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No Elvis Casino In Las Vegas

July 28, 2009 | Book

Bob Sillerman, the billionaire entertainment mogul who owns the rights to Elvis Presley's Graceland, Muhammad Ali and a big share of Simon Fuller's hit TV show "American Idol," is getting out of the real-estate business after losing hundreds of millions of dollars on just two failed projects.

"I think I have shown conclusively that I am not knowledgeable enough about the real-estate business," Sillerman told The Post in an exclusive interview. "I think I should leave it to other people to pursue."

Sillerman's decision comes amid a flurry of lawsuits surrounding the construction of one of the two projects -- a luxury golf course and resort on the Caribbean island of Anguilla. "The plans for the Elvis Presley Hotel and casino have been cancelled," Kanavos said. "Las Vegas is in a depression and I do not think there will be any need for additional hotel rooms in the city for at least the next five to seven years," according to FX Real Estate CEO Kanavos added.

Source:Elvis Unlimited
MarkJ wrote on July 28, 2009
Not surprising considering how bad the economy is these days, especially in Vegas where some casinos are empty. Sillerman needs to focus on Graceland and clean it up and create a safer environment or it too will be over. Crime is said to be getting bad there around the home.
elvis1279 wrote on July 30, 2009
I agree. I do not want to see an Elvis project started and then scrapped. It was bad enough that it happened with the Elvis themed restaurant on Beale Street a few years ago. Take it easy for now.
Brian Quinn wrote on July 30, 2009
I totally agree with ElvisCircle. Bob Sillerman is the best thing that has happened to the Elvis Legacy. We rely on such entrepreneurs to further the Elvis cause throughout the world.