Universal Studios Japan will allot between 200 billion and 300 billion yen for an expansion of its park, Nikkei Asia reported Friday, citing multiple sources.

The company looks to construct new attractions on a nearby 60,000-square-meter site that previously housed a Nippon Steel (TYO:5401) factory, with a lease deal with the Osaka municipal government expected by 2028, the report said.

The theme park looks to increase its annual visitor count to more than the current 16 million, already the largest number among competitors, the report said.

Universal Studios did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)