NBCUniversal has revealed that its planned Bedfordshire theme park development will be known as Universal United Kingdom Resort, alongside confirmation of £1.3 billion in government support for infrastructure linked to the project.

The US entertainment giant said it expects the resort to attract 8.5 million visitors a year when it opens in 2031, with ambitions for it to become Europe’s most-visited theme park destination.

Comcast NBCUniversal plans to invest £5 billion in the development at Kempston Hardwick, near Bedford, with a further £1 billion earmarked during the resort’s first decade of operation.

The government’s contribution will support transport and infrastructure improvements designed to accommodate visitors travelling from across the UK and overseas. Planned upgrades include improvements to Wixams railway station and the A421 corridor.

Chancellor Rachel Reeves visited the site ahead of the announcement and said the project would “unlock nearly £50bn of economic growth” and create “tens of thousands of jobs” across Bedfordshire.

The project is expected to have implications far beyond Bedfordshire, with businesses across Milton Keynes and the wider Oxford-Cambridge growth corridor expected to benefit from increased demand in construction, logistics, hospitality, tourism and professional services.

More than 100 people are already employed on the project in the UK. Universal says around 20,000 jobs will be supported during construction, with a further 8,000 operational roles expected once the resort opens. The company has said approximately 80% of those permanent jobs will be filled by people living in Bedfordshire and surrounding areas.

Mark Woodbury, chairman and chief executive 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 unveiling of the Universal United Kingdom Resort brand marks another significant milestone for a project expected to become one of the largest leisure and tourism investments ever made in the UK.