Business
RCI Announces Acquisition of Metro Detroit's Flight Club
HOUSTON, Jan. 22, 2025 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced closing on the acquisition of Flight Club, the premier
About this update from Rci Hospitality Holdings, Inc.
[{"type":"text","content":"HOUSTON, Jan. 22, 2025 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced closing on the acquisition of Flight Club, the premier gentlemen's club in the Detroit market, 5 miles from Detroit Metro Airport and 20 miles from downtown, casinos and major sports venues.\n\n \n \n \n \n \n \n\n \nThe purchase price totaled $11.0 million, consisting of $3.0 million cash and $5.0 million seller financing at 8.0% for the club, and $3.0 million cash for associated real estate. The company expects the acquisition to contribute an estimated $2.0 million in annualized adjusted EBITDA.\nEric Langan, President and CEO of RCI Hospitality Holdings, Inc., commented: \"This is an exciting acquisition, fits in well with our other high-end clubs with restaurants in major cities, and is the first club purchase since the recent launch of our 5-Year 'Back to Basics' Capital Allocation Plan. Flight Club is a well-established business that should benefit from our marketing, purchasing and systems know-how.\"\nThe two-story, 10,000-square foot establishment is located at 29709 Michigan Avenue, Inkster, MI. Established in 1997 and recently renovated, Flight Club features upscale entertainment, a Corvette sports car that descends from the ceiling, valet parking, easy access to and from major freeways, and a five-star kitchen.\nFlight Club is open weekdays from 11:30 a.m. to 2:00 a.m., Saturday 1:00 p.m. to 2:00 a. m., and Sunday 7:00 p.m. to 2:00 a.m. Visit https://flightclubdetroit.com/ or https://www.instagram.com/theflight_club/\nAbout RCI Hospitality Holdings, Inc. (Nasdaq: RICK) (X: @RCIHHinc)\nWith more than 60 locations, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in adult nightclubs and sports bars-restaurants. See all of our brands at www.rcihospitality.com.\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 entertainment or restaurant 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 s...