RICK - RCI Hospitality Holdings (RICK) - Another Florida Club

Getting Another One. Continuing to expand its presence, RCI has acquired Cheetah Gentlemen's Club, located in Hallandale Beach, FL. Cheetah's is RCI's fourth South Florida location and comes on the heels of the Playmates Club acquisition in early May. RCI now will operate four locations in South Florida, including Tootsie's Cabaret mega club in Miami Gardens, the Scarlett's Cabaret party club in Pembroke Park, and the Playmates Club of Coral Gables, each catering to a unique demographic.The Deal. The $25 million acquisition is split into $10 million in cash and $15 million in two, 10-year, 6% seller financing notes. The Company believes the club will generate roughly $4 million in adjusted EBITDA annually. With Cheetah's, Playmates, and the Odessa acquisition, RCI is well on its way of adding $20 million of incremental EBITDA for fiscal 2023. Read More >>