SILLERMAN’S ELVIS PROJECT IN TROUBLE
New York billionaire Robert FX Sillerman is backing away from an ambitious Elvis-themed resort across the $9-plus billion City Center. Sillerman, in a Security Exchange Commission filing on Monday,indicated it is "unlikely" that his orginal Las Vegas plan will proceed.
"As a result of the dislocation and turbulence in the capital markets," the filing said,"the Company is reviewing its originally proposed program for the redevelopment of its Las Vegas properties.
"While no definitive determination has been made by the Company, it is unlikely that the program originally proposed will be undertaken. The Company intends to continue the properties’ commercial leasing activities pending any such definitive determination."
When he announced his Elvis plans for Las Vegas 2 1/2 years ago, Sillerman indicated it would involve an interactive museum and Elvis theme show on the site, which stretches from the Harley-Davidson Cafe to Smith & Wollensky steak house along Las Vegas Boulevard.
Sillerman paid $100 million to the Presley family in 2005 for control of Elvis' name and likeness, but not his music.
There have been hints that Sillerman also planned an Elvis hotel on The Strip, but that may be a case of "Heartbreak Hotel."
City Center will feature a Cirque du Soleil Elvis show.
--NORM CLARKE, Vegas Confidential
