Comcast will invest a total of £6 billion ($8.1 billion) in its Universal theme park coming to the United Kingdom.
The investment in the media giant’s first European theme park, which will be known as Universal United Kingdom Resort, will include over £5 billion ($6.7 billion) that will be put in during the expected 5 years of construction. The company will put an additional £1 billion ($1.3 billion) in capital investment over the first 10 years of operation.
Meanwhile, the U.K. government will invest £1.3 billion ($1.75 billion) on regional and local community infrastructure to ensure the park can operate successfully, with improved transport links for local residents and visitors from across the U.K. and abroad.
That includes a £400 million ($537 million) grant through the Regional Growth Fund and a £438 million ($588.2 million) grant through the Department for Culture, Media and Sport, which will be paid once Universal has completed the community infrastructure and officially opened the theme park and resort.
“This unparalleled investment is a huge vote of confidence in the UK and puts rocket boosters under our entertainment industry,” Secretary of State for Culture, Media and Sport Lisa Nandy said in a statement. “When it comes to creating world class experiences, the UK is second to none. We’re proud to be backing British industry, investing in local talent and partnering with powerhouses like Universal to create jobs, growth and opportunities across the UK.”
The development of Universal United Kingdom Resort is expected to create 28,000 jobs across a range of industries, including creative, technology, hospitality and construction, and generate nearly £50 billion ($67 billion) in economic benefit for the U.K. by 2055.
Over 100 people in the UK have been employed to work on the project, with Universal receiving expressions of employment interest from over 33,000 individuals. Approximately 80% of employees at the theme park and resort are expected to come from Bedfordshire and the surrounding regions.
The theme park and resort is expected to attract millions of visitors each year, including more than a million additional overseas visitors.
“This historic partnership is a special moment for our company as we bring our first Universal theme park and resort to Europe,” Comcast CEO Brian Roberts said in a statement. “We have a long and proud history in the United Kingdom through Sky and NBCUniversal and look forward to creating a spectacular destination that supports the UK creative industries and brings joy to millions for generations to come.”
