RCI Announces Acquisition of Platinum Plus Gentlemen’s Club in Allentown, PA

About this update from Rci Hospitality Holdings, Inc.

[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":480,"height":384,"url":"https://media.zenfs.com/en/business-wire.com/aee5ca5af75025693471c71d53391eae"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/w4SoEM9smhusODDrHdS2gg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTc2ODtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/aee5ca5af75025693471c71d53391eae","width":480,"height":384}},"lazy":false},{"type":"text","content":"HOUSTON, June 16, 2025--(BUSINESS WIRE)--RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced closing on the acquisition of the upscale Platinum Plus Gentlemen’s Club in Allentown, PA, minutes away by car from the airport in Allentown and the casino in Bethlehem.","length":272,"tagName":"p"},{"type":"text","content":"The purchase price totaled $2.0 million, consisting of $1.5 million cash and $0.5 million seller financing at 7% for the club. The purchase price is in line with RCI’s acquisition valuation target of 3-5x annualized adjusted EBITDA for a club. Separately, a long-term lease was signed for the property.","length":302,"tagName":"p"},{"type":"text","content":"Eric Langan, President and CEO of RCI Hospitality Holdings, Inc., commented: "This is the sister club to the recently announced acquisition of Platinum West in South Carolina and the third club purchase since the recent launch of our 5-Year ‘Back to Basics’ Capital Allocation Plan."","length":293,"tagName":"p"},{"type":"text","content":""Platinum Plus is a well-established business with a seasoned management team. The club adds to our six other locations in the Northeast states and should benefit from our marketing, purchasing and systems know-how."","length":226,"tagName":"p"},{"type":"text","content":"Mr. Langan added that executive management of the two Platinum clubs will stay on to ensure a smooth transition and look for new club acquisitions.","length":147,"tagName":"p"},{"type":"text","content":"The 15,000 square foot Platinum Plus is located at 1251 Airport Road, Allentown, PA 18109. The club is open Monday through Saturday from 11:00 a.m. to 2:00 a.m. and Sunday from 4:00 p.m. to 2:00 a.m. Visit https://platinumplusallentown.com/.","length":241,"tagName":"p"},{"type":"text","content":"About RCI Hospitality Holdings, Inc. (Nasdaq: R...

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