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 Commission filing. New York-based FX Real Estate and Entertainment said the project, planned for an 18-acre site across from the City enter 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.
Posted: 28th. March 2008