RCI Announces Tip-N-Strip NFT Guest Benefits Program

HOUSTON—April 6, 2022—RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced today that, through its subsidiary RCI Development Services, Inc., it is launching a guest benefits program initially available for use at 36 of its top subsidiary club locations.

The program, Tip-N-Strip, will be the ultimate party pass. An Annual Holder's Party will be held at Tootsies Cabaret Miami for all members of the program. Membership will also give holders access to private parties, VIP experiences, and a wide range of other benefits.

Membership will only be granted through the purchase of a Tip-N-Strip NFT (Non-Fungible Token). The NFT is expected to be available for purchase on the Tip-N-Strip.io website in late June. Secondary sales will be on the OpenSea marketplace.

RCI Development Services is focused on providing what it has defined as the three main components of a successful NFT and guest benefits program: community, utility and art. The NFT will combine unique 3D realistic art and groundbreaking utility that leverages industry-standard Web2 technologies to seamlessly integrate with Web3 solutions.

The collection will consist of 10,000 unique 3D generated realistic artworks that will be fully whitelisted to active community members in the Tip-N-Strip program. The rarity of the NFT will be randomized and available upon reveal 48 hours after mint. The rarity will determine the holder's utility.

Base utility for all NFTs will include free admission for the holder and a guest into all 36 locations participating in the program as well as access to private events and annual parties hosted by RCI Development Services.

The program was announced at Miami NFT Week this past weekend. Visit Tip-N-Strip.io to sign up for email alerts on new developments.

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]