Also, it felt like they crammed as much as they could into the one movie, just in case it was a one-off. Part of what did make it work was the element of surprise and novelty, which would've worn off by that point.
The merchandising was a little off - the film was popular, but not enough in that department.
Beatty was a bit old to have been the star anyway and they used a lot of special shots to camouflage that. By the time a sequel would've rolled out, he would be a bit older and even harder to hide.
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