RCI Announces Acquisition of Adult Nightclub Assets in Fort Worth, TX

HOUSTON, December 19, 2022 – RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced the acquisition of an adult nightclub's assets in Fort Worth, TX, for $2.4 million in cash.

The acquisition of the 2.6 acre property at 4920-5000 Mark IV Parkway includes all necessary licenses, an 8,800 square foot club, and a 7,400 square foot building leased to an existing tenant.

Eric Langan, RCI President & CEO, said: “Similar to what we did in Odessa, Texas, the location will be remodeled and reopened as a PT's Showclub this summer.”

Dean Reardon, Vice President of Operations of RCI Management, said: “The new PT's will offer quality adult entertainment and liquor service, complementing our other locations in Fort Worth as well as appealing to a different clientele.”

RCI subsidiaries acquired the PT's brand when it purchased a group of 11 clubs in 6 states in October 2021. There are currently five PT's clubs: two in Denver and one each in Indianapolis, Louisville, and Odessa.

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

With more than 60 units, 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, (vi) the impact of the COVID-19 pandemic, and (vii) 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, 2022, 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