{"id":319842,"date":"2024-05-14T14:44:32","date_gmt":"2024-05-14T19:44:32","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=319842"},"modified":"2024-05-14T15:48:20","modified_gmt":"2024-05-14T20:48:20","slug":"ricks-cabaret-parent-could-scrap-colorado-casino-plans","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ricks-cabaret-parent-could-scrap-colorado-casino-plans\/","title":{"rendered":"Rick\u2019s Cabaret Parent Could Scrap Colorado Casino Plans"},"content":{"rendered":"

RCI Hospitality Holdings, Inc. (NASDAQ: RICK), the parent company of Rick\u2019s Cabaret and other gentleman\u2019s clubs, could pull the plug on plans for casinos in Colorado.<\/p>\n

\"Crazy
An image of a strip club. RCI Hospitality, one of the largest operators of such venues, may dial back Colorado casino plans. (Image: Pinterest)<\/figcaption><\/figure>\n

In December 2022, the company acquired a four-story, 30,000-square-foot building at 130 Main Street in Central City for $2.4 million in cash with hopes of turning that property into Rick\u2019s Cabaret Steakhouse & Casino<\/a>. At that time, RCI told investors that affiliated entities had \u201capplied for a gaming license to operate 175 slot machines, six blackjack tables, one craps table, and one roulette table in Central City.\u201d<\/p>\n

Now, the company appears to be having second thoughts about its Central City plans. While no firm decision has been made as of yet, RCI may have other avenues through which to better deploy capital instead of waiting for the Colorado regulatory process to take shape.<\/p>\n

We may end up with actually withdrawing the gaming license at some point instead of paying all this money for the investigation and waiting the time line they want, I just don’t know yet,\u201d said RCI President and CEO Eric Langan on the company\u2019s recent first-quarter earnings conference call.<\/p><\/blockquote>\n

RCI and its subsidiaries run more than 60 gaming venues, gentleman\u2019s clubs, and sports bars across the US.<\/p>\n

Rick\u2019s Casino Ambitions in Limbo<\/h2>\n

While the $2.4 million RCI paid for the Central City property isn\u2019t a massive sum of money, it\u2019s arguably somewhat significant for a company with a market capitalization of $449 million.<\/p>\n

\n

Add to that, the expenditure becomes harder to justify if the property can’t be used for gaming purposes, and while the owner is paying regulatory fees and taxes on the land. Those could be among the reasons why Langan described RCI\u2019s Colorado casino plans as being \u201cin limbo,\u201d and why the company could be looking for other ways to deploy capital.<\/p>\n<\/div>\n

\u201cI’m currently basically evaluating that timeline with our new refocus on capital allocation, doing a lot of math right now and calculating whether or not we want to even continue to focus on that at all or take our money and energy and focus instead of casino operations back us back on our core business,\u201d said the chief executive office on the earnings call.<\/p>\n

He added that the company could consider share buybacks<\/a> as the Colorado casino efforts move to the back burner. A share repurchase program could be beneficial at a time when RCI is off 29.5% year to date.<\/p>\n

Rick\u2019s Not Abandoning Colorado Outright<\/h2>\n

While casino efforts may be pushed back or abandoned, RCI isn\u2019t giving up on Central City. It will move ahead with opening Rick\u2019s Cabaret Steakhouse there as well as proceed with a new Bombshells restaurant in the city.<\/p>\n

\n

Even if it doesn\u2019t operate casinos in Central City, Rick\u2019s adult entertainment and dining options could position the company to benefit gaming expansion in the city and Colorado\u2019s status as one of the fastest-growing casino markets<\/a> in the US.<\/p>\n<\/div>\n

Gaming venues in Central City include Century Casino, Dostal Alley Casino, Dragon Tiger Casino, and Easy Street Casino, among others.<\/p>\n","protected":false},"excerpt":{"rendered":"

RCI Hospitality Holdings, Inc. (NASDAQ: RICK), the parent company of Rick\u2019s Cabaret and other gentleman\u2019s clubs, could pull the plug on plans for casinos in Colorado. In December 2022, the company acquired a four-story, 30,000-square-foot building at 130 Main Street in Central City for $2.4 million in cash with hopes of turning that property into […]<\/p>\n","protected":false},"author":46,"featured_media":47064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,86438,86431],"tags":[81897,86457,87734],"acf":[],"yoast_head":"\nRick\u2019s Cabaret Parent Could Scrap Colorado Casino Plans<\/title>\n<meta name=\"description\" content=\"Rick\u2019s Cabaret Parent Could Scrap Colorado Casino Plans.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/ricks-cabaret-parent-could-scrap-colorado-casino-plans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rick\u2019s Cabaret Parent Could Scrap Colorado Casino Plans\" \/>\n<meta property=\"og:description\" content=\"Rick\u2019s Cabaret Parent Could Scrap Colorado Casino Plans.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ricks-cabaret-parent-could-scrap-colorado-casino-plans\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-14T19:44:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-14T20:48:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/Crazy-Horse-Too-strip-club-Las-Vegas.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"736\" \/>\n\t<meta property=\"og:image:height\" content=\"490\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ricks-cabaret-parent-could-scrap-colorado-casino-plans\/\",\"url\":\"https:\/\/www.casino.org\/news\/ricks-cabaret-parent-could-scrap-colorado-casino-plans\/\",\"name\":\"Rick\u2019s Cabaret Parent Could Scrap Colorado Casino Plans\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ricks-cabaret-parent-could-scrap-colorado-casino-plans\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ricks-cabaret-parent-could-scrap-colorado-casino-plans\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/Crazy-Horse-Too-strip-club-Las-Vegas.jpg\",\"datePublished\":\"2024-05-14T19:44:32+00:00\",\"dateModified\":\"2024-05-14T20:48:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Rick\u2019s Cabaret Parent Could Scrap Colorado Casino Plans.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ricks-cabaret-parent-could-scrap-colorado-casino-plans\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ricks-cabaret-parent-could-scrap-colorado-casino-plans\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ricks-cabaret-parent-could-scrap-colorado-casino-plans\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/Crazy-Horse-Too-strip-club-Las-Vegas.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/Crazy-Horse-Too-strip-club-Las-Vegas.jpg\",\"width\":736,\"height\":490,\"caption\":\"An image of a strip club. 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