Recession Casualty: Elvis Evicted From Las Vegas

The recession is hitting many people and places hard.  Las Vegas is among the hardest hit and this week came the shocking news that Elvis Presley (a Vegas icon for years) is now being evicted.

According to the Las Vegas Review Journal, a group of investors who had planned on creating a $475 million Elvis Presley-themed resort on the Strip could be forced to sell the property.  The reason: 

A licensing agreement between New York-based FX Real Estate and Entertainment and Elvis Presley Enterprises was terminated in early March when FX failed to make a $9 million annual payment.

"The company generated $19.5 million in revenue in 2008, most in rent from businesses operating on the property. The company announced in September it was abandoning plans for a Elvis-themed resort due to the "dislocation and turbulence in the capital markets."

"The company also announced it was voluntarily delisting from the Nasdaq National Market after falling below the required $10 million in stockholders' equity level.

"FX has had its stock price fall from its initial offering date high of $10.02 per share on Jan. 10, 2007, to a low of 5 cents per share on March 5.

"Shares closed Tuesday at 16 cents per share, giving the company a market capitalization of $8.4 million."