Benzinga | Aug 18, 2021 09:02AM EDT

RCI Announces Definitive Agreements To Acquire The Mansion Gentlemen's Club of Newburgh, NY; Consideration Is $500K In Cash

RCI Hospitality Holdings, Inc. (NASDAQ:RICK) today announced the signing of definitive agreements to acquire The Mansion Gentlemen's Club and Steakhouse of Newburgh, NY, and its real estate.

The Mansion ( https://www.mansiongentlemensclub.com/) was completely renovated in 2018, has been in business for nine years, and is the only gentlemen's club with a liquor license in Orange County, NY, considered to be one of the fastest growing counties in the state.

Consideration is $500,000 in cash and $1.0 million in 4.00%, 7-year seller financing for the club and $2.0 million for the real estate. Closing is subject to customary conditions for transactions of this kind, including the transfer of all necessary permits, licenses, and other authorizations, and is currently anticipated to occur within approximately 90 days.