Construction is set to begin soon on Universal’s theme park and resort in the UK, which will create 28,000 jobs and boost the British economy by nearly £50 billion ($67 billion).
In the details issued to Hollywood Reporter On Wednesday, Comcast NBCUniversal was confirmed to have invested more than £5 billion ($6.7 billion) in the newly named Universal United Kingdom resort throughout its five-year construction period, plus an additional £1 billion ($1.3 billion) in capital investment over the first 10 years when it finally opens — which is expected to be in 2031.
The UK Government will invest a further £1.3 billion in regional and local community infrastructure, “to ensure the successful operation of the park”, the Department for Culture, Media and Sport (DCMS) said. This will include improving transport links for local residents and visitors from across the UK and beyond.
The deal between the UK government and Comcast is one of the largest investments ever made in the UK tourism sector, creating nearly 20,000 new jobs during construction and a further 8,000 in operation.
It is also the brand’s first major destination in Europe. The “world-class” theme park and resort is expected to generate nearly £50 billion for the UK economy by 2055 through millions of visitors annually.
With enabling works on site now underway and construction beginning soon in Bedfordshire, just outside London, Wednesday’s news marks a “significant milestone” in Universal’s progress on the project. They added that approximately 80 percent of staff at the park and resort are expected to come from Bedfordshire and the surrounding areas.
To mark the milestone, Chancellor Rachel Reeves and Culture Secretary Lisa Nandy hosted Brian Roberts, Chairman of Comcast, and Mark Woodbury, Chairman and CEO of Universal Destination & Experiences, at 11 Downing Street to unveil the name and logo of the theme park and resort.
Reeves visited the site on Wednesday, where she met with Woodbury and other senior executives, as well as several new Universal employees already based in Bedford.
“This historic partnership represents a special moment for our company as we bring our first world-class theme park and resort to Europe,” Roberts said. “We have a long and proud history in the UK through Sky and NBCUniversal and look forward to creating an amazing destination that supports the UK’s creative industries and brings happiness to millions for generations to come.”
Nandy added that she had put “rocket boosters within our entertainment industry.” She said: “This unparalleled investment is a huge vote of confidence in the UK… When it comes to creating world-class experiences, the UK is second to none. We are proud to support British industry, invest in local talent and partner with major powers like Universal to create jobs, growth and opportunity.”
As part of a total of £1.3 billion For the investment, the Government will provide a £400 million grant through the Extraordinary Regional Growth Fund and DCMS will provide a £438 million grant to invest in new community infrastructure to “maximize development benefits and support growth across the region”. These grants will not be paid until after Universal has completed the community infrastructure (in the case of a DCMS grant) and the theme park and resort are officially opened.
