RCI completes Rick's Cabaret Steakhouse & Casino acquisition

December 7, 2022
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The company has closed the deal to purchase the Colorado destination for $2.4m.

RCI Hospitality Holdings has released details of its completed deal to acquire a building in Central City, Colorado’s downtown gaming district. The company purchased the location for $2.4m.

The building is comprised of 30,000 square feet and will be the future site of Rick's Cabaret Steakhouse & Casino.

Once open, guests at Rick's Cabaret Steakhouse & Casino will have access to casino and sports betting, as well as fine dining options and other entertainment.  

The Colorado location is the latest in a series of RCI developments. The company also operates clubs in Louisiana and Illinois. RCI Holdings currently runs more than 60 locations throughout the country, including restaurants, adult clubs and sports bars.

RCI's subsidiaries have applied for a gaming license with the state that will allow the company to install 175 slot machines, a craps table, six blackjack tables and one roulette table at the Central City destination. The city is one of three Colorado cities that allows legalized gambling.

Central City, Cripple Creek and Black Hawk are known in the state as “historic mining towns” and have functioned with legal forms of gambling since 1991. The state of Colorado legalized sports betting in 2020 and removed all betting limits statewide in 2021.

More than $1bn in wagers have been placed on slot machines in Central City during the last 12 months that ended in June 2022. The city has raked in more than $80m in adjusted gross proceeds during the last year.

Colorado is among the 36 states nationwide where online sports wagering is legal.


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