RCI Announces 32 Locations Have Reopened

May 27, 2020 9:00 AM

HOUSTON, May 27, 2020 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (NASDAQ: RICK) today announced 32 locations have reopened with the easing of COVID-19 pandemic related restrictions.

As of Friday, May 22, all 10 Bombshells restaurants, which are based in Texas, moved to 50% interior occupancy with no outdoor patio restrictions from 25% with no patio restrictions. Also, as of Friday, 22 of 38 club locations had reopened. In Texas, 21 reopened to limited capacity and schedules. In Arizona, the Phoenix location reopened to 50% occupancy.

Eric Langan, President & CEO, commented, "We're pleased to announce our subsidiaries' expanded openings and the rehiring of more employees, while continuing to follow all required practices for the health and well-being of staff and guests.

"Bombshells continue to do very well. We're optimistic about the performance of other locations based on early results. News reports indicate more states may relax restrictions in June. If so, our subsidiaries should be able to reopen more locations. As they do, and as reopened locations are allowed to expand their business, we look forward to returning to profitability."

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, 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) our ability to maintain compliance with the filing requirements of the SEC and the Nasdaq Stock Market, (vii) the impact and uncertainty of the coronavirus pandemic, and (viii) 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, 2019 and its latest Form 10-Q 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]

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SOURCE RCI Hospitality Holdings, Inc.