Weber's new production, "Love Never Dies," is due to open in London in March of next year.
The musical picks up a decade after the original's conclusion, and has the Phantom trading his hideout beneath the Paris opera house for he Brooklyn amusement park.
Weber said Thursday that he wanted to produce a sequel because the conclusion of the original was too boring.
The new musical will be staged in New York beginning in November 2010.
The original hit musical featured elaborate staging and songs like "The Music of the Night."