RCI Announces Acquisition of Cheetah Gentlemen’s Club in South Florida

RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced closing on the acquisition of the Cheetah Gentlemen’s Club in Hallandale Beach, Florida and its associated real estate.

Eric Langan, RCI President & CEO, says: “Cheetah becomes our fourth adult nightclub in South Florida, 15th club acquisition this fiscal year, and 52nd club in our portfolio. We believe it should generate approximately $4 million in adjusted EBITDA.”

Ed Anakar, President of RCI Management, says: “Cheetah fits perfectly with our renowned Miami area brands, each of which appeals to different market segments – the Tootsie’s Cabaret mega club in Miami Gardens, the Scarlett’s Cabaret party club in Pembroke Park, and the hot Playmates Club of Coral Gables.”

RCI subsidiaries acquired the 14,000 square-foot Cheetah club and its 2.2-acre property at 100 Ansin Boulevard, Hallandale Beach, FL, for $10 million in cash and $15 million in two, 10-year, 6% seller financing notes.

Cheetah opened in 2002 and was named Best Strip Club of Broward-Palm Beach by the New Times in 2014. The club has been extensively remodeled, features a full kitchen, and offers lunch and dinner. Hours are 11:30 am-6 am daily.

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