Long known as the "Other Phantom", Maury Yeston's version of the Opera ghost was written at the exact time Andrew Lloyd Webber was writing his own version. Yeston was in the process of securing financial backing for his musical when Lloyd Webber announced he was staging an adaption of the Phantom story. Easton's investors backed out, not wanting to compete against the man who wrote the hit show "Cats". In 1991, a full scale production premiered in Houston and the show has gone on to live a happy life, with over 1,000 productions having been mounted.
The story itself is very loosely adapted from the original novel by Gaston Leroux and does have a much better book than the Lloyd Webber version. For one thing, there is more character development between the Phantom and Christine. However, Kopit is too liberal with his source material and adds several unnecessary changes to the script. The Phantom is given a father, whereas all versions have him as an orphan. Count Philip, Christine's love interest is a philandering aristocrat, instead of the more noble if slow Raoul de Chagney. Christine is made to be French, and not Swedish, and she gets no opportunity to wow all of Paris with her voice on stage. One bright spot in this show are the comic pair of the Opera House manager Cholet and is diva wife Carlotta. Phantom reminds me a bit of Gigi, in that both shows are essentially a love letter to Paris in the Bel'Epoque.
Overall, I find this version to have its charms and moments, but it is not a memorable production. What is lacks to real passion. There are no soaring love ballads and the duets of The Phantom and Christine do not reach ethereal heights. The "Phantom Fugue" is by far the worst written song in the entire show. Count Phillipe's number "Who Could Have Dreamed You Up" is a dead on arrival duet that lacks the romance to the soaring and crowd favorite "All I Ask of You". There is a chandelier crash, to be sure, but it happens on stage and not on the heads of the audience.
I am willing to admit that I prefer the Lloyd Webber version. Both he and the story were made for each other. Only he could have turned The Phantom of the Opera into a hit. Yeston's version is a fine attempt at creating his own adaptation of the Phantom legend, but it will not remain the cultural touchstone as its more popular cousin.