Why Elvis Presley's Graceland going into default may have implications for other tourist attractions
Covid-19 hurt Graceland so much that Tennessee state-issued bonds tied to tourist revenue have gone into default. The city of Memphis, the state and Elvis Presley Enterprises are squabbling over how this happened and how to fix a slide that brought some $20 million of Graceland Project bonds down to "junk" status.
Graceland is one of the South's biggest tourist draws and for years was the nation's second most-visited home after the White House. Then came Covid.
Graceland's default may have implications for other tourist attractions and cultural sites nationwide that have pledged revenues to raise financing.