Langan said that
under terms of the agreement Rick�s Cabaret will receive a royalty
typical of licensing deals of this nature. Rick�s Cabaret will also
offer marketing and promotional guidance for the international
clubs. About Latin Entertainment SRL Latin Entertainment Srl is a
Buenos Aires based corporation with founders and partners from
Mexico, Argentina and California in the U.S. The company has
offices in Buenos Aires and Mexico City. Its operating subsidiary,
Rick�s Buenos Aires S.A., is a management entity that will operate
the first Rick�s Cabaret in Argentina. Roberto Estrada, President
and COO, has more than 35 years of experience in the restaurant and
entertainment fields. About Rick�s Cabaret Rick�s Cabaret
International, Inc. (NASDAQ: RICK) operates upscale adult
nightclubs serving primarily businessmen and professionals that
offer live adult entertainment, restaurant and bar operations. The
company owns and operates or licenses adult nightclubs in New York
City, New Orleans, Charlotte, Houston, Minneapolis and other cities
under the names "Rick's Cabaret," "XTC" and �Club Onyx.� No sexual
contact is permitted at any of these locations. Rick�s Cabaret also
owns the adult Internet membership Web site, couplestouch.com, and
a network of online adult auction sites under the flagship URL
naughtybids.com. Rick�s Cabaret common stock is traded on NASDAQ
under the symbol RICK. For further information contact
ir@ricks.com. Forward-looking Statements: This document contains
forward-looking statements that involve a number of risks and
uncertainties that could cause the company�s actual results to
differ materially from those indicated in this document,
including�the risks and uncertainties associated with operating and
managing�an adult business, the business climates in New York City
and elsewhere, the success or lack thereof in launching and
building the company�s businesses in New York City and elsewhere,
risks and uncertainties related to the operational and financial
results of our Web sites, conditions relevant to real estate
transactions, and numerous other factors such as laws governing the
operation of adult entertainment businesses, competition and
dependence on key personnel. Rick's has no obligation to update or
revise the forward-looking statements to reflect the occurrence of
future events or circumstances. For further information go to
www.ricks.com.
RCI Hospitality (NASDAQ:RICK)
Historical Stock Chart
From Sep 2024 to Oct 2024
RCI Hospitality (NASDAQ:RICK)
Historical Stock Chart
From Oct 2023 to Oct 2024