Cincinnati-based Dance Clubs Inc. announced Tuesday it has secured a $2.5 billion investment from investors including Sequoia Capital and Pershing Square Capital.
The investment includes $1.9 billion in cash, including $500 million of its own, as well as the purchase of more than 500 dance clubs across the region.
The investment comes just days after the city approved a new ordinance requiring dancers to wear a dance uniform that is “comfortable and practical,” according to the Cincinnati Business Courier.
Cincinnati’s dance clubs will be required to have at least one dance floor and will be exempt from noise and noise pollution laws, which would be effective for the next 30 years.
The new ordinance also extends citywide rules prohibiting commercial establishments that offer free or discounted parking from parking on sidewalks and curb islands, which will make it more difficult for dance clubs to compete.
The new law, which went into effect July 1, will also require dancers to pay for their own uniforms, which could cost upwards of $500 a year.
This new law also mandates that dance clubs that have a dance floor be at least three times the size of a club that only offers one, which the city says is a much higher barrier for dancing clubs to survive.
A dance club owner who was not named in the announcement was quoted in the Courier as saying the city will help to ensure dancers and clubs have a safe environment.