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Harry Potter will soon be working his wizardry in Florida with a 20-acre attraction that could spawn Hogwarts castles at theme parks worldwide.

On Thursday, Warner Bros. Entertainment and Universal Orlando Resort took the wraps off the $200-million-plus "The Wizarding World of Harry Potter," capturing the amusement park industry's most sought- after cast of characters.

The project, expected to open in late 2009, extends the global juggernaut of British author J.K. Rowling, whose tales of wizards, "muggles" and broom-riding games of Quidditch have sold 325 million books and produced four films grossing $3.5 billion.

"Winning this is the Kentucky Derby, the Super Bowl, the Stanley Cup, the NBA and the Indy 500 all rolled into one," said Dennis Speigel, president of Cincinnati-based consulting firm International Theme Park Services.

The addition to Universal's Islands of Adventure comes amid a relatively healthy theme park business that has rebounded from the Sept. 11, 2001, terrorist attacks. But soaring fuel prices, and a potentially slower economy, threaten to crimp family vacation plans.

Nonetheless, Universal's licensing deal with Warner triggered an immediate frenzy among Potter devotees, Internet bloggers and industry observers. Because of the popularity of the "Harry Potter" books and films, many believe similar attractions could eventually come to Universal Studios Hollywood, Japan, Spain and other areas where Universal has theme parks, or plans new ones.

"The potential to expand is there if it turns out that this meets everyone's expectations as we think it will," Warner Bros. Chief Executive Barry Meyer said. "We will then look to other places to expand."

The international fan base of "Harry Potter" is expected to give Universal the kind of ammunition it badly needs to challenge Walt Disney World's dominance in Florida, where it has long lagged behind its bigger rival.

Disney in 2005 had a shot at landing the Potter theme park rights but is said to have balked at the deal largely because of cost. Disney declined to comment.

"This is disappointing for Disney not to have the franchise, but in terms of traffic it could actually help bring more people to their park," media analyst Harold Vogel said.

In building a major attraction around bestselling children's books, Universal is borrowing from the playbook of the late Walt Disney, who in the early years of Disneyland used theme park rides to bring to life characters from such tales as "Pinocchio," "Sleeping Beauty" and "Peter Pan."

"This is as good as it gets Cinderella's Castle for the first time has a rival — and it's Hogwarts Castle," consultant Speigel said, referring to Disney's signature landmark in Orlando.

Universal's agreement with Warner Bros. is limited to Florida and runs for 10 years after the attraction opens, with renewals for two additional five-year terms. Rowling had to approve the deal and all future plans must be run by her.

Warner licensed the rights to the characters and stories to Universal for an undisclosed fee believed to be tens of millions of dollars. Warner, which is not investing in the park, will also receive merchandise royalties and other payments.

According to a Securities and Exchange Commission filing Thursday by a Universal development arm, the company initially is expected to invest $230 million to $265 million on the Potter project and a planned ride based on the animated hit TV show "The Simpsons."

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