This is a bigger company than it has ever been and another good club is coming very soon in NYC. The debt and CEO suck, but the personel at the individual clubs are making it happen. With a new CEO, this could jump 50% in a heartbeat.
A new CEO would spend less ... but he probably wouldn't run it as well. This seems like a tough business. Probably explains move into sports bars - which also seems like a tough business. I like Vivid's business actually ... make a movie and watch the cash roll in.