Rick's Cabaret International, Inc. Reaches New Las Vegas Agreement To Avoid Rent Increase And Extend Terms
HOUSTON - (October 6, 2010) – Rick's Cabaret International, Inc. [NASDAQ-GM:RICK], the nation's leading operator of upscale gentlemen's clubs, said today it renegotiated terms of the property lease for its nightclub in Las Vegas, thereby avoiding a rent increase and extending other terms.
The new lease keeps the monthly rental cost for the club off Desert Inn Boulevard at its current level, rather than at a rate that otherwise would have been significantly higher. Other terms have been extended for two years, including a provision by which Rick’s Cabaret has an option to buy the property outright.
"The renegotiation enables us to defer a decision on exactly what we want to do with this property," said Eric Langan, President and CEO of Rick's Cabaret. "Meanwhile, our customers are delighted with their visits to the club."
Rick's Cabaret Las Vegas was named the #1 gentleman's club in Las Vegas by Vegas Total Access and is visited often by Artie Lange and other members of The Howard Stern Show gang, who talk about it frequently on the show.
About Rick's Cabaret:
Rick's Cabaret International, Inc. (NASDAQ: RICK) is home to upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Miami, Philadelphia, New Orleans, Charlotte, Dallas, Houston, Minneapolis and other cities operate under the names "Rick's Cabaret," "XTC," "Club Onyx" and "Tootsie's Cabaret". Sexual contact is not permitted at these locations. Rick's Cabaret also operates a media division, ED Publications, and owns the adult internet membership website www.couplestouch.com as well as a network of online adult auction sites under the flagship URL www.naughtybids.com. Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact [email protected].
Forward Looking Statements
This document contains forward-looking statements that involve a number of risks and uncertainties that could cause the company's actual results to differ materially from those indicated in this document, including the risks and uncertainties associated with operating and managing an adult business, the business climates in cities where it operates, the success or lack thereof in launching and building the company's businesses, risks and uncertainties related to the operational and financial results of our Web sites, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. Rick's has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances. For further information visit www.ricks.com.
Contact: Allan Priaulx, 212-338-0050, [email protected]