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| Above, Elvis Presley's Graceland mansion in 2016. Photo by Armand Vaquer. |
Elvis Presley's Graceland complex has had a shortfall in visitors during the pandemic years and missed a few debt payments.
The revamp of the complex also put Graceland in the red. But things have turned around and the operators have caught up and made all debt payments.
From Yahoo! Finance:
(Bloomberg) -- Elvis Presley’s fans are breathing life back into Graceland, the singer’s 120-acre Memphis estate that’s been preserved in his honor. The uptick in attendance has allowed its operators to make up some missed debt payments.
Borrowers now have enough funds to make a full payment of July interest after an earlier shortfall, according to a regulatory filing by the trustee on Friday. The bonds were issued to help fund an overhaul of the complex, which its owner says is the second-most-visited private home in the US, after the White House.
The Graceland complex got a revamp a few years ago, adding a hotel and new museum complex featuring the singer’s jumpsuits and private jets. But like other attractions, Graceland suffered a plunge in visitors as the pandemic halted tourism, leaving a shortfall in funds needed to make bond payments. Things seemed to turn around as attendance rose to 133,627 in the third quarter of 2022, up from 68,961 in the last part of 2021, according to bond documents. Hotel occupancy and room rates climbed during the period as well. But numbers from the third quarter of this year dipped a bit, with 130,497 visitors.
I last visited Graceland in November 2016, before the complex across the street opened.
To read more, go here.
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