Director Baz Luhrmann recaptures his Moulin Rouge!

mojo with a hip-swiveling profile loaded with risk and reward.

Martin Luther King Jr. (“He’s not even wearing the sweater!”

Elvis

Austin Butler in ‘Elvis’.Hugh Stewart/Warner Bros.

a panicky executive barks in the control room, confronted by Butler’s leather-clad, gospel-belting Presley.)

(Even the serious Presley documentaries don’t cement the point as clearly as Luhrmann does.)

“Too many people are making too much money to put you in jail,” a shrewd B.B.

Austin Butler in Elvis

Austin Butler in ‘Elvis’.Warner Bros. Pictures

SometimesElvisfeels like a lostOliver Stonefilm from his daring 1990s heyday: a big-canvas exploration of debauched American appetites.

Fittingly, the Las Vegas years slacken a bit, televisions getting bulleted and pills chased.