Rick's Cabaret International Enters Florida Market

NEW YORK — Gentlemen's club operator Rick's Cabaret International Inc. has acquired Tootsies Cabaret, a 47,000-square-foot adult club in Miami Gardens, Fla., for a reported $25 million. The acquisition brings the total number of clubs operated by Rick's to 15.

"Tootsies is one of the Top 10 adult nightclubs in the entire country," Rick's Cabaret President and CEO Eric Langan said. "This acquisition solidifies Rick's Cabaret's position as the premier gentlemen's club company and has significantly advanced our strategic acquisition program."

The multilevel club has a full restaurant, three liquor bars, more than 30 plasma screen TVs, 11 large projection screens, a 400-square-foot main stage, a private Champagne room and three private dance rooms. The club has more than five acres of outdoor parking and nearly 200 indoor parking spots.

Tootsies won Best Adult Club of the Southeast at the 2007 Exotic Dancer Awards Show, and has been named "the best adult club in Miami" by New Times and City Search.

The transaction closed Nov. 30 and Rick's assumed management of the club on Dec. 1. By closing this transaction a month earlier then originally anticipated, the company believes it will easily achieve the guidance of $52 million in revenue and $7 million in net income for fiscal 2008 that it projected on Oct. 31.

Under terms of the purchase agreement Rick's Cabaret paid $15 million in cash and issued the two prior owners $10 million in promissory notes. Rick's Cabaret also assumed leases on all of the club's property that, with options, run through June 2034.

Rick’s Cabaret operates upscale adult nightclubs that offer live adult entertainment, restaurant and bar operations. The company owns and operates or licenses adult nightclubs in New York, New Orleans, Houston, Minneapolis and Charlotte, N.C.

For more information, visit the Rick's Cabaret website.

Related:  

Copyright © 2024 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Blush Partners With South Korean Wellness Brand Red Container

Blush has partnered with South Korean wellness brand Red Container on a number of pleasure product collaborations.

Swiss Navy Debuts New Variety Packs

Swiss Navy has introduced two new personal lubricant variety packs.

BasisDx Adds Expedited Results Option for 'Pro13' Home Testing Kit

PASS-certified home testing kit provider BasisDx has added a new option for expedited test results for its Pro13 kit.

Kiiroo, Pineapple Support Launch 'Empower Hour' Series on FeelHubX YouTube Channel

Kiiroo and Pineapple Support have teamed up to launch the “Empower Hour” series on the FeelHubX YouTube channel.

Orion Debuts 'Suck-O-Mat 3' Masturbator

Orion Wholesale has introduced the third edition of its Suck-O-Mat masturbator.

Biird Debuts 'Ohwii' Glass Dildo

Biird has introduced Ohwii, its new double-ended glass dildo.

Sportsheets Releases New Training Video for 'Edge' Line

Sportsheets has released its latest training video, titled "Edge Product Training," the third in a series hosted by Brand Ambassador Rin Musick.

Exsens Marks Its 10th Anniversary

Intimate wellness and body care brand Exsens is celebrating its 10-year anniversary.

Honey Play Box Debuts 'Trill' Vibrator

Honey Play Box has debuted its new Trill app-controlled vibrator, which joins Melody and Elektra in the company's Kegel toy collection.

Osuga Debuts 'Flow' Vibrator

Pleasure brand Osuga has introduced its new Flow vibrator.

Show More