Rick's Cabaret International Completes Acquisition Of Silver City Cabaret In Dallas

Rick's Cabaret International announced that its wholly owned subsidiaries have completed the purchase of the Silver City Cabaret, an adult nightclub on Stemmons Freeway near Love Field, and related real estate. The acquisition brings to nine the number of clubs operated by subsidiaries of Rick's Cabaret in the Dallas/Ft. Worth Metroplex. The subsidiaries paid an aggregate total of $9.0 million for the club and real estate, with $1.0 million in cash and $8.0 million in the form of promissory notes payable over 11 years at an interest rate of 5.5% with a one time adjustment provision.