Tootsie's & Scarlett's Cabaret Miami to Accept Bitcoin

HOUSTON—March 1, 2022—RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced that Tootsie's Cabaret and Scarlett's Cabaret Miami are the first of RCI's subsidiaries to accept Bitcoin as payment. Guests can now pay using Bitcoin wallet apps on their mobile phones.

Eric Langan, President and CEO of RCI Hospitality Holdings, Inc., said, “We have watched the rise and broader acceptance of Bitcoin in the marketplace, and the emergence of major, local events, such as the upcoming Bitcoin 2022, the largest conference focused on the cryptocurrency, April 6-9, in Miami Beach.

“We believe now is the time that makes sense for us to begin accepting Bitcoin, which will be converted into cash. Tootsie's and Scarlett's will pilot the program. We expect other subsidiaries to begin accepting Bitcoin in the future.”

Tootsie's Cabaret Miami is at 150 NW 183rd St, Miami Gardens, FL 33169, (305) 651-5822.

Scarlett's Cabaret Miami is at 2920 SW 30th Ave, Pembroke Park, FL 33009, (954) 455-8318.

About RCI Hospitality Holdings, Inc. (Nasdaq: RICK) www.rcihospitality.com

With more than 50 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in gentlemen's clubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas-Fort Worth, Houston, Miami, Minneapolis, Denver, St. Louis, Charlotte, Pittsburgh, Raleigh, Louisville, and other markets operate under brand names such as Rick's Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie's Cabaret, and Scarlett's Cabaret. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.

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, including, but not limited to, the risks and uncertainties associated with (i) operating and managing an adult business, (ii) the business climates in cities where it operates, (iii) the success or lack thereof in launching and building the company's businesses, (iv) cyber security, (v) conditions relevant to real estate transactions, (vi) the impact of the COVID-19 pandemic, and (vii) numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. For more detailed discussion of such factors and certain risks and uncertainties, see RCI's annual report on Form 10-K for the year ended September 30, 2021, as well as its other filings with the U.S. Securities and Exchange Commission. 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 [email protected] and [email protected]