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Exhibit 3.2
 AMENDED AND RESTATED BY-LAWS
 OF
FX REAL ESTATE AND ENTERTAINMENT INC.
(a Delaware Corporation)
 Effective December 17, 2007
 ARTICLE I  Offices
 SECTION 1. Registered Office .
 SECTION 2. Other Offices .
 ARTICLE II  Meetings of Stockholders
 SECTION 1. Place of Meetings .
 SECTION 2. Annual Meeting .
 SECTION 3. Special Meetings .
 SECTION 4. Notice of Meetings .




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SECTION 5. List of Stockholders .
 SECTION 6. Quorum, Adjournments .
 SECTION 7. Organization .
 2




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SECTION 8. Order of Business .
 SECTION 9. Voting .
    SECTION 10. Inspectors .
 3




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SECTION 11. Advance Notice Provisions for Election of Directors .
  provided however
 4




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SECTION 12. Advance Notice Provisions for Business to be Transacted at Annual
Meeting .
  5




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provided however
  provided however
  6




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SECTION 13. No Action by Written Consent .
 ARTICLE III  Board of Directors
 SECTION 1. General Powers .
 SECTION 2. Number, Qualifications, Election and Term of Office .
 SECTION 3. Place of Meetings .
 SECTION 4. Annual Meetings .
 SECTION 5. Regular Meetings .
 7




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SECTION 6. Special Meetings .
 SECTION 7. Notice of Meeting .
 SECTION 8. Waiver of Notice and Presumption of Assent .
 SECTION 9. Quorum and Manner of Acting .
 8




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SECTION 10. Organization .
 SECTION 11. Resignations .
 SECTION 12. Vacancies .
 SECTION 13. Removal of Directors .
 SECTION 14. Compensation .
 SECTION 15. Committees .
 9




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SECTION 16. Committee Rules .
 SECTION 17. Action by Written Consent .
 SECTION 18. Telephonic Meetings .
 ARTICLE IV  Officers
 SECTION 1. Number and Qualifications .
 10




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SECTION 2. Election and Term of Office .
 SECTION 3. Resignations .
 SECTION 4. Removal .
 SECTION 5. Vacancies .
 11




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SECTION 6. Compensation .
 SECTION 7. Chairman of the Board .
 SECTION 8. Chief Executive Officer .
 SECTION 9. The President .
 SECTION 10. Chief Operating Officer .
 SECTION 11. Vice-President .
 12




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SECTION 12. Chief Financial Officer .
         SECTION 13. Secretary .
    13




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SECTION 14. The Assistant Treasurer .
 SECTION 15. The Assistant Secretary .
 SECTION 16. Other Officers, Assistant Officers and Agents .
 SECTION 17. Officers Bonds or Other Security .
 SECTION 18. Absence or Disability of Officers .
 14




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ARTICLE V  Stock and Record Dates
 SECTION 1. Certificates For Stock
 SECTION 2. Books of Account and Record of Stockholders .
 SECTION 3. Transfers of Shares .
 15




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SECTION 4. Transfer Agents and Registrars .
 SECTION 5. Regulations .
 SECTION 6. Fixing of Record Date .
 SECTION 7. Lost, Destroyed or Mutilated Certificates .
 16




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ARTICLE VI  Indemnification of Directors and Officers
 SECTION 1. General .
 SECTION 2. Derivative Actions .
 SECTION 3. Indemnification In Certain Cases .
 17




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SECTION 4. Procedure .
 SECTION 5. Advances For Expenses .
 SECTION 6. Rights Not Exclusive .
 SECTION 7. Insurance .
 SECTION 8. Definition Of Corporation .
 SECTION 9. Survival Of Rights .
 18




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ARTICLE VII  General Provisions
 SECTION 1. Dividends .
 SECTION 2. Reserves .
 SECTION 3. Fiscal Year .
 SECTION 4. Corporate Seal .
 SECTION 5. Checks, Notes, Drafts Etc.
 SECTION 6. Execution of Contracts, Deeds, Etc.
 SECTION 7. Voting of Stocks in Other Entities .
 19




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SECTION 8. Inspection of Books and Records .
 ARTICLE VIII  Force and Effect of By-Laws
  ARTICLE IX  Amendments
 SECTION 1. Amendments .
 SECTION 2. Indemnification Provisions .
 20