RICK’S CABARET INTERNATIONAL, INC. TO BUILD NEW GENTLEMEN’S CLUB
HOUSTON – (December 3, 2009) – Rick’s Cabaret International, Inc.(NASDAQ: RICK), the nation’s premier chain of upscale gentlemen’s clubs, said today it will build a new gentlemen’s club just off the freeway near the busy Dallas-Ft. Worth International Airport.
“We have taken advantage of a rare opportunity to build a first class gentlemen’s club near the world’s seventh busiest airport,” said Eric Langan, President and CEO of Rick’s Cabaret. “Because of strict zoning regulations, it is difficult to find a licensed venue for a new adult club in or near most major cities in the U.S. and we feel very fortunate to have secured this site.”
Mr. Langan said the company will pay $2.4.million for the land on the Airport Freeway (Highway 183) and $2.1 million in a turnkey agreement to have a 10,000-square foot building erected and furnished to Rick’s Cabaret specifications. The acquisition of the land will take place after a certificate of occupancy has been received for the building. The property has already been zoned by the city of Ft. Worth for use by a sexually oriented business.
The company hopes to open its new club in the summer of 2010.
In terms of passenger traffic, the Airports Council International says DFW is the seventh busiest airport in the world, with more than 5.7 million passengers passing through it in 2008.
Rick’s currently operates four other clubs in the Dallas-Ft. Worth metroplex, including a Rick’s Cabaret in Ft. Worth, an XTC Cabaret and Club Onyx in Dallas, and the recently acquired Cabaret North in Ft. Worth.