Revenues Meet Expectations, Multiple Catalysts on the Horizon
Multiple Catalysts on the Horizon. Total revenues were essentially in line with our forecast, and we see an attractive runway for growth with at least 10 new locations contributing to revenues through FY24: (1) 4Q23: First full quarter of another Baby Dolls, the reopening of a closed club, and the opening of a new Bombshells, all in Texas; (2) FY24: Opening of two new clubs in Texas, three new Bombshells in Texas and Colorado, and two casinos in Central City, CO. Potential club M&A activity could provide additional upside. Please see the full report for our commentary on the latest sales update and our adjusted estimates...RCI Hospitality Holdings is a holding company. Through its subsidiaries, the company is engaged in the hospitality and related businesses. The company's reportable segments include: Nightclubs, which owns and/or operates adult nightclubs serving primarily businessmen and personnel, and also owns and operates a Studio 80 dance club; and Bombshells, which owns and operates restaurants and sports bars under the brand name Bombshells Restaurant & Bar. The company's subsidiaries own a media division, including the trade magazine serving the adult nightclubs industry and the adult retail products industry. The company also owns an industry trade show, an industry trade publication and various industry and social media websites.
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