RCI Announces Acquisition of Location for Rick's Cabaret Steakhouse & Casino in Colorado
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has finalized the acquisition of a 30,000 square-foot building in Central City, CO, for $2.4 million. The company plans to establish a Rick's Cabaret Steakhouse & Casino, featuring fine dining and entertainment, alongside 175 slot machines and various table games. This location is strategically significant as Central City is one of only three cities in Colorado where casino gambling is permitted. The gaming industry here generated over $80 million in adjusted gross proceeds from more than $1 billion wagered in the past year.
- Acquisition of prime location for $2.4 million enhances market presence.
- Potential to generate significant gaming revenue from established local market.
- Expansion of entertainment offerings with Rick's Cabaret Steakhouse & Casino.
- Risks associated with obtaining gaming licenses may delay operations.
- Potential integration challenges and competition in the adult entertainment sector.
HOUSTON, Dec. 7, 2022 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced closing on the acquisition of a four-story, 30,000 square-foot building in the heart of the downtown gaming district in historic Central City, CO, one of only three cities in the state where casino gambling is legal.
The 130 Main Street location was acquired from the city for
RCI subsidiaries have applied for a gaming license to operate 175 slot machines, six blackjack tables, one craps table, and one roulette table in Central City. This would add to RCI's gaming revenue from clubs in Louisiana and Illinois.
For the 12 months ended June 2022, more than
About RCI Hospitality Holdings, Inc. (Nasdaq: RICK) (Twitter: @RCIHHinc)
With 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 our brands at www.rcihospitality.com.
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 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 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 or restaurant 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
View original content to download multimedia:https://www.prnewswire.com/news-releases/rci-announces-acquisition-of-location-for-ricks-cabaret-steakhouse--casino-in-colorado-301697085.html
SOURCE RCI Hospitality Holdings, Inc.
FAQ
What did RCI Hospitality Holdings announce on December 7, 2022?
What is the significance of Central City for RCI Hospitality Holdings?
What gaming options will the new casino provide?
How much revenue was generated from gaming in Central City in the past year?
What are the potential risks of the acquisition for RCI's investors?
