RCI announces acquisition of VIP’s Gentlemen’s Club of Chicago; to be rebranded Rick’s Cabaret
RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced subsidiaries have completed the acquisition of VIP’s Gentlemen’s Club and its real estate at 1531 N. Kingsbury St. in Chicago on the same terms as previously announced. Plans include renaming the club Rick’s Cabaret; positioning it as a premier establishment similar to the Rick’s location in New York City, which attracts local, national and international guests; opening three hours earlier, at 4 PM, in the coming weeks; and opening for lunch in early 2019.
This acquisition comes on the heels of another key club purchase for RCI Hospitality Holdings, that of Blush in Pittsburgh, long considered one of the top clubs in the region.
“Chicago is perfect for the Rick’s brand,” said Eric Langan, President & CEO of RCI. “It is a major metro market and business hub, features leading teams in pro sports, and is a top convention city. With its ability to generate $2 million annually in adjusted EBITDA, this location also fits perfectly with our goal of acquiring profitable, cash-flowing number-one locations.”
“Chicago is perfect for the Rick’s brand. It is a major metro market and business hub, features leading teams in pro sports, and is a top convention city. With its ability to generate $2 million annually … this location also fits perfectly with our goal of acquiring profitable, cash-flowing number-one locations.” – Eric Langan
The 10,000-square-foot upscale club is one of only three in Chicago and the only one with a full liquor license. It has grandfathered use and has been one of the top venues of its kind in the Midwest since 1993. Open until 4 AM Sunday through Friday nights and 5 AM on Saturday nights, the club is near Chicago’s chic Lincoln Park neighborhood and minutes away from the city’s renowned North Michigan Avenue and Gold Coast.
About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)
With more than 40 units, RCI Hospitality Holdings, Inc., owns/operates clubs in New York City, Miami, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, St. Louis, and other markets operate under brand names such as Rick‘s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars, Tootsie’s Cabaret, and Scarlett’s Cabaret. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.
