The leading entertainment and gambling operator, RCI Hospitality Holdings, announced its plans to expand into the regulated gambling market in Colorado.
RCI Plans to Establish New Gaming Location in Central City
On Wednesday, the company revealed it completed the acquisition of a four-story, 30,000-square-foot building located at the heart of Central City in Colorado. The location, which lies in the heart of the downtown gaming district of the historic city was acquired by the company for some $2.4 million in cash from the city. Located on 130 Main Street, the new venue will likely be home to a dining and casino entertainment venue.
Details released by RCI Hospitality reveal that its subsidiaries plan to use the four-story building to open a new Rick’s Cabaret Steakhouse and Casino. Besides offering haute cuisine, the new venue is expected to offer gambling entertainment such as sports betting and casino gambling.
The latest announcement comes as no surprise, considering that Central City, along with Black Hawk and Cripple Creek are the three cities in Colorado where gambling is permitted. In fact, for the year until June 2022, slot machines in Central City alone saw $1 billion in wagers, bringing more than $80 million in adjusted gross proceeds.
“RCI subsidiaries have applied for a gaming license to operate 175 slot machines, six blackjack tables, one craps table, and one roulette table in Central City. This would add to RCI’s gaming revenue from clubs in Louisiana and Illinois,”
reads a statement released by RCI
The recent announcement about the closing of the acquisition of the building in Central City coincided with RCI’s subsidiaries’ application for a gaming license. The company revealed that its subsidiaries applied for a license to operate six blackjack tables, one craps table, one roulette table as well as 175 slot machines in Central City. Without any doubt, securing the location will bring invaluable revenue for RCI, complementing the company’s proceeds from Illinois and Louisiana.
Colorado Expands Gambling Market Offering
Colorado’s gaming market has been gradually expanding since the state legalized gambling in Black Hawk, Cripple Creek and Central City back in 1991. The state expanded the gambling options in 2020 by legalizing sports betting, while last year, all betting limits for the three historic mining towns were removed.
Currently, RCI Hospitality and its subsidiaries have a portfolio of more than 60 venues. The leading entertainment company through its subsidiaries operates different locations such as sports bars, restaurants and adult nightclubs.