June 21, 2025

— Jeff Ward, Lehigh Valley News Briefs

Platinum Plus Allentown, a “gentlemen’s club” (strip club) has been acquired for $2 million, according to RCI Hospitality, a publicly traded owner of “adult nightclubs” and sports bars.

Platinum Plus is at 1251 Airport Road. Its website notes beer specials and champagne suites, bachelor parties and “SIN Sundays.” In this case, the SIN means “service industry night” employees.

Houston-based RCI (NASDAQ:RICK) said the purchase price includes $1.5 million cash and $0.5 million seller financing at 7%.

Shares in RCI last traded Friday at $39.47. The company say it owns more than 60 locations. It has a market capitalization of $347 million.

The company’s mission: “Building a portfolio of well-managed, high cash-flowing nightclubs and sports-bar restaurants.”

Here’s a cut-and-paste version of the statement announcing the completion of the deal:

RCI Announces Acquisition of Platinum Plus Gentlemen’s Club in Allentown, PA

HOUSTON–(BUSINESS WIRE)–RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced closing on the acquisition of the upscale Platinum Plus Gentlemen’s Club in Allentown, PA, minutes away by car from the airport in Allentown and the casino in Bethlehem.

The purchase price totaled $2.0 million, consisting of $1.5 million cash and $0.5 million seller financing at 7% for the club. The purchase price is in line with RCI’s acquisition valuation target of 3-5x annualized adjusted EBITDA for a club. Separately, a long-term lease was signed for the property.

Eric Langan, President and CEO of RCI Hospitality Holdings, Inc., commented: “This is the sister club to the recently announced acquisition of Platinum West in South Carolina and the third club purchase since the recent launch of our 5-Year ‘Back to Basics’ Capital Allocation Plan.”

“Platinum Plus is a well-established business with a seasoned management team. The club adds to our six other locations in the Northeast states and should benefit from our marketing, purchasing and systems know-how.”

Mr. Langan added that executive management of the two Platinum clubs will stay on to ensure a smooth transition and look for new club acquisitions.

The 15,000 square foot Platinum Plus is located at 1251 Airport Road, Allentown, PA 18109. The club is open Monday through Saturday from 11:00 a.m. to 2:00 a.m. and Sunday from 4:00 p.m. to 2:00 a.m. Visit https://platinumplusallentown.com/.

About RCI Hospitality Holdings, Inc. (Nasdaq: RICK) (X: @RCIHHinc)

With more than 60 locations, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in adult nightclubs and sports bars-restaurants. See all our brands at www.rcihospitality.com.