Why did they never make a stage musical / rock opera out of "Phantom of the Paradise"?

The 1973 film Phantom of the Paradise has become a legit cult film, great score by the again-popular Paul Williams, over the top rock theatrics…why was this never adapted for the stage? You would think at least a casino in Las Vegas would adapt it.

It was! My audiobook narrator just got a role in it. He’s in New York City. I think thisis the production - he’s Philbin.