Hasbro rolls the dice on Monopoly musical

Monopoly board game
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Hasbro is passing go and hoping to collect more than $200.

Almost a year after announcing that it will be producing a Monopoly movie, the Rhode Island–based toy company revealed on Monday that it has greenlit the production of a Monopoly musical.

The two productions, however, will be separate entities, according to a Hasbro spokeswoman.

While Hasbro partnered with Lionsgate to produce the film version of its popular financial board game, it will work with the Araca Group, the Broadway production company behind "Urinetown," "Wicked" and "Rock of Ages," to develop the musical adaption, according to an exclusive report from Variety.

"Monopoly is one of the most iconic gaming brands of all time," Simon Waters, general manager and senior vice president of entertainment and consumer products for Hasbro, said in a statement. "Hasbro is dedicated to delivering new and exciting ways for consumers to interact with all of our brands, and this stage adaptation will do just that — offering fans a unique and immersive experience for people of all ages."

The Araca Group did not immediately respond to CNBC's request for comment.

No timeline or creative team have been announced for the musical production, however, Variety estimates that "Monopoly: The Musical" will appear on stage in three to four years.

"I can tell you this: It's not going to be a musical about people sitting around playing Monopoly," Matthew Rego of the Araca Group, told Variety. "What turns us on is creating something that explores the world of Monopoly, kind of like the Lego movies have done with Legos."

The film version of Monopoly is slated to revolve around a boy from Baltic Ave., a modest address on the game board, who goes on a quest to make his fortune.

Hasbro has produced several major motion pictures — "Transformers," "Battleship" and "G.I. Joe," among others — however, the Monopoly musical would be its Broadway debut.

Social media users remain skeptical, however.

Then again, who would have thought a musical about rapping Founding Fathers would explode on Broadway?