Originally Published: June 10, 2009, 04:50 AM

Elvis has Left the Building

Posted By Diego | Casino-News News | June 10, 2009, 04:50 AM |

Funnily enough, decades after his death, he is also still seen everywhere. The last reported sighting puts the King at a Wendy’s in Ohio. I guess PB-n-banana sandwiches are on the 99-cent menu.

You’ll also find plenty of Elvis-tastic memorabilia in Las Vegas, Nevada, where the King kept both himself and the crowds entertained during his latter years. As a way to pay homage to Elvis, and to make a lot of money at his expense, investors had planned on building an Elvis-themed casino on the Strip. Unfortunately, this plan was also found dead on the bathroom floor.

Elvis is also one of the most famous philanthropists of all time. He purchased more Cadillac’s—just to give them away—than the entire mafia combined. So, these latest happenings over the property once set to bear his name have to leave the King turning over in his grave (supposedly!).

Last Friday, three first-lien lenders filed a lawsuit against FX Real Estate and Entertainment Incorporated-controlled entities in regards to $475 million in defaulted loans on the property. FX, as any big real estate mogul would, is claiming that they are the rightful owners of the land. The lenders filing the lawsuit, however, feel otherwise. And on goes the business of doing right by Elvis.

What the lenders want is simple: control of the land. What the corporations want is common: to not give it up. Here we have a classic Vegas standstill on production of a casino. The lenders’ claims of being owed $259 million on a $280 million loan are quickly met with claims from FX that the property is only worth $219.

Due to financial crisis in America, FX is nearing bankruptcy. They have had to wave their rights to use Elvis’ name earlier this year. So even if they could keep the land, they wouldn’t be able to build their desired casino on it. Simply put, the real estate company simply doesn’t want to give the money back.

The lenders will most likely be hung out to dry. After FX files for bankruptcy, they won’t have to repay the loans. Somebody had a good Christmas, for sure. For everyone else, if you want an Elvis casino, the closest you’ll come is playing Jailhouse Rock on your iPod and stopping in at one of the web’s many <online casinos, making sure to curl your lip for effect.

Embed Funnily enough, decades after his death, he is also still seen everywhere. The last reported sighting puts the King at a Wendy’s in Ohio. I guess PB-n-banana sandwiches are on the 99-cent menu.<br /><br /> You’ll also find plenty of Elvis-tastic memorabilia in Las Vegas, Nevada, where the King kept both himself and the crowds entertained during his latter years. As a way to pay homage to Elvis, and to make a lot of money at his expense, investors had planned on building an Elvis-themed casino on the Strip. Unfortunately, this plan was also found dead on the bathroom floor.<br /><br /> Elvis is also one of the most famous philanthropists of all time. He purchased more Cadillac’s—just to give them away—than the entire mafia combined. So, these latest happenings over the property once set to bear his name have to leave the King turning over in his grave (supposedly!). <br /><br /> Last Friday, three first-lien lenders filed a lawsuit against FX Real Estate and Entertainment Incorporated-controlled entities in regards to $475 million in defaulted loans on the property. FX, as any big real estate mogul would, is claiming that they are the rightful owners of the land. The lenders filing the lawsuit, however, feel otherwise. And on goes the business of doing right by Elvis.<br /><br /> What the lenders want is simple: control of the land. What the corporations want is common: to not give it up. Here we have a classic Vegas standstill on production of a casino. The lenders’ claims of being owed $259 million on a $280 million loan are quickly met with claims from FX that the property is only worth $219. <br /><br /> Due to financial crisis in America, FX is nearing bankruptcy. They have had to wave their rights to use Elvis’ name earlier this year. So even if they could keep the land, they wouldn’t be able to build their desired casino on it. Simply put, the real estate company simply doesn’t want to give the money back. <br /><br /> The lenders will most likely be hung out to dry. After FX files for bankruptcy, they won’t have to repay the loans. Somebody had a good Christmas, for sure. For everyone else, if you want an Elvis casino, the closest you’ll come is playing Jailhouse Rock on your iPod and stopping in at one of the web’s many <<a href=http://www.casinotop10.net>online casinos</a>, making sure to curl your lip for effect. </p><br /><a href='http://www.lucky-sports.net'>Lucky Sports</a> | <a href='http://www.lucky-sports.net/Casino-News/Elvis-has-Left-the-Building'>Elvis has Left the Building</a>