Rick’s Cabaret International, Inc. Reaches New Las Vegas Lease Agreement to Avoid Rent Increase and Extend Terms
Rick’s Cabaret International, Inc. (NASDAQ: RICK), the nation’s leading group of upscale gentlemen’s clubs, said today it renegotiated terms of the property lease for its nightclub in Las Vegas, thereby avoiding a rent increase and extending other terms.
The new lease keeps the monthly rental cost for the club off Desert Inn Boulevard at its current level, rather than at a rate that otherwise would have been significantly higher. Other terms have been extended for two years, including a provision by which Rick’s Cabaret has an option to buy the property outright.
“The renegotiation enables us to defer a decision on exactly what we want to do with this property”
“The renegotiation enables us to defer a decision on exactly what we want to do with this property,” said Eric Langan, President and CEO of Rick’s Cabaret. “Meanwhile, our customers are delighted with their visits to the club.”
Rick’s Cabaret Las Vegas was named the #1 gentleman’s club in Las Vegas by Vegas Total Access and is visited often by Artie Lange and other members of The Howard Stern Show gang, who talk about it frequently on the show.
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