Group revises bid for Scores
Rick's Cabaret International of Houston, which operates 18 nightclubs and has shares traded on the Nasdaq Global Market, on Tuesday revised its offer for Scores-Las Vegas.
Scores Holding Co., which owns the strip club in Las Vegas, has been in bankruptcy since New York police operated a sting operation in January 2007 and allegations emerged that business "suffered or permitted" prostitution, according to Bloomberg News.
Rick's agreed to pay $21 million -- $12 million in cash, a $5 million convertible bond at 4 percent and a $4 million note at 8 percent.
Rick's was previously offering $16 million in cash and a $5 million convertible bond.
The closing date was changed for a third time to July 25, or within five days of obtaining permits to operate the club and assign the lease. The deal includes an option for the Houston company to buy 4.5 acres of land that the club occupies at 3355 Procyon St.
It would be Rick's first location in Las Vegas. Rick's shares closed Tuesday at $16.02, down 78 cents or 4.64 percent.
