Everything from Walmart to grocery stores are dropping their prices to fit the consumers wallets. Circuit City just went bankrupt and other retail stores are soon to follow.
As for tourist destinations, Disney just announced it is laying off 4,000 employees this year because of the economy. Now you know if a major fortune 500 company like Disney is losing out then Graceland will be next or soon. I expect them to be forced to drop the prices half way for everything from ticket prices to merchandise. They will have no other choice because the average visitor won't be able to afford it. This will be good for business as it'll keep it going on an average level of operation. They'll lose money because of the economy but they'll stay afloat and weather the storm until it passes.
Another thing, don't look for any new attractions or developing to happen anytime soon. The economy is putting a halt on many development projects nationwide. It's too risky for anyone to do any major investing.
Last edited by Elvislives72; 11-13-2008 at 12:06 PM.
I'am sorry for saying this but this sounds like the member that came here just to post about attractions and developments in memphis..
Whatever happens will happen.
The economy crumbled in the last 12 months-the Sillerman deal is 4 years old now and yet his plans have been at a standstill this whole time.
The economy is a problem now-but not until 12 months ago.
FYI, no I am not someone from the past. Just because I mention Mr Sillerman's name people want to accuse and assume. But I can leave if that's what you want? I thought by sharing my ideas and views on things that it would help in some ways.
Besides....personally I think Sillerman is incredibly out of touch with Elvis fans!! I mean, the man can't even be bothered to show up for the 30th Anniversary celebration after promising to be there for months prior...he has to send a video of himself!!! I know they said it was a "scheduling conflict", but I think that was a VERY lame excuse to keep from having to listen to any negative remarks from Elvis fans about the sad state of affairs at EPE these days!!! So instead, he just mails it in....NOT a good way to run a company!!
While I was initially on Sillerman's side in terms of his takeover of EPE and the investments and plans he was considering for Graceland and EPE, the more I see of things that have come down the pike thus far, I have to say I am less than impressed with him in terms of his ability to do anything more with EPE than was already being done and in fact, his aforementioned 30th Anniversary debacle and my opinion of him being incredibly out of touch with the Elvis community in general, leads me to sadly believe that his takeover of EPE might actually have left things in worse shape then they were before...
Just my opinion of course...
We will miss you dearest friend
I know I cannot afford the VIP tour for my family of 5. It not worth no $69 (I believe) per ticket, cost to park, etc.
Prices are high but the the lower tier tours are much more affordable for families. But ticket prices in general are outrageous-baseball tickets, football tickets, concert tickets-much more. I saw Elvis in 76 for $7.50.
In 2002 the average ticket price for a Paul McCartney concert was nearly $130. That was 6 years ago.
Gas is now down to under $2.00 a gallon. So this is a look at where this country is going where things that usually are only affordable by upper class families will be affordable to middle class as well because the value of the American dollar is dropping drastically. That's the only way the economy is going tobe able to reestablish itself.
Their have been 3 recessions since it opened in 1981-they have seen economic upswings and downturns they obviously know what they need to do.
So whatever needs to be done I have no doubt that the business leaders of EPE will handle it as they have in the past.
I am not of the school of thought that the end is near for anyone.
Strong companies-and EPE has consistently ranked as a strong company- survive.
In peak seasons they employ more full time employees and when the peak seasons are over that is cut back.
After 9-11 when the world was afraid to travel they laid off 50 employees-to wait out the fear.
They have consistently worked to create package deals and special pricing to encourage business.
EPE also manages his estate's real estate holdings, centered around that most evocative address, Graceland. With 650,000 visitors a year, Graceland, Presley's Memphis mansion, is second only to the White House among the most visited residences in the United States. EPE does not release financial information, and estimates of annual revenues vary from $25 million to $250 million, with $50 million a likely number. With an economic impact of up to $400 million a year for Memphis, and charitable programs reminiscent of Presley's legendary generosity, EPE is one of that city's prized corporate citizens.
Forbes top 13 highest-earning dead celebrities:
1. Elvis Presley - $52 million
2. Charles M. Shulz - $33m
3. Heath Ledger - $20m
4. Albert Einstein - $18m
5. Aaron Spelling - $15m
6. Dr Seuss (Theodor Geisel) - $12m
7. John Lennon - $9m
8. Andy Warhol - $9m
9. Marilyn Monroe - $6.5m
10. Steve McQueen - $6m
11. Paul Newman - $5m
12. James Dean - $5m
13. Marvin Gaye - $3.5m
Source: Music News / Updated: Oct 28, 2008