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Video game publisher Activision is placing a very large bet on its partnership with Halo creators Bungie.

Reuters reports the publisher will spend a whopping $500 million on Destiny, the first game born from its 10-year deal with Bungie. The massive budget will go toward developing, marketing and packaging the game, along with royalty fees and other costs, an Activision spokesperson confirmed in the report.

The report says Activision CEO Bobby Kotick revealed the amount during a speech at last week's Milken conference in Los Angeles.

Activision sees Destiny as its next blockbuster action franchise, potentially topping Call of Duty, which generated billions in revenue for the publisher but has shown signs of slowing growth. In a report from Venturebeat, market analysis firm Cowen & Company said sales of last year's release Call of Duty: Ghosts were down 19% compared to its predecessor, Call of Duty: Black Ops II.

Destiny is described by Bungie as a "shared world shooter," blending elements of single player, cooperative and competitive combat into a single, seamless experience. The game will launch September 9 for PlayStation 4, Xbox One, PS3 and Xbox 360.

More details on Destiny will likely be available during next month's Electronic Entertainment Expo in Los Angeles.

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