Elvis may have left the building, but his star power is still growing.
Elvis Presley Enterprises parent company CKx Inc. released its annual report Tuesday, which showed a 34.6 percent increase in Presley royalties and licensing revenue.
The Presley business segment of CKx brought in $24.473 million in royalties and licensing revenue in 2009, compared to $18.186 million in 2008.
Attendance at Elvis’ Memphis home was also up in 2009. 542,728 people went to Graceland in 2009, a 1.2 percent increase compared to 536,196 in 2008.
Revenue from Graceland’s operations fell slightly to $36.124 million in 2009, a 1.6 percent drop compared to $36.713 million in 2008.
CKx also noted in the report that its planned, $250 million redevelopment initiative for Graceland and the surrounding area would need some retooling. It has been short on specifics for its redevelopment plan since it began acquiring land surrounding the deceased star's Whitehaven mansion.
“The company has determined that there is a strong likelihood that the original preliminary design plans may require significant modifications or abandonment for a redesign due to the current economic conditions and a lack of certainty as to exact scope, cost, financing plan and timing of this project,” according to the report.
Another wrinkle in the redevelopment effort is the recently terminated relationship between CKx and FX Real Estate and Entertainment Inc. The two companies entered into an agreement in 2007 that would grant FXRE the exclusive right to own, develop and operate Elvis-themed hotels, casinos and other real estate-based projects. The relationship officially dissolved earlier this month when FXRE failed to make its annual $10 million guaranteed royalty payment, according to CKx’s report.
FXRE originally was set to develop one or more hotels at Graceland as a piece of the redevelopment project.
CKx wrote off $900,000 in deferred costs related to preliminary design work for the redevelopment, but also said it “remains committed to the Graceland redevelopment and will continue to pursue opportunities on its own or with third parties.”
CKx, through a partnership with Cirque du Soleil, recently opened a permanent live theatrical show based on the life, times and music of Elvis. The show, presented at the new Aria Resort and Casino on the Las Vegas strip, opened performances in February.
New York-based CKx (NYSE: CKXE) maintains an 85 percent ownership in Elvis Presley Enterprises.
Very good news. Once the economy recovers then back to the drawing board for a revatalised Graceland development.
That is great news, it proves that Elvis still sells.
Maybe this good news helps others (EoT producers a.o.) to realize the potential of valuable Elvis products!
It shows that cups, shirts, topilet paper sells good - everything with Elvis name on it. It has nothing to do with his music. I don't want another limited edition teddy bear collection or other crap. Real Elvis is in his music.
Yes Jerry 79 indeed; that's why I mentioned valuable Elvis products!
Just think how much money they'll make when we get the remix of Elvis with Susan Boyle. I can't wait as it will bring Elvis to a whole new audience. Subo and The King - a marriage made in Heaven, eh Brian? Then there's all the money they'll make from the Circus show with men in tights dancing to Elvis's music. Great stuff.
With Elvis the bottom line is the buck. Nothing has changed.
The big new Elvis releases over the next two years will be (1) The Cirque Du Soleil CD and (2) Elvis Duets CD. The former will be Elvis tracks remixed and the latter will be duets with major artists/groups/instrumentalists. There will also be single releases from these albums. Both will bring Elvis' backings completely up to date with modern sound and I can't wait. The Graceland grounds and area surrounding will be completely transformed and the Elvis In Concert Tour will continue to bring in big bucks. Things are, at long last, looking up for Elvis' legacy and yes, Harvey, perhaps a Susan Boyle, Lady GaGa or Beyonce duet could well be in the pipeline. Bring it on - more chart success for THE KING.
The Men in Tights Vegas show will vanish before it gets too far, and the Duets CD will fail as did the Christmas duets shambles. In the meantime I'll continue listening to Elvis's real legacy - the music he left behind, in its original form. I don't need updated backgrounds or duets with here today, gone tomorrow nobodys who aren't fit to clean The King's shoes. What Elvis left behind is perfect as it is. No need to add anything to it, thank you very much.
There is no doubt, the music is what is the most importance with Elvis' legacy. However, I enjoy the fact that new fans are coming into the fold because of a trip to Graceland, seeing Elvis Presley in concert, buying a rubber duck, or any of the other promotional things that are now available.
Elvis was big business and he continues to be big business.
I'd rather see someone get into Elvis via his music than rather buying a rubber duck after a trip to Graceland. Be it via duets or a remix CD, it will still be Elvis singing an original track along with another artist. That may prompt that buyer to purchase some back catalog. Its a no brainer. Now I hope they dont do it with the likes of Beyonce or hip-hop artists but who knows. It will sell if promoted properly. I don't think the Christmas Duets a great CD but a failure? I think it did quite well on the charts and still got Elvis some rare airplay here in New York last year, so by that account it was a success.
I just want folks to get into Elvis' music, no matter how they do it. The Christmas CD was a success, no doubt.