FX Real Estate and Entertainment, a company that owns 18 acres of land at the southeast corner of Las Vegas Boulevard and Harmon Avenue, intends to construct an Elvis Presley-themed casino hotel there.
The parcel of land, known as the Park Central Property, is currently occupied by a motel and several commercial and retail tenants. FX's redevelopment plans call for entertainment, retail, commercial and residential components as well as the casino hotel.
FX Real Estate's CEO, Robert F.X. Sillerman, owns 85% of Elvis Presley Enterprises (Elvis' daughter Lisa Marie Presley owns the other 15%).
"We currently anticipate that the development of the Park Central Property will involve multiple elements that incorporate the Elvis Presley assets and theming," said FX Real Estate. "In addition, the license agreement with Elvis Presley Enterprises grants us the right to develop, and we currently intend to pursue the development of, one or more hotels as part of the master plan of Elvis Presley Enterprises."
FX Real Estate also plans to redevelop Graceland, the estate and mansion where Elvis lived, and surrounding areas in Memphis.
Elvis Presley isn't the only famous name owned by Sillerman. He also owns 80% of Muhammad Ali Enterprises, and FX Real Estate plans to build real estate and entertainment attractions branded with the name of the legendary boxer.
FX Real Estate, through direct and indirect wholly owned subsidiaries, owns 1.4 million shares of common stock in Riviera Holdings Corp., a company that owns and operates the Riviera Hotel & Casino in Las Vegas and the Blackhawk Casino in Blackhawk, Colo.