Universal Studios Japan to spend up to $1.88 billion on expansion, Nikkei reports

Universal Studios Japan is set to invest between 200 billion yen and 300 billion yen ($1.26 billion-$1.88 billion) in a major expansion, according to a report by the Nikkei newspaper on Friday. The expansion will take place on a 60,000-square-meter site adjacent to the theme park, marking the first growth in the park's footprint since it opened in 2001.

Universal Japan aims to increase its annual attendance beyond the current 16 million visitors, who are already the highest among the country's theme parks. The expansion will also include a new area on a former Nippon Steel factory site north of the current property, which is expected to be leased from the Osaka municipal government around 2028. Universal's parent company, Comcast, did not respond to a request for comment.