The Cheetahs in South Florida are for sale, owner is retiring

At first thought, this sounds like the ultimate business to be in. But no way would I own a strip club. I couldn't keep my hands off the merchandise and wouldn't want the harassment suits.

^ We could chip in, and hire subraman to keep it running smooth

I hope they don't ruin Cheetah Pompano.

I wonder if the recent murder at the Hallandale location is what broke the camel's back and the subsequent issues there may be from that - other reviewers had been saying the Hallandale location had been getting a rougher crowd at night - maybe the owner wanted to get rid of the Hallandale headache and it just so happens that is the one that has been sold - or maybe the city is forcing him to sell given they've had issues with him in the past.

I was looking for info online about the sale but couldn't find any - but found this article from last year about RCI (Rick's) buying another 11 clubs at once (the list of 11 clubs bought appears towards the bottom of the article):

"RCI Announces Definitive Agreements to Purchase 11 Adult Nightclubs in Six States"

https://www.prnewswire.com/news-releases…

Ew, Cheetah Hallandale is a shithole anyways. 10% of tracked sales has to go to a DJ who I never once even talked to? Managers who contract dancers and then bitch at them for not being on a schedule the next day coming in (umm…either you or one of your fellow staff members was too lazy to put me on one, not my problem). Tells newbies they have to wear a dress but don’t even enforce that at all for the vast majority of dancers in there who have already been at the club. And the nighttime clientele was blatantly doing things like throwing money (but the club can’t improve the pole or stages to be be better suited for tipping. Even though customers WOULD stage tip, despite the inconvenience of being way far out behind a bar) and the dress rule was stupid anyways.

Customers come in the club to specifically OTC shop and bring it up like that’s what they are accused to and what they expect because they know they can easily get away with it because of how stupidly run the club is. Which takes sales away from the club itself but oh well. At least the hookah seemed decent.

Could this be it?

Adult Entertainment Club In Se Florida For Sale
Florida, US
Asking Price: $25,000,000 Furniture / Fixtures and Inventory / Stock included
Sales Revenue: $9,700,000
Cash Flow: $5,700,000
High Volume with High Profit Adult Entertainment Club including full-nude, liquor and food licenses, located in South Florida – a place to have fun and be seen! Absentee-owned, this club is striving with loyal patrons and the frequent famous social media entertainment celebrities and sports-players. The business offering is highly confidential and the name and location will not be disclosed until later discussions. There is a long-term lease in effect which shall be transferred/assumed by buyer. Please ask for Chad Butler when inquiring about this listing.

*Use Reference ID: RTFL-GCC

Business Operation
Reasons for selling:
Other real estate opportunities

Employees:
105
Years established:
10+
Other Information
Furniture / Fixtures value:
$350,000 - included in the asking price
Inventory / Stock value:
$45,000 - included in the asking price

Nice find

Price seems high at three times sales,

5x cash flow plus assests? Fair price if the books are true.
Lots of business sell for 3 or 4 times EBITDA, with 7-8 not uncommon.
Not that I have 25 mil available...

"... Ew, Cheetah Hallandale is a shithole anyways. 10% of tracked sales has to go to a DJ who I never once even talked to ..."

That's a lot of $$$ if it's a large club which on a good night can probably have 50+ dancers - IDK all that a DJ does but I've been in plenty of shifts w/o a DJ and the club seems to function just fine - if anything I rather there'd be no DJs in SCs as many of them can be annoying AF. Seems to me that at least in the large-clubs, they are overpaid.

25million is for a Miami club not Cheetah, and Joe is not an absentee owner which is why after all these years hes ready to retire

^ Still too much money for a club w/o real estate, unless there's some crazy sweetheart lease arrangement.

OK my buddy Joey who is floor manager in West Palm, said that listing for sale is Monro's.

So, Monroe's in West Palm is the club for sale for $25M in the listing and Cheetah Pompano and Cheetah West Palm are available as Joe (the owner) is retiring but those clubs are not listed anywhere publicly for sale, correct?

Interesting, I wish the guy good luck. The Pompano and Palm Beach locations are some of the best run clubs in the area, at least from a customer perspective. For at least the last 10 or so years, they've been remarkably consistent and IMO set the bar for other clubs around. I'm a bit surprised there's not a GM or something who is interested and able to step up and buy them though. I don't have any personal relationships with them, but I've seen the same big boss types around there for years. Maybe it's hard to get financing on those types of business and that's the barrier.

Some guy from Rhode Island offered $22,000 in singles.

The way that land values are going in South Florida makes me think that at some point the land value at this particular location will exceed the revenue that a strip club lease can support.

This makes me wonder what’s the latest with Deans Gold? We’ve been hearing for years that the site had been sold and was being redeveloped into apartments. Anybody in the know know?