Comcast (NASDAQ: CMCSA) is leading a team of Chinese investors who will collectively spend about $3.3 billion to build a new Universal theme park in Beijing.
According to a statement released Monday by Comcast, the Chinese government has approved development of the 300-acre park, which will eventually be expanded to 400 acres.
"We will create a unique experience that spotlights hugely popular Western entertainment concepts as well as China's rich cultural legacy," Tom Williams, chairman and CEO of Universal Parks & Resorts, said in the statement.
"Chinese people love the movies and exciting entertainment, and we are proud to introduce China's first Universal theme park and CityWalk, as well as the first Universal-branded hotel anywhere in the world," said Duan Qiang, chairman of Beijing Tourism Group and BSH Investment.
Although a small part of Comcast's overall business, theme park revenue grew 12.8 percent for the conglomerate in the third quarter to $615 million.
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