According to an article in the 30 Apr 1986 HR, Paul Newman’s lawyer, Irving Axelrad, became interested in the sequel to Walter Tevis’s 1959 novel, The Hustler, after reading two chapters of Tevis’s manuscript in 1983. Newman, who starred as “‘Fast Eddie’ Felson” in the film adaptation of The Hustler (1961, see entry), was initially reluctant to reprise the role. Nevertheless, he encouraged Axelrad to option the novel, titled The Color of Money. Axelrad got Twentieth Century Fox to back the option, which entailed a down payment of $25,000 against a potential $250,000, according to an item in the 4 Nov 1983 Publishers Weekly. Publishing rights sold to Warner Books after the film rights were acquired.
       A 16 Oct 1985 DV item noted that Newman was eager to work with director Martin Scorsese, and first brought him into the project while it was still set up at Fox. A “regime change” at the studio led to the project being dropped, as stated in the 28 Oct 1985 issue of New York. Columbia Pictures picked up the option, but put the film into turnaround. Finally, Walt Disney Productions came on board, and Tom Cruise signed on to co-star, with Martin Scorsese directing, as confirmed in the 21 Oct 1985 HR.
       According to screenwriter Richard Price, quoted in a 19 Oct 1986 NYT article, he and Scorsese went to Malibu, CA, in Feb 1985 for a story meeting with Paul Newman, during which the three “hammered together a plot line.” Walter Tevis and another, unnamed writer had written early drafts, but Scorsese wanted to throw out the previous work and craft a new script around Newman’s character. Ultimately, Richard Price’s screenplay retained little more than the title of Tevis’s novel.
       Casting was underway by early Dec 1985, according to the 4 Dec 1985 Var, which announced open call auditions for the role of “Carmen,” to be held at Kamikaze nightclub in New York City. Although actor Jackie Gleason was initially interested in reprising his role in The Hustler, Price was unable to successfully work the character of “Minnesota Fats” into the screenplay.
       A 29 Dec 1985 LAT brief clarified that while Walt Disney Pictures was financing, promoting, and distributing the film, it was not considered a Disney production, but a “Buena Vista release,” since the subject matter was not in keeping with Disney’s usual G-rated fare. Disney’s Touchstone Pictures arm was ultimately credited as production company.
       Filmmakers briefly considered shooting in Toronto, Canada, as noted in the 29 Oct 1985 HR, before choosing Chicago, IL, where principal photography commenced on 21 Jan 1986, according to the 25 Nov 1985 DV. Production notes in AMPAS library files list the following locations: Navy Pier, where the Atlantic City pool tournament was staged, with forty pool tables shipped from Murreys in California; St. Paul’s Billiards, a former vaudeville theater; North Center Bowl; Chicago’s Finest; Chris’s Billiards on Milwaukee Avenue; Fitzgerald’s and The Ginger Man, bars that doubled as pool rooms; O’Brien’s Steakhouse; the German restaurant Zum Deutschen Eck; the Gaslight Club; and Blackstone’s Hotel. One day of filming also took place at the Resorts International Hotel in Atlantic City, NJ.
       Newman and Cruise were coached in pool-playing technique by technical advisor Michael Sigel. Throughout production, the actors continued to practice and kept pool tables in their apartments. A 10 Oct 1986 NYT article noted that the actors made all of the shots seen in the film except one, which was executed by Sigel, the “reigning world straight pool champion” at the time.
       Production concluded the week of 31 Mar 1986, as noted in the 5 Apr 1986 LAHExam, ahead of schedule and $500,000 under the estimated $15-$16 million budget.
       A 23 Oct 1986 LAT article noted the “blizzard of media coverage” around the film, partly due to Paul Newman and Tom Cruise’s popularity. Life magazine released two covers for its Nov 1986 issue, featuring a story about the film and a photograph flipped in two different directions: one with Tom Cruise right-side-up and Paul Newman upside-down, and the other vice versa. A Life executive claimed sales of the different versions would prove “who is the hottest” actor of the two. According to a 28 Dec 1986 LAT item, the magazines featuring Cruise right-side-up outsold the others 55%-45%.
       The Color of Money was originally slated to open on Christmas 1986. However, a 30 Jul 1986 HR item reported that the opening date was moved up two months, due to Disney’s confidence in the film’s commercial viability. A benefit premiere took place on 8 Oct 1986 in New York City, and raised $213,000 for the Actors Studio, as noted in a 10 Oct 1986 NYT item. On 14 Oct 1986, the Los Angeles premiere event raised $135,000 for the Scott Newman Foundation.
       In its opening weekend, the film grossed $6.4 million in 635 theaters. The 2 Jun 1987 DV listed its cumulative domestic box-office gross as $52,205,250.
       Critical reception was largely positive. Paul Newman won an Academy Award for Actor in a Leading Role, and the National Board of Review’s Best Actor Award. The film was also named one of the top ten films of 1986 by the National Board of Review, and received the following Academy Award nominations: Actress in a Supporting Role (Mary Elizabeth Mastrantonio); Writing (Screenplay Based on Material from Another Medium); and Art Direction.
       According to the Dec 1987 issue of Collector, items from The Color of Money, including a pool cue used by Newman, fetched a total of $3,900 at an auction benefitting Newman’s proposed camp for children with life-threatening illnesses.
       The screenplay was Richard Price’s first to be produced.
       End credits include “Special Thanks” to: Marion Billings; Shari and Harold Simonsen, Pool and Billiard Magazine; USA Network, “Commander USA” – James Hendricks; and, The Clip Joint for Film.