The movie begins outside Las Vegas, where Michael (Kurt Russell) drives up in a striking red Cadillac. He checks into the Last Resort Hotel and Cafe and as he heads back to his car, a young boy named Jesse (David Kaye) mischievously removes a bolt from Michael's vehicle. Jesse quickly runs to his young mother, Cybil (Courtney Cox), who insists that Jesse return the bolt. Michael feels an instant attraction to Cybil, which leads them to a passionate encounter in her room. Meanwhile, a mischievous Jesse sneaks in and swipes Michael's wallet.
Later, a car pulls up with a gang of four men, all resembling Elvis, including Murphy (Kevin Costner), Hanson (Christian Slater), Gus (David Arquette), and Franklin (Bokeem Woodbine). Murphy orchestrates the plan, and the group gathers at an airplane hangar where they meet Jack (Howie Long), a helicopter pilot. The hangar hides five suit and guitar cases, each man selecting one to match their personas for an audacious heist—robbing the Riviera casino during International Elvis Week.
As they breach the back room of the casino, their heist quickly spirals into chaos when someone recognizes Murphy, resulting in violence. Michael diverts from the group to rewire the elevator system while the others storm the money room armed with machine guns. With security alerted, they face a fierce shootout, witnessing brutality unfold as they make their escape to the roof to meet Jack.
Amidst the pandemonium, tragedy strikes as Franklin suffers fatal injuries, and once they reach the helicopter, Murphy tosses Franklin's lifeless body overboard. The trio—Michael, Gus, and Murphy—attempt to divide the spoils, totalling $3.2 million, but Murphy’s greed prevails as he kills Hanson and forces the others to help dispose of the bodies in the desert.
Unexpectedly, Murphy is sent into a tailspin when he suffers an accident after striking a coyote, while Michael, presumed dead, regains consciousness and returns to his hotel room. In a fit of rage, he confronts Cybil when he discovers his missing money. After a heated encounter, he agrees to take Cybil and Jesse along as they evade Murphy, who is still on the hunt for the cash.
As the story unfolds, Murphy leaves a trail of bodies while in pursuit of Michael, who now finds himself entangled in a game with Cybil, Jesse, and the mysterious J. Peterson, who becomes a key player in the money laundering scheme. Ceaselessly on the edge, both Michael and Cybil navigate the complexities of their situation while Murphy's relentless desire for the money deepens, leading to critical failures.
The plot intertwines hilariously as Quigley (Thomas Haden Church) and Damitry (Kevin Pollak), comical federal marshals, start catching on to Murphy's escapades. The tension skyrockets with plot twists that reveal the depth of Murphy’s delusions about being the illegitimate son of Elvis, complicating the pursuit among the characters.
When everything comes to a head in an explosive climax between the marshals, Murphy, and Michael, the chaos culminates in devastating confrontations leading to heavy casualties. Michael survives yet another brush with death, now on a quest to break free from the maze of crime and betrayal that enveloped him.
The film concludes with Michael, Cybil, and Jesse steering away on a boat, leaving behind the tumultuous escapades in search of a quiet life, as he reflects on the whirlwind of events that led them to this newfound freedom.
