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Elvis is singing the blues.
CKX Inc., which owns the rights to the name, image and likeness of Elvis Presley as well as the operations of Graceland, is holding off on an ambitious $250 million plan to redevelop the late singer’s estate after reporting a wider fourth-quarter loss.
“Although we continue to consider the exact scope, cost, financing plan and timing of such a project, we expect that the redevelopment of Graceland, if and when pursued, would take several years and could require a substantial financial investment by the company,” CKX said in a filing.
Attendance at Graceland dropped 4.4 percent to 518,940 visitors last year, down from 542,728 in 2009, according to the filing.
Revenue from the attraction fell slightly to $36 million as higher merchandise sales helped offset the slump in visitors. The overall Elvis business, including royalties and licensing, fell 5.4 percent to $57.3 million, the regulatory filing said.
In 2005, CKX, which owns 85 percent of Elvis Presley Enterprises, announced a makeover of the 13.5 acre estate in Memphis, to include an expanded visitor center, more shops and a potential new hotel.
Last year, CKX hinted that the massive project would be scaled back because of the tough economy, saying there is a “strong likelihood that the original preliminary design plans may require significant modifications or abandonment for a redesign.”
Yesterday, the New York company, which also owns the TV show “American Idol,” said its fourth-quarter loss widened because of restructuring costs, including $1.6 million in professional and legal fees “primarily related to a master plan initiative in 2010 that has been postponed.”
CKX posted a loss of $14.9 million, or 16 cents a share, in the quarter compared to a loss of $4.5 million, or 5 cents, a year ago. Revenue fell 53 percent to $37.5 million.
The decline reflected a drop in revenue from the TV show, “So You Think You Can Dance,” which had an additional cycle during the 2009 season. The firm saw an $11.9 million bump in revenue from “American Idol.”
Both shows air on Fox, which is owned by News Corp., the parent of The Post.
CKX closed yesterday down 1.6 percent at $3.59.