Universal has not yet officially opened its next theme park, yet it already has announced plans for another.

Universal Destinations & Experiences last week committed to build a new theme park in Bedford, United Kingdom. The park will be part of a new resort to be built on a 473-acre site about an hour north of London. With construction set to begin next year, Universal said the as-yet-unnamed park should open in 2031.

In Orlando, Universal is in previews for its Epic Universe theme park, which opens officially May 22. Next year, Universal will open Universal Kids Resort north of Dallas. That will be a 32-acre park aimed at families with young children, only slightly larger than Universal’s Volcano Bay water park in Orlando, Florida, and much smaller than Universal’s other theme parks.

But Universal is going big in Britain. The new resort will include a 500-room hotel and CityWalk-like dining and retail district, according to Universal’s plans. Universal’s concept art for the park shows at least three roller coasters as well as what looks like lands devoted to Universal’s DreamWorks and Illumination brands and “Back to the Future” and “Jurassic Park” franchises. There’s also a large theater that could house Universal’s “Waterworld” show or some other entertainment franchise.

Universal said it expects the resort to generate at least $66 billion for the local economy by 2055. It also expects the park to attract 8.5 million visitors in its first year, which would make it the second-most-visited theme park in Europe, behind only Disneyland Paris.

Disney earned attention with its announced plans to invest $60 billion in its Experiences segment over a decade. But Disney is spending most of that on existing theme parks, relying on an expanded Disney Cruise Line fleet to bring the company into new markets.

Meanwhile, Universal also is spending billions, but on new parks as well as expanding existing ones. Ultimately, though, this is not a battle between Disney and Universal for theme park market share. It’s a duopoly expanding to challenge everyone else in the amusement business.

The United Kingdom has been a strong market for theme park fans. A new Universal park in Bedfordshire could give those fans another option between their theme park holidays to Orlando, Paris, Spain or the Middle East. That puts the new Universal resort in competition with local parks in the United Kingdom, many of which are owned by Merlin Entertainments.

Best known to U.S. theme park fans as the owner of the Legoland parks, Merlin has most of the U.K.’s current top theme parks, including Alton Towers, Chessington World of Adventure, Thorpe Park and Legoland Windsor. Merlin already has announced plans to switch Chessington — its closest park to London — to year-round operation, but it will need much more than just that to compete with Universal in its home market.

But if Universal helps make Great Britain a destination for more international theme park fans, this new park might end up helping Merlin by bringing new attention to its top attractions. It’s an exciting time for theme park fans.

Robert Niles covers the themed entertainment industry as the editor of ThemeParkInsider.com.