Rick's Cabaret International, Inc. Completes Purchase of Second Adult Nightclub in...

Rick's Cabaret International, Inc. Completes Purchase of Second Adult Nightclub in Dallas, Texas

Former Platinum Club II Will Become a Club Onyx
HOUSTON--(Business Wire)--
Rick's Cabaret International, Inc. (NASDAQ/GM: RICK), premium
operator of upscale gentlemen's clubs, said today it has completed the
purchase of Platinum Club II in Dallas, TX, and will re-brand it as an
upscale Club Onyx catering to African-American gentlemen.

Rick's Cabaret paid $1.5 million in cash for the adult nightclub
at the intersection of 10557 Wire Way and Northwest Highway, just off
busy I-35 Stemmons Freeway. The company also acquired the accompanying
real estate for $6 million, paying $1.65 million in cash and financing
the balance. It is the company's second acquisition in Dallas this
year and the third in the Dallas-Ft. Worth "Metroplex."

Rick's Cabaret estimates the club will add approximately $4 to $5
million in annual revenue, with earnings before income tax,
depreciation and amortization (EBITDA) between $1.5 million to $2
million. This estimate was not included in the company's latest
earnings guidance update on May 8th.

"The more we get to know the Dallas market the more enthusiastic
we have become about the potential for an upscale Club Onyx facility,"
said Eric Langan, President and CEO of Rick's Cabaret. "Dallas has the
great mix of professional athletes, music artists and business
executives that has made our Club Onyx brand successful in Houston and
Charlotte. We also will benefit from management efficiencies and
purchasing power now that we have three locations in the Dallas-Ft.
Worth market. We are pleased that we completed this transaction well
within the time period originally announced to our investors."

About Rick's Cabaret: Rick's Cabaret International, Inc. (NASDAQ:
RICK) operates upscale adult nightclubs serving primarily businessmen
and professionals that offer live adult entertainment, restaurant and
bar operations. The company owns, operates or licenses adult
nightclubs in New York City, Miami, Philadelphia, New Orleans,
Charlotte, Dallas, Houston, Minneapolis and other cities under the
names "Rick's Cabaret," "XTC," "Club Onyx" and "Tootsie's Cabaret".
Sexual contact is not permitted at these locations. Rick's Cabaret
also owns the adult Internet membership site couplestouch.com and a
network of online adult auction sites under the flagship URL
naughtybids.com. Rick's Cabaret common stock is traded on the NASDAQ
Global Market under the symbol RICK. For further information contact
ir@ricks.com.

Forward-looking Statements: This document contains 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 document, including the risks and uncertainties
associated with operating and managing an adult business, the business
climates in New York City and elsewhere, the success or lack thereof
in launching and building the company's businesses in New York City
and elsewhere, risks and uncertainties related to the operational and
financial results of our Web sites, conditions relevant to real estate
transactions, and numerous other factors such as laws governing the
operation of adult entertainment businesses, competition and
dependence on key personnel. Rick's has no obligation to update or
revise the forward-looking statements to reflect the occurrence of
future events or circumstances. For further information visit
ricks.com.

Rick's Cabaret International, Inc.
Allan Priaulx, 212-338-0050
ir@ricks.com

Copyright Business Wire 2008