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RCI Hospitality acquires Scarlett's Cabaret

RCI-ricks-logoOwners of Rick's Cabaret club chain announce $25.95 million acquisition of Scarlett’s Cabaret Miami

HOUSTON—May 9, 2017—RCI Hospitality Holdings, Inc. (Nasdaq: RICK), which also owns and operates the Rick's Cabaret club chain, has announced the $25.95 million acquisition of Scarlett’s Cabaret Miami, considered one of the best gentlemen’s clubs in the country.

The 25,000 square foot Scarlett’s is located between Fort Lauderdale and Miami in a high visibility location right off the Hallandale Beach exit of Interstate 95, the major north south highway through Miami-Dade, Broward, and Palm Beach counties.

“We’re excited about Scarlett’s Cabaret Miami joining our portfolio of high-quality clubs in key markets," says Eric Langan, RCI President and CEO. “It is a different kind of venue, combining a high-energy Miami/Las Vegas style nightclub that attracts both male and female customers for drinks, dining and dancing, with a high-end gentlemen’s club, featuring beautiful entertainers every night," Langan adds. "Scarlett’s also tends to attract a different clientele from our 74,000 square foot Tootsie’s Cabaret, which is five miles south, making the two clubs complementary to each other."

 

Key Terms

  • Total consideration of $25.952 million for an RCI subsidiary to acquire 100% of the stock of JW Lee, Inc., which owns Scarlett’s Cabaret Miami and has a 21-year lease on the property.
  • The acquisition includes the Scarlett’s Cabaret name, which RCI plans to license nationally to other cabarets.

“Geographically, Scarlett's expands our presence in the attractive South Florida market, enabling us to own two of the best and largest venues, with close to 100,000 square feet combined," Langan adds. "Having them in relatively close proximity is expected to enhance and improve the cost effectiveness of our marketing, purchasing and operations. And compared to other clubs in our portfolio, in physical size, Scarlett’s is second to our largest club, Tootsie’s Cabaret, while its revenues rival Rick’s Cabaret New York, our second largest revenue generating unit.


Scarlett’s Cabaret Miami—More Details

  • State of the art light show, décor and dance floor
  • Full liquor, five bars, eight stages, sky boxes, and abundant VIP seating
  • Open Sunday from 5 PM to 6 AMMonday-Wednesday 12 PM to 6 AMThursday12 PM to 7 AM, and Friday-Saturday 12 PM-8 AM
  • Lunch, late night dining, and breakfast menu
  • Visit http://scarlettscabaret.com/

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

With 44 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, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis and other cities operate under brand names, such as “Rick's Cabaret,” “XTC,” “Club Onyx,” “Vivid Cabaret,” “Jaguars” and “Tootsie’s Cabaret.” Sports bars/restaurants operate under the brand name “Bombshells.” Please visit http://www.rcihospitality.com/
scarlets

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