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RCI Announces Acquisition of Platinum West Gentlemen's Club in West Columbia, SC

1. RICK acquires a high-end nightclub for $8 million in South Carolina. 2. The acquisition aligns with RICK's valuation targets.

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$38.1304/08 10:49 AM EDTEvent Start
$36.2504/08 09:20 PM EDTLatest Updated
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FAQ

Why Bullish?

The successful acquisition of a profitable nightclub reflects RICK's growth strategy, potentially attracting investors. Historically, similar acquisitions have led to increased stock prices for RICK.

How important is it?

Acquisitions are pivotal for growth in hospitality; this deal positions RICK favorably in the market. The alignment with RICK's valuation targets shows strategic foresight in a competitive landscape.

Why Short Term?

Immediate market reactions to acquisitions often lead to short-term price increases, given investor optimism. The distinctiveness of the acquired property may boost short-term visibility and revenue.

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PEPDISLSI
HOUSTON--(BUSINESS WIRE)--RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced closing on the acquisition of Platinum West Gentlemen's Club in West Columbia, South Carolina, the only upscale adult nightclub in the central part of the state. The purchase price totaled $8.0 million, consisting of $3.75 million cash and $2.5 million seller financing at 7% for the club, and $1.75 million cash for associated real estate. The purchase price is in line with RCI's acquisition valuation target.

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