Considering how it went for Disney, would they event want two more parks?
Disney's cost structure is its real problem; they run a far more inefficient operation than the leaner Orlando parks (Disney has a lot more redundancies built into its cost structure as others can attest, much higher upkeep costs, higher staffing costs, etc.).
Just look at their 2016 parks earnings statements: Disney Parks had $17bn in revenue, $13.7bn in costs to generate that revenue; $3.3bn in operating cash flow.
Universal Parks had $5bn in revenue, $2.8bn in costs to generate that revenue, and $2.2bn in operating cash flow.
Regardless, I think Universal could plan a 2nd resort area in a way that would be just as profitable as its other operations; they certainly have a much better grasp of that aspect of the theme park business than Disney.
People want that? I'm good with the one park they're definitely building, some hotels, and CityWalk 2. Anything more and you really start to stretch yourself thin
I think the Universal executives are planning for the entire ~1300 acre package (including UCPM III/FQP) with the current ~475 acres as a part of that plan.
Yes, they may settle for just the one park and a 2nd CityWalk, but I think the big scheme of things; the real plan is a second resort 50% larger than the first if they can manage to acquire the rest of that land.
Keep in mind that what I said to
@fryoj applies here. Universal has much lower costs and has much lower attendance requirements to keep its parks profitable.
Disney needs its parks running at roughly 8-10M attendance each (based on TEA/AECOM numbers) in order to be profitable.
Universal's parks are profitable at 4-5M attendance each because of the much lower cost structure. If they keep that cost structure, then it's very easy to imagine a 3rd and 4th park along with a 2nd CityWalk and 20,000+ hotel rooms (spread among at least 10 hotels) on that new property.
Of course, there's a ton of other issues like IP that come into play, but I think they're planning on a full 2nd resort and will scale back if things like demographics (Florida/Southeast continually increasing in population) don't play out over next 30 years. Of course, securing the other ~800 acres is probably a first priority.