Information:
One of the (at least) five similar leather suits Elvis wore during his 1974 August/September Las Vegas engagement. Apparently, these type of outfits were very popular among performers at that time, so that may be one of the reasons why also Elvis decided to try out this type of suits.
A fifth version of these type of leather suits, not too many pictures of Elvis wearing the suit has surfaced, but it looks like a "plain" version compared to the other versions.