RCI Update on Sales of Assets with Estimated Value of Approximately $34 Million

HOUSTON--(BUSINESS WIRE)--RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today issued an update on previously-announced plans to sell assets in line with the Company’s “Back to Basics” 5-Year Capital Allocation Plan.

RCI announced closing on the sale of a small club business in Harlingen, TX for $600,000 cash and a $180,000 annual lease, which starts January 1, 2026. The transaction closed today.

The Company said three non-income producing properties have letters of intent or are under contract to sell for a combined total of approximately $16.4 million. Aggregate debt on these properties is $7.3 million.

RCI added that four other small clubs and five other non-income producing properties are actively being marketed with a total estimated value of $17.4 million. Aggregate debt on these properties is $9.0 million.

About RCI Hospitality Holdings, Inc. (Nasdaq: RICK) (X: @RCIHHinc)

With more than 60 locations, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in adult nightclubs and sports bars/restaurants. See all our brands at www.rcihospitality.com.

Forward-Looking Statements

This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the Company's actual results to differ materially from those indicated, including, but not limited to, the risks and uncertainties associated with (i) operating and managing an adult entertainment or restaurant business, (ii) the business climates in cities where it operates, (iii) the success or lack thereof in launching and building the Company's businesses, (iv) cyber security, (v) conditions relevant to real estate transactions, and (vi) numerous other factors such as laws governing the operation of adult entertainment or restaurant businesses, competition and dependence on key personnel. For more detailed discussion of such factors and certain risks and uncertainties, see RCI's annual report on Form 10-K for the year ended September 30, 2024, as well as its other filings with the U.S. Securities and Exchange Commission. The Company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.