Universal's planned UK theme park will be named Universal United Kingdom Resort, it has been revealed, and will be supported by £1.3bn in government funding.
Comcast NBCUniversal said it expected the attraction to draw 8.5 million visitors a year when it opens in 2031, with ambitions for it to become Europe's most-visited theme park.
The US entertainment giant said it would invest £5bn in building the resort, in Kempston Hardwick, Bedfordshire, with a further £1bn planned over its first 10 years.
The government's contribution will go towards upgrading local infrastructure and transport links to help accommodate visitors from across the UK and overseas.
Ahead of the announcement, Chancellor Rachel Reeves visited the site where site preparation works had already begun.
She said the investment would "unlock nearly £50bn of economic growth" and create thousands of jobs.
The Labour politician continued: "Our own investment in transport and infrastructure means that local people will benefit - improving connectivity, backing our creative industries, and bringing millions of visitors to the UK from across the world."
Part of the government's investment will fund upgrades to Wixams station to create a four-platform stop, as well as improvements to the A421, which were expected to cost £474m.
Wixams is the Thameslink line stop closest to the resort, but there is also a planned East West Rail station at Stewartby, expected to open in the early 2030s.
More than 100 people in the UK have already been employed to work on the project, with Universal promising a total of 20,000 jobs during the construction period.
Once the attraction opens, it said a further 8,000 jobs would be created and about 80% of those roles would go to people from Bedfordshire and surrounding areas.
Mark Woodbury, chairman and CEO of Universal Destinations & Experiences, said: "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."
The tallest rides in Europe could be included at the 268‑hectare site.
The attraction would include a free‑to‑access entertainment and retail district alongside a year‑round theme park open up to late evening.
Within the first 20 years of operation, Comcast NBCUniversal hopes to reach 12 million annual visitors, putting it among the world's most popular parks.
Last year, a source told the BBC the park could include rides themed around James Bond, The Lord of the Rings, Paddington and Jurassic World, although a Universal spokesperson said it was too early to confirm what would be at the park.
However, Woodbury has promised the park will feature "immersive storytelling, thrilling attractions and unparalleled creativity and innovation to the UK".
Page Thompson, president of new ventures at Universal Destinations & Experiences, previously told the BBC it would be the only Universal park in Europe.
He added the company had already bought more land nearby, which could be developed at a later date as part of a century-long plan.
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