Monday, December 7, 2009
Owner of Elvis Presley Enterprises Takes $$ Hit
Posted by John Branston on Mon, Dec 7, 2009 at 10:53 AM
Sillerman's plans to develop the area around Graceland have been stalled since they were announced shortly after acquisition by Sillerman's CKx company.
Robert Lipscomb, head of the Memphis Division of Housing and Community Development, said he had not heard anything from Sillerman that would make him think the plans for Graceland's surroundings have changed.
"The last thing we heard was that he was pulling away from Las Vegas and putting more emphasis on Graceland," Lipscomb said. The project is dependent on establishment of a tax-increment financing district (TIF).
The Wall Street Journal reported that Sillerman could lose $180 million on a hotel project in Anguilla and is in default on a $475 mortgage for casino hotel in Las Vegas. A Cirque du Soleil production, "Viva ELVIS," is scheduled to be unveiled December 15th at a Las Vegas casino, with Sillerman and Priscilla Presley attending. The unveiling was postponed in November and reset.
Sillerman told the newspaper he "exhibited an element of hubris" by getting into resort development, which is not his area of expertise. Sillerman owns the television franchise "American Idol."
Comments (8)
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There's always something happenng in the Elvis Presley world to set our hearts beating in trepidation.
Nevertheless Elvis's music continues to draw generation after generation to Graceland.
Perhaps Mr Sillerman and Memphis city needs to concentrate on the centre of attraction?
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Leave Graceland as it is, just clean up the Boulevard both sides of Graceland. Some of it looks really rough, just give the Heartbreak Hotel a revamp. I think it would spoil the atmosphere if it was turned into something featuring DISNEY OR LAS VEGAS.
I really agree with clarkie48, Mr. Sillerman just needs to focus on Graceland and its surroundings and it would very much take away from the Home Elvis Loved to make it like Disney or Vegas. That is Elvis Presleys' Home where he went to rest an relax. So if people want more excitement and a different type of Elvis activity let them go to Vegas. So leave Graceland as is just clean up the surroundings. If you took a vote I think everyone would agree with me, WHAT DO YOU SAY ELVIS FANS ??????
Sillerman owns freakin "American Idol"?? Can lose enough money to set him back?? Also, is that a misprint about the $475 mrotgage, are we missing a million or billion or something?
Anyway, I agree with you guys, the the home as it is, but clean the area around it that would be great.
agreed ,repair the Whitehaven area to the cozy beauty it once was ........leave Graceland alone ....after all ,it was Elvis' home ,then Lisa Marie's .......an even better thought ; consult LMP & go by her wishes for the home! But the area does need to be restored ,if for nothing else to keep the tourists coming to Memphis.......would you want to go to Disneyland in a crummy ,prostitute ridden environment?
As far as I know, from what I've heard through the media and the EPE website, there have never been any mention of any alterations or changes to Graceland or an addition of an amusement park or Vegas-style entertainment venues. I do recall that at one time, before the recession, there were plans to build a hotel with convention and meeting facilities. There were also plans to build new museum facilities on both sides of Elvis Presley. With the economic climate as it is today, I very much doubt that the feasibility exists in the very near future for such grand plans to come to fruition. Maybe a few years into the future....
it was good enough for elvis then
it is good enough now/leave it alone
still rockin @ 60
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