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50% Stake in 18 Acres on Strip Fetches $180M

LAS VEGAS-FX Luxury Realty LLC now owns 100% of a 17.7-acre lot at Harmon Avenue and Las Vegas Boulevard that is envisioned as an Elvis-themed gaming resort.

By Brian K. Miller | Updated on July 10, 2007

LAS VEGAS-FX Luxury Realty has paid $180 million for the 50% interest it did not already own in 17.7 acres fronting the east side of the Las Vegas Strip immediately south of Harmon Avenue. The interest was acquired from Africa-Israel Investments Ltd. An Elvis-themed resort is expected, if not a sure thing.

In addition to the land, FX Luxury Realty, directly and through subsidiaries, owns an interest in Riviera Holdings Corp., owner and operator of the Riviera Hotel & Casino on the Strip, as well as an option to acquire an additional interest. FXLR also owns a 57% stake in Riv Acquisition Holdings, which has offered to acquire the remaining shares of Riviera Holdings Corp. for $34 apiece.

In June, a 50% stake in FXLR was acquired for $100 million by publicly held CKX Inc., which owns the rights to the name, image and likeness of Elvis Presley and Muhammad Ali, and proprietary rights to the American Idol television series. Also that month, CKX agreed to be acquired for $13.75 per share by 19X Inc., a private company owned and controlled by CKX chairman Robert F.X. Sillerman and CKX director Simon R. Fuller, who is also CEO of CKX subsidiary 19 Entertainment Ltd.

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