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Kevin Kane said he was really more a part of the Beatles era.

But for one week out of the year, the president of the Memphis Convention and Visitors Bureau said he is a big fan of Elvis Presley - especially his fans.

“In my position now, I’m a huge Elvis fan,” Kane said. “I’ve seen the power of E, and the power of E is very real.”

John Gnuschke, director of the University of Memphis Bureau of Business and Economic Research, and his team have compiled a report estimating Graceland brings between $300 million and $400 million annually to Memphis.

Using the same formula, Gnuschke estimated that “Elvis Week,” a week of festivities beginning today that commemorates his life and death, is expected to generate between $40 million and $50 million. That’s as much as one-sixth of the estimated total that Graceland generates for the Memphis economy annually. The economic impact could be more this year, considering more fans are expected for the 25th anniversary of Elvis’s death.

The estimated $40 million to $50 million, compared to the estimated $50 million the June Lewis-Tyson fight brought to the city and the $9 million the Southern Heritage Classic football game and related activities bring in September, has Kane and area businesses shaking their hips and curling their lips.

In the past, Kane said, as many as 25,000 to 35,000 fans came to the city for Elvis Week, but he predicts between 50,000 and 70,000 for the 25th anniversary.

“I think this will be, without a shadow of a doubt, the biggest Elvis Tribute week we’ve ever seen,” he said.

Todd Morgan, a spokesman for Graceland, said though fans come to mourn and celebrate the King’s life and death, the money they put into the local economy is hard to ignore.

“These are people from all over the world, and they’re here to shop,” Morgan said.

During the week before the big events, the Welcome to My World souvenir shop at Graceland is as busy as it always is.

But Michelle Lewis, retail operations manager, said during “Tribute Week” the shops will be taking care of business in a whole new way, including installing additional cash registers to handle the overflow.

“There’s lots of things for guests to do, and, of course, there’s always shopping,” Lewis said.

Oscar and Imma Rubinat came to Graceland from Barcelona, Spain, to visit the home of the King and return with plenty of souvenirs.

“We came here to commemorate the 25th anniversary,” Rubinat said. “The fact is we only came to Memphis to visit Graceland.”

The Rubinats spent about $150 in Welcome to My World and said they weren’t finished just before they headed next door to Walk a Mile in My Shoes gift shop.

While Graceland obviously enjoys higher revenues during invasion week, other area businesses said they take advantage as well.

New to this year’s festivities is tonight’s 7:30 kickoff parade on Beale Street, and officials said it was a way to not only ensure that other parts of Memphis got a piece of the pie, but also a way for Memphis to say thank you to the loyal fans.

“Beale Street will certainly benefit from it,” said Pat Kerr Tigrett, volunteer parade coordinator. “It’s a gift really for the city.”

Rickey Peete, executive director of the Beale Street Merchants Association, said he and the other area merchants were expecting a big showing and were looking forward to obliging their spending needs.

“Hopefully, everybody will get a piece of the money,” Peete said.

Peete said August has traditionally been the highest revenue-generating month for Beale Street behind Memphis in May, though he couldn’t estimate how much money either of the events generate.

But Peete agreed the 25th anniversary should have an added impact.

“When you add that to your regular Saturday night August crowd, I think it will definitely have an enhanced effect on business and an enhanced effect on customer traffic count,” he said. “We definitely expect a shot in the arm, but we just can’t really gauge how significant it will be since this is our first time doing it.”

And Beale Street isn’t the only area of town that’s looking for a big business boost.

Wayne Tabor, Memphis Hotel and Lodging Association president, said he expects hotels will be at capacity by Wednesday and remain that way through Saturday.

“We’ve been getting ready for Elvis for a while,” Tabor said. “Traditionally, this time of year is very good for the hotels . . . especially when there’s a milestone year like the 25th anniversary.”

Chuck Pinkowski, proprietor of Pinkowski and Co., an independent Memphis hotel industry consulting firm, said Elvis Week spending is hotel friendly.

“It’s a good specific piece of tourism business for the hotel industry,” he said. “They’re not all rate-sensitive people. It’s the equivalent of a really good, solid convention.”

Danny Sumrall, Memphis Restaurant Association president, said full hotels mean people who need full bellies.

“I think the restaurant industry, as a whole, enjoys an increased level of business,” Sumrall said. “The bottom-line is people have to stay someplace, and they usually go out to eat at least generally two times day.”