Graceland Muni Bonds Default as Tourism Recovery Comes Too Late
- Tourist attraction missed principal and interest on July 1
- Future payments could be made after pandemic-tourism rebound
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Municipal bonds sold for Elvis Presley’s Graceland tourist attraction have fallen deeper into distress.
US Bank, the trustee on the debt, disclosed it couldn’t make July 1 principal and interest payments on a series of senior bonds sold for the complex in 2017. The borrower had already defaulted on subordinate bonds after the pandemic led to a decline in visitors.