“Everybody wants to party.” That’s how Eric Langan, the CEO, president, and chairman of the board of, the only publicly traded company that owns gentleman’s clubs, describes the state of his business today. Pandemic? Fuggedaboutit. Two years of dark news, quarantining, and masks have resulted in a surge of consumers who want to go out and have fun. The strip club business may not be pandemic proof, but according to Langan, it’s pandemic resistant.
You might not have heard of RCI Hospitality Holdings, which trades on Nasdaq under the symbol RICK, but you may have heard of its establishments, which include over forty strip clubs and restaurants. Among its gentleman’s clubs are Rick’s Cabaret and Vivid Cabaret in New York City; Club Onyx, which has outposts in Houston, Charlotte, St. Louis, and Indianapolis; and Tootsie’s Cabaret in Miami.
“They’re having fun,” he notes of the twenty-something to forty-something customers who are frequenting his establishments. “They’re way more into experiences than things. They want human interaction. They want to be seen. They want to be heard. They want to flex in front of their friends. It’s about being out and feeling like you’re somebody.” The pandemic isolated people, restricted their freedom, kept them apart. “This is just a retaliation against that lack of freedom,” he observes.
So, how do you pry the young men whom comprise his customer base off their sofas, away from their Netflix shows, out of their homes and into his clubs and restaurants to spend their money? Thanks in part to Langan’s son Colby, the company’s director of administrative operations, who introduced his father to NFTs, “the crypto world,” and web3, RCI Hospitality Holdings is strategically employing a series of tech-focused initiatives.
Source: News Formal (newsformal.com)
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