I was looking up on the FAQ section on Elvis.com and this should answer the question of why outtakes are not release. Some members thinks that EPE has something to do with Elvis movies from Love Me Tender to Elvis On Tour. Well, I tell them that the movies are not owned by EPE but the movie companies that owns them. I highlighted major parts of the answer from Elvis.com. Please read the following from Elvis.com:
Will there ever be a video/DVD release of out-takes from Elvis' movies?
We don't know. We certainly hope so. But, ultimately, it's not up to Graceland/EPE.
We do not own Elvis' movies and do not decide what is released from them. The various movie companies do. We have always liked the idea of a collection of Elvis movie out-takes being released or a collection of his best musical performances in movies. Whichever movie company or companies wanted to do something like that with their Elvis footage would need our approval to do a new project beyond the parameters of their original contract with Elvis. They would get our full cooperation and we have certainly made the suggestion when we've had the opportunity. It would be wonderful for the fans and wonderful new attention for Elvis' film career. However, while Elvis is our number one priority and he is his fans' number one priority, that's not necessarily the case with the film companies. They have hundreds of different films in their catalogs to deal with.
The out-take footage you hope to see might not even exist. Years ago, before Hollywood became as archival and preservation-oriented as it is now, it was common for footage left over after a film's final edit to be thrown away. Part of the reason was the high cost of film storage space. To do the research and digging to find out what Elvis movie out-takes might exist from decades ago would require a huge commitment of time, effort and financing. The film companies would have to be confident that they could recoup their investment through sales. They would most likely feel that a film like this would be of interest mostly to serious Elvis fans and not mass amounts of the general public. Also, there's the possibility that all the time, effort and financing to do the research would be spent only to find that there was little or no existing footage to work with. Of course, there are many other reasons that the film companies do or don't do something. This is just our effort to offer some insight into some of them. Also to help clarify that Graceland/EPE is not the reason this material, if it exists, isn't in release.
srj-1967 - This should tell you that EPE is not the reason of the material. That's The Way It Is and Elvis On Tour might be the only movies that contains alot of outtakes but as it says they have no say on releasing them but the various movie companies does.