Rick's Cabaret International, Inc. (NASDAQ: RICK), the nation's leading group of upscale gentlemen's clubs, has signed definitive documents to acquire the Silver City Cabaret, a Dallas adult nightclub on Stemmons Freeway and the underlying real estate that includes a building the company plans to convert into an entertainment complex. The transaction, which also includes the purchase of a separate piece of property in Dallas that is licensed for an adult business, is intended to close on or before January 2, 2012. Said Eric Langan, President and CEO of Rick's Cabaret: "We are very enthusiastic about the potential to develop the Silver City location at 7501 North Stemmons Freeway near Love Field, which will become a great entertainment and retail destination. Only 14,000 square feet of the 54,000 square foot building is currently in use and we will develop the rest to include a Tootsie's style Knockers Sports Bar and an after hours nightclub. The Silver City Cabaret, after we have rebranded it, will become an important part of the terrific complex of clubs we have assembled in the Dallas-Ft. Worth Metroplex."
The purchase will bring to nine the number of clubs the company owns in the Dallas-Ft. Worth Metroplex and to 24 the number of clubs nationwide.
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