HOUSTON, Jan. 22, 2025 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced closing on the acquisition of Flight Club, the premier gentlemen's club in the Detroit market, 5 miles from Detroit Metro Airport and 20 miles from downtown, casinos and major sports venues.
The purchase price totaled $11.0 million, consisting of $3.0 million cash and $5.0 million seller financing at 8.0% for the club, and $3.0 million cash for associated real estate. The company expects the acquisition to contribute an estimated $2.0 million in annualized adjusted EBITDA.


Well, the IRS was giving Flight Club trouble about a month or two ago. Alan is 70 years old, and it is an industry in decline. Too bad it is a large corporation taking it over.