If Ron Sharpe is nervous about opening a new $16 million musical on Broadway during these turbulent economic times, he isn't showing it.

Sharpe, who was a theater actor before he became a producer, was all smiles as he watched his leading man perform a number for several thousand spectators in the middle of Times Square. The show, a musical version of Charles Dickens' A Tale of Two Cities, opens Thursday night.

"I found 225 people to come onboard my show, one by one, through hand-to-hand combat," Sharpe said. "Because we fundraised before the economic struggles, we were already pre-set about a year ago with the money. We were just waiting for the right theater to open." (See related video.)

Not every show intended for Broadway has been so lucky. So far, four productions that were due this season have been cancelled. One, a revival of Godspell, was killed because a major investor pulled out due to the slowing economy, producers said.

Shakeout isn't unusual in theater. To crib from Dickens, even in the best of times, it can be the worst of times for a Broadway producer. Only one in five shows that makes it to New York's premier theater district ends up making its money back. And, said Charlotte St. Martin, the executive director of the Broadway League, the odds of financial success were the same in 1964. "The big difference is that in 1964 a hit show would only take six months to recoup their investment; today a hit show takes at least two years," she explained.

The new Broadway season, which has just begun, is full of big-name (and expensive) productions. Among the musicals, which account for between 85 and 90 percent of Broadway's grosses, DreamWorks is making its theatrical debut with a version of Shrek. Plays, which these days often bank on star power to bring in the crowds, have Harry Potter's Daniel Radcliffe starring in a revival of Equus.

But some on Broadway are concerned about the global economic downturn—even people associated with shows that are expected to be the season's blockbusters.