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Universal to Open Amusement Park in Japan
Residents are hoping a little bit of Hollywood magic will bring a lot of relief to this troubled economy.
Universal Studios is set to open its first amusement park outside the United States on Saturday in Osaka, where homeless huddle in tattered plastic tents and burn firewood outside a more traditional tourist spot, Osaka Castle.
Organizers hope to attract 8 millions visitors a year to the sprawling park, generating $654 million in revenue.
The city of Osaka put up $82 million, or a quarter of the initial investment, for the project, which cost $1.4 billion to build.
City officials estimate the overall economic boost for the region could reach $7 billion, from tourists staying at hotels, riding cabs, dining out and shopping.
The high hopes for the park are based in part on the Japanese being big fans of things American �� films and theme parks, included.
Disneyland has scored enormous success in Tokyo, drawing 16.5 million people and revenue totaling $1.4 billion.
Universal Studios Japan brings together the top attractions from the theme parks back home, where Universal Studios in Orlando, Fla., draws 8 million people a year and 5 million a year visit the one in Hollywood.
Despite the company's optimistic projections, a survey of 1,100 local businesses by Osaka Shinkin Bank showed 75% of respondents don't expect the park to bring them better business.
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