Rick's Cabaret International RICK said today it has sharply reduced operations at its Las Vegas location in order to eliminate losses as it seeks a buyer for the property.
"We have done everything possible to make this location viable since its
acquisition in 2008 and we now believe it is in our shareholders' best
interests not to continue these efforts," said Eric Langan, President and
CEO of Rick's Cabaret. "We do not believe the Las Vegas market itself will
return to its former strength in the near future, and thus it is more
logical for us to use our financial and management resources to focus on
viable acquisitions and grow our other properties. While the curtailment of
operations in Las Vegas will result in a top-line revenue decline for the
company, the bottom line benefit will be immediate, and we will make use of
potential future tax benefits."
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