In a spray of confetti and a hoisting of mugs of butterbeer, Universal Studios executives said Tuesday that the company will spend several hundred million dollars to build a Harry Potter attraction inside its existing Hollywood theme park, mimicking the success of a similar park in Orlando, Fla.
The attraction will create more than 1,000 jobs at Universal and even more indirectly from an expected boost in tourism, officials said.
U.S. & World
Stories that affect your life across the U.S. and around the world.
At the same time, Orlando's Wizarding World of Harry Potter will get an expansion. Since the Harry Potter attraction opened in Florida in June of last year, attendance has jumped by about 50 percent.
"It was a game changer for us and frankly for Orlando," Universal Studios president Ron Meyer told reporters after the event. "The expansion in Orlando will make it that much more of a must-see, and we'll have the same experience here."
Executives did not immediately detail their plans for the Hollywood park, but Meyer said there was enough room to expand.
"We're not landlocked," Meyer said. "We're (on) 400 acres on this lot and 200 of them are still not developed."
Los Angeles County Supervisor Zev Yaroslavsky said he was told that a live concert venue, Gibson Amphitheatre, would be scrapped to make way for the attraction. He said it would open around 2014, but officials did not give a date.
Comcast Corp. bought a majority stake in NBCUniversal in January in a $13.5 billion deal. It bought out its 50 percent partner in the Universal Orlando theme park, The Blackstone Group, for $1.03 billion in June.
In the nine months through September, its theme-park revenue rose 33 percent from a year ago to $1.49 billion, while operating cash flow jumped 61 percent to $644 million.
That makes it Comcast's second-most profitable division behind pay TV channels, accounting for just under a quarter of the operating cash flow overall.
Copyright 2011 by Associated Press. All rights reserved.This material may not be published, broadcast, rewritten or redistributed.
Related Content from AccessHollywood.com: