RCI Subsidiary to Reopen Bombshells Restaurant & Bar on Friday

HOUSTON – June 20, 2018 – RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced today that a subsidiary will reopen Bombshells Restaurant & Bar at 12810 Gulf Freeway with full service and regular business hours starting this Friday at 11 AM following an agreement with local government officials.

The agreement calls for additional steps at this establishment regarding alcoholic beverage controls. We believe these steps will enhance our already existing vigilant controls.

The restaurant had voluntarily closed June 6, 2018 as a result of a temporary order that is no longer in place. We strenuously dispute the underlying basis for the temporary order. RCI subsidiaries that operate three other Bombshells in the Houston area were unaffected.

RCI also announced subsidiaries are on schedule in the development of four more local Bombshells as follows:

  • Interstate 10 in East Houston, September 2018
  • US 59 in Southwest Houston, December 2018
  • US 249 in Tomball just north of Houston, March 2019, and
  • Planned Katy location just west of Houston, June 2019

In addition, RCI announced that based on current sales trends, the company expects to report record third quarter club and restaurant revenues on July 10, 2018.

Forward Looking Statements

This press release may contain 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 press release, including the risks and uncertainties associated with operating and managing a restaurant and bar 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 cybersecurity, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of restaurant and bar businesses, competition, and dependence on key personnel. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

Media & Investor Contacts

Gary Fishman and Steven Anreder at 212-532-3232 or gary.fishman@anreder.com and steven.anreder@anreder.com