This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Rick's Cabaret International, Inc. Subsidiary Closes On Transaction For Air Rights Above Its Midtown Manhattan Gentlemen's Club; Gets Five-year Option To Purchase Property

NEW YORK, Oct. 28, 2013 /PRNewswire/ -- A subsidiary of Rick's Cabaret International, Inc. (Nasdaq:RICK), the publicly traded hospitality company that operates restaurants and gentlemen's clubs nationwide, has closed a transaction involving the air rights above the upscale Rick's Cabaret/New York club at 50 West 33rd Street. The subsidiary entered into a contract to buy the land and building for $10 million at any time in the next five years and, simultaneously, the residential air rights for the property were sold to a third party.

(Logo: http://photos.prnewswire.com/prnh/20110418/MM85342LOGO)

The transactions are part of a previously announced transaction under which the company agreed to purchase the land and building for $23 million.

The new agreement also amends the lease for the three-story building at 50 West 33rd Street to $100,000 per month for the next five years rather than the $180,000 per month called for in the original agreement.   

"The terms of the new agreement are more favorable to us than our original agreement, giving us more flexibility but also assuring us that we retain control over the property, which is a vital concern for any gentlemen's club," said Eric Langan , president and CEO of Rick's Cabaret International, Inc.

Rick's Cabaret/ New York is located in the heart of midtown Manhattan, across the street from the Empire State Building and just a block from the completely transformed Madison Square Garden and busy Penn Station. The club's main cabaret is on the first floor, its upscale steakhouse restaurant and balcony seating are on the second floor, and the VIP area with plush champagne suites are on the third floor, topped off by a smoking deck on the roof.

The real estate transaction is the latest in a series of recent announcements by Rick's Cabaret International. Earlier this month the company announced that a subsidiary has purchased property in Beaumont, Texas, near I-10 where it will open a restaurant and sports bar in the near future. It also announced that another subsidiary purchased 49 percent of a corporation that operates the Dallas gentlemen's club PT's Platinum. Previously the company opened a new gentlemen's club, Temptations Beaumont in Beaumont; launched Vivid Cabaret/LA in Los Angeles; opened the Nascar-themed Ricky Bobby Sports Saloon restaurant/nightclub in Ft. Worth, which has become an instant hit; and announced plans to open Vivid Cabaret/NYC in December.

About Rick's Cabaret: Rick's Cabaret International, Inc. (NASDAQ: RICK) is home to upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities are named "Rick's Cabaret," "XTC," "Club Onyx" and "Tootsie's Cabaret" and other brand names. Sexual contact is not permitted at any locations. Subsidiaries of Rick's Cabaret also include a media division, ED Publications. Rick's Cabaret common stock is traded on NASDAQ under the symbol RICK. For further information contact ir@ricks.com or visit www.ricksinvestor.com. Twitter: @rickscabaret; Facebook: http://www.facebook.com/rickscabaretintl.

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 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. 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.

SOURCE Rick's Cabaret International, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs