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Walt Disney Co. is betting that the most successful movie of all time will help its theme-park business continue a hot streak eight years after the film came out.

The media giant this week opens Pandora—World of Avatar, a $500 million attraction at Walt Disney World’s Animal Kingdom near Orlando, Fla., the biggest expansion of one of its American theme parks in more than a decade. Based on James Cameron’s 2009 movie “Avatar,” which…