I still haven’t gotten confirmation of anything, but here are my thoughts on Bill and Ted and FFL (if it matters).
Any show requires rights and a cast (and a script, but A&D has writers). Now, Universal had the long-term rights for Bill and Ted and could easily purchase their use for one year. The relationship is there. However, speculation at the they ended Bill and Ted was that the cost was going to increase because of the movie, and that was two years ago. Buying the rights the year of, for a show while the would still be in theaters, would be even more expensive. Universal “could” afford it, but unless they already had them purchased, it would be odd with the budget cuts happening throughout the resort. They have the rights to Beetlejuice and their icons though, so could use them with no issues.
Second, they need a cast. This where it gets a little wonky. Bill and Ted had open auditions where anyone could go in with their best pop culture impression and Universal would work them into the show. The other way they’d cast/write the show is knowing what impressions their in-house performers can do. Obviously, they haven’t done open auditions. Which means they’re casting strictly in-house or known performers. That’s fine for Bill and Ted, especially if they’re only using returning characters, but it would be odd. On the other hand, their in-house cast is how they’ve done previous icon shows (most of them are still there), and they have a collection of BJs at their disposal.
But, here’s a wrinkle: rumor is they had a Beetlejuice show written for last year. It was planned, but Legal kiboshed it (it was essentially Bill and Ted, only with BJ). However, with another year of development and a need for capacity and crowd distribution, they could have figured out how to make it work.
That said, I honestly have no idea what’s going on in there yet.