Exactly, he's going to be horror-themed Vegas magician, not an aging horror movie star.
Probably not a bad way to bring the material up to date. For better or for worse, late night horror movie hosts aren't really part of the culture anymore. It would have dated the remake.
I figured they'd be having him be an actor or something - someone famous for playing a Rupert Giles type part - but this works.
Not sure about Colin Farrell as Jerry though...