RCI Announces Regular Quarterly Cash Dividend; COVID-19 Reopening Update

HOUSTON – June 8, 2020 – RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced it has declared a regular quarterly cash dividend of $0.03 per common share for the Fiscal 2020 third quarter ending June 30, 2020, the same amount as for the year ago third quarter. The 3Q20 dividend is payable June 29, 2020, to holders of record June 18, 2020, with an ex-dividend date of June 17, 2020. This marks RCI's 18th consecutive quarterly cash dividend paid.

The company also announced a total of 37 subsidiary club and restaurant locations are now open with the continued easing of COVID-19 pandemic related restrictions.

Texas: All clubs and Bombshells restaurants are open at 50% indoor occupancy and no restrictions on Bombshells outdoor patios. Some clubs are also expanding hours to include lunch and opening earlier in the evening. Based on the latest state announcement, restaurants can expand to 75% occupancy later this week. RCI subsidiaries have 23 clubs and 10 Bombshells in Texas.

Outside Texas: On Friday, June 5, Rick's Cabaret Pittsburgh reopened to 50% occupancy, Temptations Cabaret in Sulphur, LA reopened to 25% occupancy, and Scarlett's Cabaret St. Louis reopened its new outdoor patio with no occupancy restrictions, making it the first outdoor club of its kind. Jaguars Club in Phoenix continues at 50% occupancy after reopening May 22. Based on the latest state announcement in Minnesota, bars can open to 50% occupancy later this week. RCI subsidiaries own three clubs in Minneapolis.

Eric Langan, RCI President & CEO, said: "Sales have been very good at this stage from reopenings as well as from opened locations that have been able to expand occupancy, while locations continue to follow all required practices for the health and well-being of staff and guests. We are hopeful we will be able to reopen more clubs in other municipalities as restrictions are lifted. As they do, and as open locations are allowed to expand their business, we continue to look forward to returning to profitability."

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 in this press release, including, but not limited to, the risks and uncertainties associated with (i) operating and managing an adult 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, (vi) our ability to maintain compliance with the filing requirements of the SEC and the Nasdaq Stock Market, (vii) the impact and uncertainty of the coronavirus pandemic, and (viii) numerous other factors such as laws governing the operation of adult entertainment 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, 2019 and its latest Form 10-Q 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.

Media & Investor Contacts

Gary Fishman and Steven Anreder at 212-532-3232 or gary.fishman@anreder.com and steven.anreder@anreder.com