FX Eying Elvis-Themed Las Vegas Project
- Mar 25, 2008
The latest venture by media and entertainment mogul Robert F.X. Sillerman, FX Real Estate and Entertainment, has unveiled plans to develop the acreage it holds at Las Vegas Blvd. and Harmon Ave. in Las Vegas, in a filing with the Securities and Exchange Commission. The 17.72-acre parcel, known as the Park Central Property, is located at the southeast corner of that intersection, across Harmon from the Planet Hollywood resort and casino complex. FX Real Estate, according to the filing, plans to pursue a “hotel, casino, entertainment, retail, commercial and residential” development project on the Park Central Property. Currently the site is occupied by a motel and small variety of other commercial and retail tenants. In the filing, FX Real Estate also let it be known that the King of Rock ‘n’ Roll, and perhaps boxing legend Muhammad Ali, will figure into its plans for the property. The company’s subsidiary, FX Luxury Realty, has inked a licensing agreement with CKX Inc., which holds the rights to the name, image and likeness of Elvis Presley, as well as an 80 percent interest in the boxer’s name, likeness, and other trademarks, including the “Greatest Of All Time” slogan. “We currently anticipate that the development of the Park Central Property will involve multiple elements that incorporate the Elvis Presley assets and theming,” the filing noted. Besides its development in Las Vegas, the company also plans to develop at least one hotel as part of the master plan by Elvis Presley Enterprises Inc. to redevelop the Graceland property and other areas in Memphis. News of a new development on the Strip comes during a difficult time for Las Vegas. The housing market there has famously slowed to a crawl, and indicators for the hospitality business centered around the Strip are lately a little sluggish as well. According to the Las Vegas Convention & Visitors Authority, total hospitality occupancies in the city for 2007 averaged 90.4 percent, representing an increase of 70 basis points over 2006. The number of conventions held in the city, however, showed nearly stagnant growth of 0.1 percent in 2007 compared with 2006, and attendance to those conventions was down 1.6 percent between the two years.