Michael Jackson opening a 'Thriller' casino

[brichter]

Welp, looks like this won't happen:

http://news.yahoo.com/s/ap/us_obit_michael_jackson

[Flexpipe]

Michael Jackson, probably THE most famous and influential Pop Star of all time. With fame and fortune comes eccentricity, and other issues. We all are very aware of most of his exploits over the years. Still, he left his mark with great music, and amazing dance numbers in his prime.  RIP

[kenokarz]

i bet he pulled a elvis,  ask lisa marie about it 

[stayouttadabunker]

okay....WOW!...bigger than any scandal, that's for sure....

[jay]

I think the poor fellow owed a fair swachk of cash, and was planning on doing the London concerts to do a little catch up. I wonder who gets stuck holding the bag on his debts.

[Neonkiss]

Knowing the financial state of Michale Jackson, I'm sure he was not the sole money man behind the casino project.
If contracts were signed before his death, this casino could still be done. It would probably be more successful in his death as
a place of memory than if he was alive and behind the scenes of it's operation. With the blessing of the Jackson family this project
could continue as a type of shrine to him in the same was as Graceland is to Elvis or even Dolly-wood for Dolly Parton.

[tacman]

I agree, Jackson was the front man "face" of this casino. He didn't have any capital to financially bolster the deal, the backers only needed the licensing for the theme. Being a pretty shrewd businessman, I'm sure Jackson set it up so he would acquire a percentage of ownership for those licensing rights much like Prince did with Sony Inc. I would believe that it will probably do better business now that he is gone and no longer able to shed a negative light for any future discrepancies.

 Dan (tacman)

[jay]

I had heard that Jackson had mortgaged his rights to his music library to cover the debt on the Neverland Ranch and given the errosion of intellectual property (no one is buying music if they can download it for free) the holders were telling Jackson he had to come up with some cash or forfit assets and the music rights. This was supposedly the reason for the concerts. Earn some quick doe and pay off the vic..... Just too remanisinc of the Brady bunch putting on a talant show for me. I am sure he had insurance, and the concerts were insured etc.
The question remains was it enough ? I am also wondering if this is the best shot his kids have at having getting a normal life ..... as lousy as that sounds.

[Tbone]

Sorry I have not been on. Damn internet has been down.
I do hope there will be a Thriller casino. I would think it was going to be one cool place to go play some slots.
I heard that MJ video slots called "Thriller" where already designed and where just waiting for the green light to produce them.

[jay]

By Gina Keating
LOS ANGELES (Reuters) - Beatles For Sale?

The Fab Four's prized catalog -- specifically 267 songs mostly written by John Lennon and Paul McCartney -- is embarking on a long and winding road of ownership uncertainty following the death of Michael Jackson on Thursday.

The pop singer and Sony Corp's Sony Music arm operated a lucrative joint venture that either owns or administers the copyrights to about 750,000 compositions written by the likes of Bob Dylan, Neil Diamond, Taylor Swift and the Jonas Brothers.

Industry analysts estimate that Sony/ATV Music Publishing is worth at least $1 billion, making Jackson one savvy entertainer. His initial investment cost him $47.5 million in 1985. Music publishing is considered a license to print money. Not quite as exciting as the piracy-ravaged recorded-music side, it involves collecting royalties from such diverse avenues as downloads, radio airplay and videogames.

But mystery now surrounds the beneficial ownership of Jackson's stake. According to a lawsuit filed in 2002 by a creditor, he secured bank loans totaling $270 million two years earlier using both his Sony/ATV stake and the copyrights to his own songs as collateral.

Jackson lived an extravagant lifestyle, even as his commercial appeal dwindled amid damaging child-abuse allegations and changing music tastes. The Wall Street Journal reported in 2005 that his cash reserves ran so low earlier that year that he worried about paying his electric bill. The paper reported earlier this month that he had racked up about $500 million of debt.

"VERY COMPLEX" VALUATIONS

A clearer picture of his finances will emerge during the administration period of his estate that usually lasts about 18 months, said Renee Gabbard of the law firm Paul, Hastings, Janofsky & Walker in Costa Mesa, California.

Jackson's executors will evaluate his assets, file the estate tax return and invite creditors to submit invoices, said Gabbard, who has a number of wealthy clients with entertainment-related estates.

The process of valuing estate assets, especially intellectual property like music copyrights, is "very complex" and often takes "quite a while," said Gabbard.

"When you have entertainers and musicians they usually have quite extensive royalty contracts. It's very tough to put a value on a catalog of songs," she said.

Jackson and Sony formed their joint venture in 1995, with the singer contributing ATV Songs, whose 4,000 tunes included most of the Beatles catalog. He had bought ATV a decade earlier from Australian businessman Robert Holmes a Court, famously outbidding McCartney in the process.

Jackson was not involved in the day-to-day operations of Sony/ATV, but as a lover of the songwriting process was known to be "incredibly proud" of the company and its fast growth, according to a publishing industry source.

A spokesman for Sony/ATV declined to comment.

His stakes in both Sony/ATV and in Mijac, which holds his own copyrights, were owned by trusts. It was not clear if they were irrevocable or not. If they are revocable, then they could be dismantled to satisfy creditors, Gabbard said.

The estate would first pay federal taxes owed on Jackson's assets, most notably the publishing companies. The remaining assets then would go to satisfy creditors and the balance probably would be placed into separate trusts for his beneficiaries, most likely his children, Gabbard said.

But the publishing industry source said it was too premature to speculate about a possible change in ownership at Sony/ATV, which is run by music industry veteran Martin Bandier.

Additionally, each side is reportedly entitled to make a counter-offer if the other side lines up a buyer, or to bid for the other half it does not own.

The Beatles catalog, meanwhile, just keeps raking in money. The group's CDs will be reissued on September 9, the same day that a Fab Four version of the "Rock Band" videogame hits stores.

[brichter]

Knowing the financial state of Michale Jackson, I'm sure he was not the sole money man behind the casino project.
If contracts were signed before his death, this casino could still be done. It would probably be more successful in his death as
a place of memory than if he was alive and behind the scenes of it's operation. With the blessing of the Jackson family this project
could continue as a type of shrine to him in the same was as Graceland is to Elvis or even Dolly-wood for Dolly Parton.

What is interesting is who will be seen as the owner of his trademarks and copyrights now that he is dead. He was in hock up to his neck, and I have a feeling that he actually owned very little of his assets. The $500 million above sounds pretty close, I've heard other estimates from $400 to 700 milllion. Depending on howe that debt was structured and secured, the money behind the casino may well have to renegotiate to use his name and music, and the price could change for the worse. In this econnomy, that could wind up in the project being terminated, or shelved until tourism goes back up.

[jay]

There are lots of Casinos that could use a make over without a new one being built.
Typically this has revitalized places off-strip that have made them destinations.

There was one called the Sanremo. It was a "clean" place located across the street from the MGM and behind the Tropicana.
It was rather dead until it became the Hooters Casino.

Then there is one called the Greek Isle - a dump, but the show room hosts the Rat-Pack tribute show which in my opinion is one of the best values in vegas.
This was previously known as the Debbie Renyolds who used to have a hollywood movie museuem

The HardRock Hotel and Casino was built offstrip and many people visit it just for the theme. Others visit it because one of the members of "the who" died there and its kind of a shrine.

I think the on-strip Aladdin and the Desert Mile shops went bankrupt twice before being rebranded Planet Hollywood. Don't thin the Saudi theme is too popular post 911. Last I heard the Planet Hollywood chain which is owned by a bunch of actors iwas in some financial trouble and they sold off the hotel portion to the Sheraton chain of hotels to generate some cash.

Just imagine how well a Elvis Hotel and Casino would do.

[Joeylc]

Weird Al Yankovic-Eat It

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