An 86-year-old musical that failed at its 1939 debut is now the first blockbuster for Las Vegas’ Sphere, generating as much as $2 million a day in ticket sales, according to Wolfe Research.

Sphere CEO James Dolan licensed the film from Warner Bros. CEO David Zaslav and spent nearly $100 million to adapt it for the world’s largest LED screen.

The new version runs 70 minutes, with enhanced effects and immersive experiences.

The Wizard of Oz is drawing 4,000 to 5,000 fans two to three times daily, with tickets averaging nearly $200 each. Sphere executives estimate the film could gross hundreds of millions this year and top $1 billion before its run ends, a source told Bloomberg.

According to Bloomberg, over 1,20,000 tickets had been sold before the film’s official opening. Showings run daily — even alongside concerts — and up to three times on Sundays.

Built at a cost of $2.3 billion, the Sphere was initially seen as a vanity project. Yet its film business now outpaces concerts, with movies expected to bring in $400 million this year — twice as much as concerts, which are projected at $200 million.

“Most people can’t access this product until they get to Vegas, and they don’t get there but every four years,” analyst Peter Supino told Bloomberg.

Dolan is planning to expand the Sphere to new locations, including Abu Dhabi. He is also negotiating to license more titles including Harry Potter and Star Wars.

“Ultimately, we’ll run The Wizard of Oz forever,” Dolan said. “It’s hard for me to imagine a better product than Wizard of Oz.”