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Slide #24. Rick's Cabaret International, Inc. — All Jaguars Gentlemen's Clubs And Associated Real Estate
Rick's Cabaret International, Inc. (NASDAQ:RICK)
All Jaguars Gentlemen's Clubs And Associated Real Estate
Rick's Cabaret International, Inc., the publicly traded group of upscale gentlemen's clubs, said today its subsidiaries have completed the acquisition of the two remaining clubs in the previously announced purchase of 11 clubs in Texas and Arizona, as well as associated real estate. Jaguars Acquisitions, Inc. and other subsidiaries paid a total of $26 million for the 11 clubs, including $4 million in cash, with the remainder payable through a promissory note. Jaguars Holdings, Inc. paid a total of $10 million for real estate associated with the clubs, including $350,000 cash at closing, a one time payment of $650,000 due in 12 years, and the remainder payable through a promissory note. Both promissory notes are payable over 12 years at 9.5 percent interest and may be prepaid after five years.
RCI Hospitality Holdings is a holding company. Through its subsidiaries, Co. operated establishments that provided live adult entertainment, and/or restaurant and bar operations. Co. also operates a business communications company serving adult nightclubs industry. Co.'s operating segments include: Nightclubs, which operates upscale adult nightclubs serving primarily businessmen and personnels; Bombshells Restaurants and Bars, which operates non-adult nightclubs, restaurants, and sports bars; and Media Group, which owns a media division, including the trade magazine serving the adult nightclubs industry and the adult retail products industry.
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Strong Buy (4.00 out of 4)
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