RICK Buys VCGH
Feb
17
Written by:
2/17/2010 1:10 PM
RICK Buys VCGH
Strip club owner Rick’s Cabaret (RICK) of Houston, Texas, this afternoon said it signed a letter of intent with Denver-based VCGH (VCGH), another strip club owner, to purchase VCGH using RICK stock for a value of $2.20 to $3.80 per share.
Rick's Cabaret currently operates 18 nightclubs in seven states while VCG Holding operates 20 clubs in ten states. The two companies had combined revenues of $131.3 million for the 12 month period ending September 30, 2009.
Ricks clubs include Ricks Austin, RIck's Fort Worth, Rick's North Fort Worth, Rick's Houston, Rick's Las Vegas, Rick's Minneapolis, Rick's New York, RIck's San Antonio, Onyx Charlotte, Onyx Dallas, Onyx Houston Galleria, Onyx Philadelphia, XTC Austin, XTC Dallas, XTC North Houston, XTC South Houston, XTC San Antonio and Tootsies in Miami.
VCGH has several branded clubs, Diamond Cabaret in Denver, Imperial Showgirls in Anaheim, Jaguars in Dallas and Fort Worth, La Boheme in Denver, The Men's Club in Raleigh, Penthouse in Denver and Sauget, PT's Appaloosa, PT's All Nude Denver, PT's Showclub, PT's sports, Roxy's and Schieks Palace Royale.
Let's hope bankers spend their bailout money on strip clubs like back in the good old days of the real estate bubble !!!
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