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FX Real Estate and Entertainement Inc. Default

Three lenders have filed suit against FX Real Estate and Entertainment Inc., a New York-based company that has defaulted on two loans totaling 5 million on its real estate across the street from CityCenter. The company had planned to build an Elvis Presley-themed resort before defaulting, and the rent being collected from the small businesses that are renting space on the property is not enough to cover even interest payments on the loans. FX announced possible bankruptcy plans in April, and in May said it still had no means to pay down the outstanding loans.