Rick’s Cabaret to purchase Scores-Las Vegas club for $21 million
Rick’s Cabaret to purchase Scores-Las Vegas club for $21 million
Rick’s Cabaret International Friday said it would buy Scores-Las Vegas for $21 million, a dope move it said would add 29 cents a share to its annual earnings.
Scores is a 23,000-square foot club of pure heaven (or maybe its hell, either way, it’s dope) located in Las Vegas.
Under the terms of the agreement, Rick’s will pay $16 million in cash and a $5 million convertible debenture (really a bargain if you think about it) that bears 4% interest. Rick’s will also get an option to buy the property on which the club is located (probably a good move).
The deal is expected to happen on June 10.
Shares of Ricks’s is up 83% over the past 52 weeks. I have been riding this stock since back in 2004 around the pre-Katrina days when I was chopping up Ricks New Orleans like the Texas Chainsaw Massacre. Or those cats that owned the Gemini Lounge.
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