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

Universal Japan aims to boost its annual attendance above the current 16 million visitors, already the highest among the country's theme parks, as more overseas tourists visit Japan, Nikkei said.

Nikkei added that Universal Japan will extend its grounds on to a former Nippon Steel 5401.T factory site north of its current property, with the park's operator expected to sign a lease agreement with the Osaka municipal government around 2028 for the portion of the site owned by the city.

Universal's parent company Comcast CMCSA.O did not immediately respond to Reuters request for comment.

Universal Studios Japan is preparing to undertake a major expansion, with investment expected to total between 200 billion yen and 300 billion yen ($1.26 billion-$1.88 billion), the Nikkei newspaper reported on Friday.

Universal Japan plans to use a 60,000-square-meter site adjacent to the theme park to build new attractions, marking the first time the venue has grown its footprint since it opened in 2001, the report said.