I mean, the musical does well enough just using the half-mask as a merch logo.
I think the only way that Phantom gets a solo house if it is based on the musical... which might sound a little stupid, considering the Universal pedigree of the character, but if you can't use the Lon Chaney makeup then the next most iconic thing would be the musical. The only reason I see this happening is if there's some sort of a Warner Bros./HBO deal this season that is getting them a deal with the movie rights, or else, like, Phantom is planned to come to Epic Universe as a musical and this is a test of the brand.
Both completely unhinged thoughts, though the partnership with WB is very, very strong. Even if the musical acts as *unofficial inspiration* and Universal decides to tiptoe the rights like they have in the past, I can immediately think of tons of moments from the show that would immediately translate to a house: the chandelier complete with opera singer victims, a dark room with stereoscopic sounds where the phantom seems to travel around your head, the journey through the mirror into the misty sewers with rats and living skeletons, dropping corpses, fireball hands, the Masquerade Skull mask, the murdered Piangi, maybe someone appearing as a full-sized Music Box Monkey...
To base the speculation in reality, I could definitely see producers from the show walking through Puppet Theatre and being promised a similar product for their IP. To me it would have more sincere scares than Beetlejuice. Even if people don't know him, I think this is a house that could fill the victorian/gothic/ghost-based horror slot that they seem to fill each year.