Universal’s first theme park and resort in the U.K. — unveiled early last year and set to be one of the biggest theme parks globally — now has an official name, plus a financial commitment described by the British government as “one of the largest ever investments in the U.K. tourism sector.”

Universal United Kingdom Resort, a title formally unveiled Wednesday and slated to open in 2031, will be located just south of the English town of Bedford, on a 476-acre parcel of land purchased by Comcast in 2023. It was officially given the green light in December. Six months on and the overall spend has now been revealed.

According to the U.K. government, Comcast NBCUniversal has committed to invest more than £5 billion ($6.7 billion) during the expected five years the resort will take to construct, as well as a further £1 billion ($1.3 billion) investment over its first 10 years of operation.

Meanwhile, the government has announced it will support the project with an investment of £1.3 billion ($1.7 billion) on regional and local community infrastructure, with improved transport links for local residents and visitors from across the U.K. and abroad. This package is likely to be one of the most significant investments made in the U.K. during this parliament.

Understandably given the taxpayers money being spent, both the government and NBCUniversal have been touting the economic benefits of Universal United Kingdom Resort, which they says will create 28,000 jobs between construction and operation and generate some £50 billion ($67 billion) for the U.K. by 2055.

“This unparalleled investment is a huge vote of confidence in the U.K. and puts rocket boosters under our entertainment industry,” said Secretary of State for Culture, Media and Sport, Lisa Nandy.

“When it comes to creating world class experiences, the U.K. is second to none. We’re proud to be backing British industry, investing in local talent and partnering with powerhouses like Universal to create jobs, growth and opportunities across the UK.”

Construction on the entertainment complex is reportedly due to begin soon, with more than 100 people in the U.K. already employed to work on the project.

“This historic partnership is a special moment for our company as we bring our first Universal theme park and resort to Europe,” said Comcast chair Brian Roberts. “We have a long and proud history in the United Kingdom through Sky and NBCUniversal and look forward to creating a spectacular destination that supports the U.K. creative industries and brings joy to millions for generations to come.”

Added Mark Woodbury, chairman and CEO of Universal Destinations & Experiences, which is developing the resort.

“Today marks a significant milestone on our journey to bring Universal United Kingdom Resort, featuring immersive storytelling, thrilling attractions and unparalleled creativity and innovation to the UK. This new theme park and resort will create so many new opportunities for the people of Bedford and beyond and allow us to share our distinct experiences with guests from around the world.”