Universal, the movie group, has announced that a Hollywood-themed park they plan to build in Bedfordshire will be open every day of the year. This will boost UK economic growth by almost £50bn.
Universal Destinations & Experiences is a subsidiary of Comcast (the parent company of Sky) and plans to develop a 192 hectare (476 acre) site in Kempston Hardwick, near Bedford. The company can buy an additional 25 hectares.
The theme park will be able to accommodate millions of visitors each year. It also includes a 500 room hotel, as well as a dining area that is open to anyone without a ticket to the park.
The park will feature rides, shows, and other areas based on “the most popular films and video games that people have loved for decades”. Universal’s theme parks in other countries feature Nintendo, Harry Potter, and Shrek.
Universal estimates that construction will create 20,000 jobs, and that once the project is open, 8,000 jobs will be created initially. More jobs are likely to follow in time. Universal has committed to paying employees the living wage.
According to an analysis produced by Universal in accordance with Treasury guidelines for economic appraisal, the resort could bring the UK nearly £50bn in economic benefits.
The study predicts that the net economic contribution will be £35,1bn in construction and during the first 20 years after operation. The study estimated that it would generate an additional £14.1bn of tax revenue over the same period.
Universal still conducts due diligence on the project and expects to make a decision by the end the year.
The park would take between five and six years to construct. It would be built on the site where Kempston Hardwick Brickworks was once the largest brickworks in the world. It closed in 2008, but will be demolished by September 2021.
The company reported that 92% of the 6,000 people who were surveyed over a four week period in May, supported the theme park. It stated that it was “delighted by the enthusiasm and the overwhelmingly positive response provided throughout the period of public engagement”.
Page Thompson, Universal’s president of new ventures and in charge of the theme parks, said that a world-class resort and theme park from Universal could generate billions of pounds in economic benefits for the UK by creating thousands and thousands of jobs of the highest quality and attracting new visitors.
He said to Sky News, “We spent the last decade searching all over Europe and Britain for locations. We think this is by far the best location that we have ever seen.”
Universal currently has five theme park sites around the globe: US parks located in Hollywood, California and Orlando, Florida, as well as locations in Japan, China, and Singapore.
Disneyland Paris and the Walt Disney Studios Park are Europe’s largest theme parks, attracting nearly 15 million visitors each year.
Post Disclaimer
The following content has been published by Stockmark.IT. All information utilised in the creation of this communication has been gathered from publicly available sources that we consider reliable. Nevertheless, we cannot guarantee the accuracy or completeness of this communication.
This communication is intended solely for informational purposes and should not be construed as an offer, recommendation, solicitation, inducement, or invitation by or on behalf of the Company or any affiliates to engage in any investment activities. The opinions and views expressed by the authors are their own and do not necessarily reflect those of the Company, its affiliates, or any other third party.
The services and products mentioned in this communication may not be suitable for all recipients, by continuing to read this website and its content you agree to the terms of this disclaimer.