RCI Announces Closing on Acquisition of The Mansion Gentlemen's Club of Newburgh, NY

Rhea-AI Summary

RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has officially closed the acquisition of The Mansion Gentlemen's Club and Steakhouse located in Newburgh, NY, along with its real estate. This acquisition enhances RCI's portfolio, expanding its presence in New York State. The club, renovated in 2018 and operational for nine years, is uniquely positioned as the only gentlemen's club with a liquor license in Orange County, a rapidly growing area. Financial terms of the deal remain undisclosed but consistent with previous announcements.

Positive

• Acquisition enhances RCI's market presence in New York State.
• The Mansion is the only gentlemen's club with a liquor license in Orange County, offering competitive advantage.
• Renovated in 2018, the club is positioned in a fast-growing area.

Negative

• None.

HOUSTON, Nov. 9, 2021 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced closing yesterday on the acquisition of The Mansion Gentlemen's Club and Steakhouse (https://www.mansiongentlemensclub.com/) of Newburgh, NY, and its real estate. RCI previously announced a definitive agreement for the acquisition on August 18. Financial terms remained the same.

Eric Langan, President and CEO of RCI Hospitality Holdings, Inc., said, "We're excited about this acquisition. The Mansion expands our already successful presence in New York State. The club was completely renovated in 2018, has been in business for nine years, and is well situated as the only gentlemen's club with a liquor license in Orange County, considered to be one of the fastest growing areas in New York."

About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)

With more than 50 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in gentlemen's clubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas/Ft. 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, and Scarlett's Cabaret. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar. Please visit http://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 in this press release, 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, (vii) the acquisition of the club and real estate that are the subject of this press release, and (viii) 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, 2020, 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.

FAQ

What is the significance of RCI's acquisition of The Mansion Gentlemen's Club?

The acquisition strengthens RCI's presence in New York State and adds a unique venue with a liquor license in a rapidly growing area.

When was RCI Hospitality's acquisition of The Mansion announced?

The acquisition was announced on August 18, 2021.

What are the financial details of RCI's acquisition of The Mansion?

Financial terms remain undisclosed but were reported to be consistent with initial announcements.

How does The Mansion enhance RCI's business portfolio?

The Mansion expands RCI's New York presence and offers a competitive advantage as the only licensed gentlemen's club in Orange County.

What type of establishment is The Mansion Gentlemen's Club?

The Mansion is a gentlemen's club and steakhouse, uniquely licensed to serve liquor in its market.