HOUSTON, July 28,
2022 /PRNewswire/ -- RCI Hospitality Holdings,
Inc. (Nasdaq: RICK) today announced closing on the acquisition of
the Cheetah Gentlemen's Club in Hallandale Beach, Florida and its associated
real estate.
Eric Langan, RCI President
& CEO, said: "Cheetah becomes our fourth adult nightclub in
South Florida, 15th club
acquisition this fiscal year, and 52nd club in our portfolio. We
believe it should generate approximately $4
million in adjusted EBITDA."
Ed Anakar, President of RCI
Management, said: "Cheetah fits perfectly with our renowned
Miami area brands, each of which
appeals to different market segments – the Tootsie's Cabaret mega
club in Miami Gardens, the
Scarlett's Cabaret party club in Pembroke
Park, and the hot Playmates Club of Coral Gables."
RCI subsidiaries acquired the 14,000 square-foot Cheetah club
and its 2.2-acre property at 100 Ansin Boulevard, Hallandale Beach, FL, for $10.0 million in cash and $15.0 million in two, 10-year, 6% seller
financing notes.
Cheetah opened in 2002 and was named Best Strip Club of
Broward-Palm Beach by the New Times in 2014. The club
has been extensively remodeled, features a full kitchen, and offers
lunch and dinner. Hours are 11:30 AM to 6
AM daily.
About RCI Hospitality Holdings,
Inc. (Nasdaq: RICK) www.rcihospitality.com
With more than 50 units, RCI Hospitality Holdings, Inc., through
its subsidiaries, is the country's leading company in adult
nightclubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas-Fort
Worth, Houston,
Miami, Minneapolis, Denver, St.
Louis, Charlotte,
Pittsburgh, Raleigh, Louisville, and other markets operate under
brand names such as Rick's Cabaret, XTC, Club Onyx, Vivid Cabaret,
Jaguars Club, Tootsie's Cabaret, Scarlett's Cabaret, Diamond
Cabaret, and PT's Showclub. Sports bars/restaurants operate under
the brand name Bombshells Restaurant & Bar.
Forward-Looking
Statements
This press release may contain 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,
including, but not limited to, the risks and uncertainties
associated with (i) operating and managing an adult business, (ii)
the business climates in cities where it operates, (iii) the
success or lack thereof in launching and building the company's
businesses, (iv) cyber security, (v) conditions relevant to real
estate transactions, (vi) the impact of the COVID-19 pandemic, and
(vii) numerous other factors such as laws governing the operation
of adult entertainment businesses, competition and dependence on
key personnel. For more detailed discussion of such factors and
certain risks and uncertainties, see RCI's annual report on Form
10-K for the year ended September 30,
2021, as well as its other filings with the U.S. Securities
and Exchange Commission. The company has no obligation to update or
revise the forward-looking statements to reflect the occurrence of
future events or circumstances.
Media & Investor
Contacts
Gary Fishman and Steven Anreder at 212-532-3232 or
gary.fishman@anreder.com and steven.anreder@anreder.com
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SOURCE RCI Hospitality Holdings, Inc.