Set to open in 2031, the UK government says the theme park will be “one of the largest and most advanced in Europe,” projected to generate nearly £50 billion ($64 billion) for the British economy by 2055 and attract 8.

Universal’s latest theme park, Epic Universe, is mere weeks from opening its gates but the company already has its sights set on its next project. The company announced it’s getting ready to start construction on a multibillion pound Universal Studios theme park in Bedford, England, with an aim on opening in 2031.

Comcast NBCUniversal announced a new Universal theme park and resort in the United Kingdom, the company's first location in Europe.