Rick's Cabaret International's Subsidiary Completes Acquisition of Schiek's Palace Royale Gentlemen's Club in Minneapolis

Rick's Cabaret International announced that a subsidiary of the Company has completed the acquisition of the Minneapolis gentlemen's club known as Schiek's Palace Royale for $2,875,000. In addition a subsidiary of the Company has acquired the real estate associated with the club at South 4th Street in downtown Minneapolis for $3,250,000. Closings on the transaction had been delayed because the shutdown of Minnesota state government offices had prevented issuance of required alcoholic beverage licenses, all of which have now been delivered. The Company's subsidiary has begun operating the club, which will now be known as The Downtown Cabaret.