Securities and Exchange Commission
Washington, D.C. 20549

FORM 8-K

Current Report
Pursuant To Section 13 or 15(d) Of
The Securities Exchange Act of 1934

Date of Report:  April 10, 2011

RICK'S CABARET INTERNATIONAL, INC.
(Exact Name of Registrant As Specified in Its Charter)
 
Texas
 
001-13992
 
76-0037324
(State Or Other Jurisdiction of Incorporation)
 
(Commission File Number)
 
 (IRS Employer Identification No.)
  
10959 Cutten Road
Houston, Texas 77066
(Address of Principal Executive Offices, Including Zip Code)

(281) 397-6730
(Issuer’s Telephone Number, Including Area Code)
 
 
 
 
 
 
 

ITEM 8.01
OTHER EVENTS.

On April 10, 2011, our wholly owned subsidiary, RCI Entertainment (Las Vegas), Inc. sharply reduced its operations at its Las Vegas location in order to eliminate losses there as it seeks a buyer for the location.  The curtailment of operations in Las Vegas will result in a decline in our revenues but we believe that our operating income will benefit from this action.

A copy of the press release related to this transaction is attached hereto as Exhibit 99.1.
 
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
 
(d) Exhibits

Exhibit Number
 
Description
     
99.1
 
Press Release dated April 12, 2011
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
RICK'S CABARET INTERNATIONAL, INC.
 
       
Date:  April 12, 2011
By:
/s/  Eric Langan
 
   
Eric Langan
 
   
President and Chief Executive Officer
 
       
       
       
 
EXHIBIT 99.1
 
FOR IMMEDIATE RELEASE


RICK’S CABARET INTERNATIONAL INC. TAKES STEPS TO END LAS VEGAS CLUB LOSSES BY CURTAILING ITS OPERATION

LAS VEGAS – (April 12, 2011) – Rick’s Cabaret International, Inc .  (NASDAQ: RICK) said today it has sharply reduced operations at its Las Vegas location in order to eliminate losses as it seeks a buyer for the property.

“We have done everything possible to make this location viable since its acquisition in 2008 and we now believe it is in our shareholders’ best interests not to continue these efforts,” said Eric Langan , President and CEO of Rick’s Cabaret. “We do not believe the Las Vegas market itself will return to its former strength in the near future, and thus it is more logical for us to use our financial and management resources to focus on viable acquisitions and grow our other properties. While the curtailment of operations in Las Vegas will result in a top-line revenue decline for the company, the bottom line benefit will be immediate, and we will make use of potential future tax benefits.”

About Rick’s Cabaret : Rick’s Cabaret International, Inc. (NASDAQ: RICK) is home to 22 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 couplestouch.com  as well as a network of online adult auction sites under the flagship URL naughtybids.com . Rick’s Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact [email protected]  or visit www.ricksinvestor.com .

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.   Additional factors that could cause the Company’s results to differ materially from those described in the forward-looking statements are described in forms filed with the SEC from time to time and available at www.ricksinvestor.com  or on the SEC's internet website at www.sec.gov .   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.ricksinvestor.com .

Contact:  Allan Priaulx, 212-338-0050, [email protected]