The Elvis-themed resort planned for the Las Vegas Strip may not become a reality. A group of investors who had planned to build the resort on the 18 acres across from CityCenter could be forced to sell their property because of a default on a $475 million mortgage loan.
New York-based FX Real Estate and Entertainment said its lenders informed the company on April 9 of the bank’s intention to sell the land “to satisfy the principal amount…owed to them under the mortgage loan and secured by the property.”
FX said it would not be able to resolve the default issue by the May 18 deadline and “is considering all legal options, including bankruptcy proceedings” to prevent the sale of the property.
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