Down below the Opera House, the Phantom forcibly takes Tyler into his boat; furiously moving across the like with anger and sorrow.

(The Phantom)
Down once more to the dungeons of my black despair!
Down we plunge to the prison of my mind!
Down that path into darkness deep as hell!

He rounds on Tyler, bitterly.

Why you ask was I bound and chained in this cold and dismal place?
Not for any mortal sin, but the wickedness of my abhorrent face!

Above the lake is the shouting of the approaching mob.

(Mob)
Track down this murderer!
He must be found!

The Phantom moves onward; still confounded by the betrayal of the boy he's in love with.

(The Phantom)
Hounded out by everyone!
Met with hatred everywhere!
No kind words from anyone!
No compassion anywhere!

Tyler, Tyler

Why! Why!

Gerard and Madame Jenna run down the stairs towards the Phantom's lair.

Madame Jenna raises her hand.

(Madame Jenna)
Your hand at the level of your eyes!

(Gerard)
At the level of your eyes!

(Mob)
At the level of your eyes!

Gerard and Madame Jenna arrive at the entrance of the lair.

"He lives across the lake, monsieur. This is as far as I dare go."

Gerard looks at Madame Jenna and smiles.

"Madame Jenna, thank you."

Madame Jenna smiles back and leaves. Gerard removes his shirt and jumps into the lake. The mob arrives at the edge of the lake; with their torches flickering.

(Mob)
Track down this murderer!
He must be found!
Hunt down this animal who runs the ground!

Too long he's preyed on us, but now we know!
The Phantom of the Opera is there!
Deep down below!

He's there!
The Phantom of the Opera!

He's there!
The Phantom of the Opera!

When the couple arrives at the lair, the Phantom takes Tyler out of his boat, dresses him in the wedding dress from the wax figure, and drags him into the lair.

Tyler frees himself and backs away as he stares blackly out front. Braving his terror, he addresses him fiercely.

(Tyler)
Have you gorged yourself at last in your lust for blood?

The Phantom doesn't reply.

Am I now to be prey to your lust for flesh?

The Phantom looks at Tyler, coldly.

(The Phantom)
That fate, which condemns me to wallow in blood
Has also denied me the joys of the flesh
This face, the infection, which poisons our love

He takes the bridal veil and moves slowly towards Tyler.

This face, which earned a mother's fear and loathing
A mask, my first unfeeling scrap of clothing

The Phantom places the veil on Tyler's head.

Pity comes too late!
Turn around and face your fate!
An eternity of this before your eyes!

Tyler looks calmly into his face; almost touching him.

(Tyler)
This haunted face holds no horror for me now
It's in your soul that the true distortion lies

Before he could change his mind, the Phantom senses someone arriving.

(The Phantom)
Wait!
I think, my dear, we have a guest!

He turns and sees Gerard behind the bars of his lair.

"Monsieur Way!"

"Gerard!" Tyler cried.

He runs to the bars to see him.

(The Phantom)
This is indeed an unparalleled delight!
I had rather hoped that you would come!
And now, my wish comes true!
You have truly made my night!

Gerard grasps the bars of the gate; pleading for Tyler.

(Gerard)
Free him!
Do what you like only free him!
Have you no pity!

The Phantom looks to Tyler.

(The Phantom)
Your lover makes a passionate plea!

(Tyler)
Please, Gerard, it's useless!

(Gerard)
I love him!
Does that mean nothing?
I love him!
Show some compassion!

(The Phantom)
The world showed no compassion to me!

(Gerard)
Tyler
Tyler
Let me see him!

(The Phantom)
Be my guest, sir!

He raises the gate, and Gerard runs into the lair; embracing Tyler.

Monsieur, I bid you welcome
Did you think that I would harm him?
Why should I make him pay for the sins which are yours!

In a rage, the Phantom grabs Gerard and holds him in his grip. Before he had a chance to escape, he puts the punjab lasso around his neck, descending it into the air.

Order your fine horses now!
Raise up your hand at the level of your eyes!
Nothing can save you now!
Except, perhaps, Tyler!

He turns to Tyler and holds him close.

Start a new life with me!
Buy his freedom with your love!
Refuse me, and you send your lover to his death!

This is the choice!
This is the point of no return!

Seeing what he's going to do, Tyler realizes who the Phantom truly is.

(Tyler)
The tears I might have shed for your dark fate
Grow cold and turn to tears of hate!

Gerard despairs.

(Gerard)
Tyler, forgive me! Please, forgive me! I did it all for you, and all for nothing!

Tyler rips the veil from head; filled with rage.

(Tyler)
Farewell my fallen idol and false friend!
We had such hopes!

(The Phantom)
Too late for turning back!

(Tyler)
And now those hopes are shattered!

(The Phantom)
Too late for prayers and pity!

(Gerard)
Say you love him!

(The Phantom)
Past all hope of cries for help!

(Gerard)
And my life is over!

(The Phantom)
No point in fighting!
For either way you choose, you cannot win!

(Gerard)
But either way you choose, he has to win!

(The Phantom)
So do you end your days with me?
Or do you send him to his grave?

(Gerard)
Why make him lie to you to save me?

(Tyler)
Angel of music!

(The Phantom)
Past the point of no return!

(Gerard)
For pity's sake, Tyler, say no!

(Tyler)
Who deserves this!

(The Phantom)
The final threshold!

(Gerard)
Don't throw your life away for my sake!

(Tyler)
Why do you curse mercy!

(The Phantom)
His life is now the prize which you must earn!

(Gerard)
I fought so hard to free you!

(Tyler)
Angel of music!

(The Phantom)
You've passed the point of no return!

(Tyler)
You deceived me!

He falls to his knees, with tears in his eyes.

I gave my mind blindly!

Hearing his cold words, the Phantom looks into the eyes of the boy.

"You try my patience."

He turns away.

"Make your choice."

Tyler reflects on everything that's happened. He now knows the Phantom and who he truly is, but doesn't want to accept his cruel nature. He thinks of a resolution, and moves slowly towards the Phantom.

(Tyler)
Pitiful creature of darkness
What kind of life have you known?
God give me courage to show you
You are not alone

Now calmly facing him, Tyler takes the Phantom in his arms and kisses him on the lips. Gerard watches in horror, but realizes that in some way, Tyler cares and pities the Phantom.

After they let go, the Phantom steps back and starts walking over to Gerard. He takes a lit candle from his organ. He debates whether or not to kill the man that robbed him of his love, but after everything that happened, the Phantom chooses to spare Gerard.

He holds the candle over Gerard's head and releases him from the ascending noose. Once he's released, he runs over to Tyler and embraces him.

In the distance, the mob is closing in.

(Mob)
Track down this murderer!
He must be found!

"Take him!" The Phantom shouted. "Forget me! Forget all of this!"

(Mob)
Hunt down this animal!
Who runs the ground!

"Leave me alone! Forget all you've seen!"

(Mob)
Who is this monster! This murdering beast!

"Go now! Don't let them find you!"

(Mob)
Revenge for Moody! Revenge for Buquet!
This creature must never go free!

"Take the boat! Swear to me! Never to tell!"

(Mob)
Too long he's preyed on us!

"The secret you know!"

But now we know!
The Phantom of the Opera is there!
Deep down below!

"Of this angel in hell!"

The Phantom looks to Tyler and Gerard.

"Go! Now!"

The couple flees the lair, still hearing the Phantom's tormented screams.

"Go now! And leave me!"

As he collapses into sobs, the monkey with cymbals begins to play. The Phantom crawls over and listens to its sweet sound.

Masquerade
Paper faces on parade
Masquerade
Hide your face so the world will never find you

As he weeps, Tyler returns and walks slowly towards him. When the Phantom sees him, he stands up and faces him. With tears in his eyes, Tyler removes the Phantom's ring and holds it out to him.

The Phantom takes his hand, but doesn't let go.

"Tyler, I love you."

Hearing those words, Tyler breaks down into tears. He places the ring into the Phantom's hand, kisses it, then runs away.

The Phantom pleads with him, but Tyler is gone. He falls to his knees, takes the veil, and sobs bitter tears. As he cries, he hears Tyler and Gerard's voices as they ride away in the boat.

(Tyler)
Say you'll share with me one love
One lifetime

(Gerard)
Say the word and I will follow you

(Tyler)
Share each day with me
Each night
Each morning

(The Phantom)
You alone can make my song take flight!
It's over now, the music of the night!

The Phantom hears the mob approaching his hair. He quickly disappears before they can catch him. When they arrive, Hayley, who snuck in through the crowd, walks into the lair.

As she searches, she finds the Phantom's mask seated on his throne. Hayley picks it up and shows it to the crowd.

The last remains of the Phantom of the Opera.