RCI Announces Acquisition of Platinum Plus Gentlemen’s Club in Allentown, PA

HOUSTON--(BUSINESS WIRE)--RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced closing on the acquisition of the upscale Platinum Plus Gentlemen’s Club in Allentown, PA, minutes away by car from the airport in Allentown and the casino in Bethlehem. The purchase price totaled $2.0 million, consisting of $1.5 million cash and $0.5 million seller financing at 7% for the club. The purchase price is in line with RCI’s acquisition valuation target of 3-5x annualized adjusted EBITDA for a clu