Tuesday, Apr 12, 2011    Text size: 

LAS VEGAS — Rick's Cabaret International Inc. said Tuesday that it has "sharply reduced" operations at its 25,000-square-foot, two-level Las Vegas location and is seeking a buyer for the off-strip 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,” Rick’s Cabaret CEO Eric Langan said.

Las Vegas has been clobbered by downward spiraling housing prices, gambling revenue and employment in recent years, and it has barely been able to regain traction — a reason many entertainment venues, adult and mainstream, have gone dark.

Langan said that the company's move will result in a "top-line revenue decline" for the company and that it will make use of potential future tax benefits.

The club, which opened in 2006, is located at 3355 Procyon St. in Las Vegas and offers three stages, as well as a mezzanine "Sky Lounge."

Rick's Cabaret operates 22 upscale nightclubs, including sites in New York City, Miami, Philadelphia, New Orleans, Charlotte, N.C., Dallas, Minneapolis and Houston.