Home Add to Favorite Contact Submit  
           29 March, 2024


    
Category:  Press » Real Estate

 

CKX's Affiliate, FX Luxury Realty, Acquires Remaining 50% of Park Central Property in Las Vegas, Now Has Complete Ownership

Popularity:
         Views: 1673
2007-07-10 10:24:47     
CKX, Inc.

CKX, Inc. (Nasdaq: CKXE) announced today that FX Luxury Realty LLC has acquired the 50 percent it did not own of the Park Central property, a 17.7-acre lot located on Las Vegas Boulevard in Las Vegas, Nevada. As a result of this purchase, FX Luxury now owns 100 percent of the Park Central property. The purchase was completed on the previously disclosed terms, with the $180 million total consideration paid in cash from borrowings and cash on hand. FX Luxury Realty has previously announced its plans to pursue a retail, hotel, casino, commercial and residential development project on the Las Vegas property.

For more detailed information please see CKX's Current Report on Form 8-K, which was filed today and may be obtained at the Company's website at http://www.ckx.com as well as at the SEC's web site at http://www.sec.gov.

A registration statement relating to FX Luxury securities will be filed with the Securities and Exchange Commission. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About CKX, Inc.

CKX, Inc. is engaged in the ownership, development and commercial utilization of entertainment content. To date, the Company has focused on acquiring globally recognized entertainment content and related assets, including the rights to the name, image and likeness of Elvis Presley; the operations of Graceland; the rights to the name, image and likeness of Muhammad Ali; and proprietary rights to the IDOLS television brand, including the American Idol series in the United States and local adaptations of the IDOLS television show format which, collectively, air in over 100 countries around the world. On June 1, 2007, CKX entered into a merger agreement with 19X, Inc., a private company owned and controlled by Robert F.X. Sillerman, Chairman and Chief Executive Officer of CKX, and Simon R. Fuller, a director of CKX and the Chief Executive Officer of 19 Entertainment Limited, a wholly- owned subsidiary of CKX, that will result in the sale of CKX to 19X at a price of $13.75 per share in cash. The merger agreement also requires CKX to distribute half of its ownership interest in FX Luxury Realty LLC to its stockholders. On June 18, 2007, CKX distributed that half of its FX Luxury equity into trusts for the benefit of its stockholders, which equity will be paid to CKX stockholders shortly following registration of such shares with the Securities and Exchange Commission. For more information about CKX, Inc., visit its corporate website at http://www.ckx.com.

About FX Luxury

FX Luxury owns, through its wholly owned subsidiaries, 17.72 contiguous acres of land located at the corner of Harmon Avenue and Las Vegas Boulevard in Las Vegas, Nevada, (the "Park Central Property"). FX Luxury intends to pursue a retail, hotel, commercial and residential development project on the Park Central Property. In addition, FX Luxury will pursue similar real estate and attraction-based projects throughout the world, including the development of one or more hotels nearby or contiguous to the Graceland property in Memphis, Tennessee.

In addition to its interest in the Park Central Properties and its plans with respect to a Graceland-based hotel, FX Luxury directly and through subsidiaries, holds 836,588 shares of common stock, par value $0.0001 per share in Riviera Holdings Corporation (Amex: RIV), a company that owns and operates the Riviera Hotel & Casino in Las Vegas, Nevada, as well as a 50 percent-economic interest in an option to acquire an additional 1,147,550 Riviera shares at a price of $23 per share. On May 16, 2007, Riviera Acquisitions Holdings, a 57 percent-owned subsidiary of FX Luxury, made an offer to acquire the remaining outstanding shares of Riviera at a price of $34 per share. The closing price of Riviera shares on the American Stock Exchange on July 6, 2007, was $36.01 per share.

Specialized in: Fx Luxury Realty
URL: http://ir.ckx.com
Print press release      Bookmark this page
Related Press releases 
Real Estate Worldwide (REWW) Launches Real Market Experts to Help Real Estate Investors Better Establish Themselves in Their Local Communities (Popularity: ): La Jolla, California - July 01, 2016 -- Real Estate Worldwide, a market leader in real estate education and marketing software, with offices in Scottsdale, Arizona and La Jolla, California, recently launched Real Market Experts, a suite of web services designed specifically for real estate investors. The brainchild of Kent Clothier, CEO and President of REWW, Real Market Experts helps real estate investors establish more of a digital footprint in ...
Evergrande Continued to Rank No.1 Among the TOP 10 Mainland Real Estate Enterprises Listed in Hong Kong (Popularity: ): BEIJING, June 9, 2012 -- On June 9, "China Real Estate TOP 10 Research Group" released the Research Report on the 2012 Chinese TOP 10 Listed Real Estate Enterprises in Beijing, which was jointly released by the Enterprise Institute of Development Research Center of the State Council, the Real Estate Institute of Tsinghua University and the China Index Academy, one of the most authoritative research reports on the real estate ...
Pure Industrial Real Estate Trust Closes $70.2 Million Transaction (Popularity: ): VANCOUVER, June 8, 2011 - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced the successful closing of a portfolio of income producing industrial properties for a total purchase price of $70,145,000The portfolio consists of twenty properties, with a total rentable area of 832,000 sq.ft., and is located in the Greater Toronto Area (80%), Edmonton (16%) and Calgary (4%). The properties are located at major industrial ...
Formation Capital Announces New CEO (Popularity: ): ALPHARETTA, Ga., April 1, 2011 -- Formation Capital (Formation), a leading investor in the seniors housing and health care industry, today announced the hiring of Brian Beckwith as Chief Executive Officer, effective April 18, 2011. Mr. Beckwith joins from GE Capital where he had been Senior Managing Director of GE Capital's Healthcare Financial Services - Real Estate team, a business with investments totaling $7 billion. In his 13 years with ...
Renters Insurance Is a Must as Winter Weather Rolls in (Popularity: ): With winter months ahead, renters should make certain they have a contents insurance policy that covers fire damage. According to the US Fire Administration, residential fires are more prevalent in winter months than in spring or summer months. A residential fire can completely destroy a home and all of its contents. RentersInsurance.net discusses the importance of having a comprehensive policy. Residential fires are more common in winter months partly because ...


Related Business 
Real Property Management (Popularity: ): Real Property Management NW Las Vegas is the premier Las Vegas property management company. We are an individually owned and operated National franchise. Our specialty is residential rental property in the greater Las Vegas area, including North Las Vegas, Henderson, Summerlin, Centennial Hills, Southwest and the surrounding areas.
Las Vegas Houses For Sale (Popularity: ): Search and find Las Vegas real estate listings and Las Vegas luxury homes for sale at LVRealty4Sale.com. Contact Las Vegas Realtor Michael Bondi today for your best buying and selling opportunities. 702-768-2552.
Las Vegas Nevada Homes, Real Estate (Popularity: ): Realty Executives is expert realtors that serves MLS, home rental, relocating, property management, financing, home buying and selling services in Nevada and Las Vegas.
Las Vegas Real Esate (Popularity: ): Millie Fine - Universal Realty. Specializing in residential real estate and those individuals moving into the Las Vegas valley. Las Vegas, Nevada is a wonderful place to live as well as visit. Included in these pages are over 200 photos that I have taken of the various areas and communities.
Las Vegas Hotel Reservation (Popularity: ): Las Vegas is the most populous city in Nevada, United States. Popular as a holiday destination, Las Vegas lives up to its reputation in every respect. Las Vegas is served by McCarran International Airport and Las Vegas Airport, located in North Las Vegas or by road a few hours' (about 480km) drive from Southern California.
Las Vegas Clubs (Popularity: ): Hip Las Vegas, discover what’s Hip in Las Vegas.introduces the hip and cool Las Vegas Hotels, Las Vegas VIP, Las Vegas Clubs, Las Vegas shows and the hippest Las Vegas reservations in Vegas on
Las Vegas High Rise Condos (Popularity: ): If you are a buyer,seller,investor looking for a great deal or just want to get more information about Las Vegas Real Estate: Luxury High Rise Condos, Luxury Homes and Estates, Luxury Penthouses, Vegas Condos and Townhomes, Houses for Sale or Investment opportunities you arrived in the right place!
House For Sale In Berlin (Popularity: ): Premium Immobilien Sotheby’s International Realty offers a very wide portfolio of luxury property for sale or Luxury property for rent in Germany. Hamburg Sotheby’s International Realty is working throughout the region, offering nothing buy the best when it comes to luxury property.
Get Married By Elvis In Vegas (Popularity: ): Book Jesse Garon, THE Vegas Elvis for your wedding or event in Las Vegas. Jesse Garon is the first Elvis Impersonator in Las Vegas ever to bestowed the honor to solemnize and conduct weddings and renewals in Las Vegas! Jesse is also the Official ELVIS of Las Vegas according to Las Vegas Mayor Oscar B. Goodman has done more Elvis weddings and ceremonies than any other ELVIS in the World!
Hotels In Las Vegas (Popularity: ): Casinos, naturally, continue to draw tourists to Las Vegas. From penny slots to high-stakestable games in private salons, you’ll find it here. But there’s much more to Las Vegas than gambling. Our weekend itinerary highlights attractions of a different sort, from the choreographed fountains at the Bellagio to the Liberace Museum. Las Vegas is also surprisingly family-friendly.