Universal has announced that its first UK theme park is expected to generate nearly £50 billion in economic benefits for the country over its lifetime, Sky News reports.
The venue will be located near Bedford on land previously occupied by the Kempston Hardwick brickworks.
Universal Destinations & Experiences, owned by Comcast Corporation (NASDAQ:CMCSA, ETR:CTP2), has acquired almost 500 acres for the project, with an option for an additional 200 acres. The park will include a 500-room hotel and dining area and will be open 365 days a year, aiming to attract millions of visitors annually.
The economic impact analysis forecasts a net economic contribution of £35.1 billion during the construction phase and the first 20 years of operation, plus £14.1 billion in additional taxes.
The construction is expected to create 20,000 jobs, with 5,000 workers on-site at its peak. Once operational, the park will initially create 8,000 new jobs, with plans to increase over time. Universal has committed to paying employees the living wage.
The company plans to leverage strong rail and road links to London and Luton Airport, anticipating that one-third of visitors will come from overseas. Government incentives for local transport improvements are being sought. The construction period is projected to be around six years.
Universal's president, Page Thompson, emphasized that the park will feature attractions based on popular films, video games, and stories. Universal aims to create a world-class destination that will offer unique entertainment experiences throughout the year.