Graceland redevelopment plans scaled back
Posted: Friday, March 11, 2011 8:01 pm
By ADRIAN SAINZ
MEMPHIS (AP) — The owner of Elvis Presley Enterprises is scaling back plans to redevelop the Graceland attraction due to a difficult economic climate.
CKx Inc. said in a Securities and Exchange Commission filing Wednesday that expanding the visitors center and adding new attractions and shops and a new hotel would take several years and substantial financial investment.
The filing also said expenses for operating Graceland rose last year due to increased professional and legal fees “primarily related to a master plan initiative in 2010 that has been postponed.”
CKx CEO Michael G. Ferrel tells The Associated Press that the company is currently making plans to build a new Heartbreak Hotel and that the other parts of the previously studied redevelopment would happen in “incremental steps,” depending on the economy.
Published in The Messenger 3.11.11