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.
The 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.
Eric 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."
The 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.
Flight 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/
About RCI Hospitality Holdings, Inc. (Nasdaq: RICK) (X:
@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 of 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, 2024, 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.
