The company that owns the licensing rights to the name and image of Elvis Presley is continuing with plans to build a casino devoted to the King on the Las Vegas Strip, according to a Securities and Exchange Commisson filing. New York-based FX Real Estate and Entertainment said the project, planned for an 18-acre site across from the CityCenter development, hinges on whether the company can raise capital through debt and equity financing.
The development has a $3.1 billion price tag, not including land costs, financing and additional pre-opening costs, the filing said. FX declined to comment Wednesday beyond the filing. It told the SEC that it hoped to aim at the “upper strata of the luxury market,” and that design plans were in flux “in relation to the demands of the Las Vegas market.”
The project is scheduled to begin construction in the first quarter of 2009 with a completion date of late 2012, the filing said. First phase plans include an “Elvis-inspired” luxury hotel and casino and a separate hotel-condominium. FX will own and operate the 2,269-room hotel and 93,000-square-foot casino. A separate project, with 778 hotel rooms and 147 condominiums, will be operated by a joint-venture partner.
A 206,000-square-foot convention space, retail space, restaurants and showroom also is planned. Developers hope to tap into the market for Elvis-themed weddings with several wedding chapels, a bridal and flower shop, and wedding reception and banquet areas.
An interactive multimedia Elvis experience, a boutique and an Elvis memorabilia store are also planned for the project. FX has a licensing agreement with Elvis Presley Enterprises allowing the company to use the name and certain assets from the entertainer’s estate.
The company acquired the land through six separate transactions totalling $221.3 million, or $12.5 million per acre, between March 1998 and May 2005. The site is currently occupied by several retail store and restaurants, including the Harley-Davidson Cafe and Smith & Wollensky. It generated $21.4 million in revenue for FX mainly through rental income.
First Details On Elvis-themed Casino
March 28, 2008 | Other
Not long after the first details of the Elvis Las Vegas Resort leaked out, the map appeared on internet. It indicates exactly where "The E Resort" will be built: Right on the strip North of the MGM Grand, across the street from the City Center and South of the former Aladdin Hotel where Elvis and Priscilla married. If all goes according to plan, the Elvis Resort should be finished by 2012.
Jumpin Jehosaphat wrote on
March 28, 2008
Elvis is Dead and no matter how hard they try they cant bring him back, well yes maybe they can as a Circus clown on the Strip where he never performed. He appeared at the Hilton which was off the strip. and the Pioneer at the other end which is now NOT a nice place.
JerryNodak wrote on
March 30, 2008
If you build it, they will come. The King is dead. Long live the King.
Brian Quinn wrote on
March 31, 2008
Great News. The future is certainly looking up for The King. It's almost worth moving to Las Vegas!!
Paul Reno wrote on
April 01, 2008
I'm pleased they are investing in Elvis. It can only be good for record releases and other projects - hopefully, the so-far unreleased last Elvis TV Special may see a DVD project eventually. This can only generate more fans, which to me sounds great.