Business
RCI Announces Acquisition of Heartbreakers Adult Nightclub
HOUSTON, Oct. 27, 2022 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced closing on the acquisition of the Heartbreakers
About this update from Rci Hospitality Holdings, Inc.
[{"type":"text","content":"HOUSTON, Oct. 27, 2022 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced closing on the acquisition of the Heartbreakers Gentlemen's Club, and its associated real estate.\n\n \n \n \n \n \n \n\n \nEric Langan, RCI President & CEO, said: \"Established in 1986, Heartbreakers is the number one adult entertainment venue in the Galveston, Texas, area. It is our first club acquisition of Fiscal 2023 and the 53rd club in our portfolio.\"\nDean Reardon, RCI Management Vice President of Operations, said: \"Heartbreakers enjoys a loyal following among its guests and entertainers. It has a high-energy, exciting atmosphere; serves liquor and food; and fits well with our other brands in Texas.\"\nRCI subsidiaries acquired the 5-stage, 23,000 square-foot Heartbreakers club and property at 3200 Gulf Freeway, Dickinson, TX, for $4.0 million in cash and $5.0 million in a 15-year, 6% real estate seller financing note.\nAbout RCI Hospitality Holdings, Inc. (Nasdaq: RICK) www.rcihospitality.com\nWith more than 60 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, PT's Showclub, and Cheetah Gentlemen's Club. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.\nForward-Looking Statements\nThis 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 per...