[FIRMIN, spoken]
Monsieur André!

[ANDRE, spoken]
Monsieur Firmin!

[FIRMIN]
Dear André, what a splendid party!

[ANDRÉ]
The prologue to a bright new year!

[FIRMIN]
Quite a night, I'm impressed

[ANDRÉ]
Well, one does one's best!

[ANDRÉ/FIRMIN]
Here's to us

[ANDRÉ]
The toast of all the city

[FIRMIN]
What a pity that the Phantom can't be here!
[ENSEMBLE/CROWD]
Masquerade!
Paper faces on parade
Masquerade!
Hide your face so the world will never find you!

Masquerade!
Every face a different shade
Masquerade!
Look around—there's another mask behind you!

Flash of mauve
Splash of puce
Fool and king
Ghoul and goose
Green and black
Queen and priest
Trace of rouge
Face of beast

Faces...
Take your turn
Take a ride
On the merry-go-roundEye of gold
Thigh of blue
True is false
Who is who?
Curl of lip
Swirl of gown
Ace of hearts
Face of clownIn an inhuman raceFaces...
Drink it in, drink it up
Till you've drowned
In the light
In the sound
But who can name the face?
Masquerade!
Grinning yellows, spinning reds
Masquerade!
Take your fill—let the spectacle astound you!

Masquerade!
Burning glances, turning heads
Masquerade!
Stop and stare at the sea of smiles around you!

Masquerade!
Seething shadows, breathing lies
Masquerade!
You can fool any friend who ever knew you!

Masquerade!
Leering satyrs, peering eyes
Masquerade!
Run and hide—but a face will still pursue you!

[CARLOTTA]
What a night!

[PIANGI]
What a crowd!
[ANDRÉ]
Makes you glad!

[FIRMIN]
Makes you proud!
All the crème de la crème![CARLOTTA]
Watching us
Watching them! 
[MEG]
And all our fears are in the past![ANDRÉ]
Three months!

[PIANGI]
Of relief!

[CARLOTTA]
Of delight!

[ANDRÉ]
Of Elysian peace![FIRMIN]
And we can
​breathe at last! 
[CARLOTTA]
No more notes![PIANGI]
No more ghost!

[GIRY]
Here's a health

[ANDRÉ]
Here's a toast:
To a prosperous year!

[FIRMIN]
To our friends who are here![PIANGI/CARLOTTA]
And may our
​splendour
​never fade! 
[FIRMIN]
Three months! 

[MEG]
What a joy![GIRY]
What a change!

[FIRMIN/ANDRÉ]
What a blessed release!

[GIRY]
And what a masquerade!

[CHRISTINE, sung]
Think of it!

(spoken)
A secret engagement! Look—your future bride! Just think of it.​

[RAOUL, spoken]
But why is it secret? What have we to hide? You promised me...

[CHRISTINE, spoken]
No, Raoul, please don't, they'll see...

[RAOUL, spoken]
Well then let them see. It's an engagement, not a crime!

(sung)
Christine, what are you afraid of?[CHRISTINE, sung]
Let's not
​argue,​
Please
​pretend,​
You will
​understand in time 
[RAOUL, sung]
Let's not argue

I can only
​hope I'll
​understand in time[Instrumental interlude]

[ALL]
Masquerade!
Paper faces on parade
Masquerade!
Hide your face so the world will never find you!

Masquerade!
Every face a different shade
Masquerade!
Look around—there's another mask behind you!

Masquerade!
Burning glances, turning heads
Masquerade!
Stop and stare at the sea of smiles around you!

Masquerade!
Grinning yellows, spinning reds
Masquerade!
Take your fill—let the spectacle astound you!

[Voices fade and turn to gasps as the lights dim and the PHANTOM appears at the top of the stairways]
  
[Special Edition only:]

[PHANTOM]
Why so silent, good Messieurs?
Did you think that I had left you for good?
Have you missed me, good Messieurs?
I have written you an opera!
Here I bring the finished score—
"Don Juan Triumphant"!

[He throws it down and then unsheaths his sword, brandishing it towards his respective targets]

Fondest greetings to you all!
A few instructions just before rehearsal starts:
Carlotta must be taught to act
Not her normal trick of strutting 'round the stage
Our Don Juan must lose some weight—
It's not healthy in a man of Piangi's age
And my managers must learn
That their place is in an office, not the arts

[He sheaths his sword for his next target]

As for our star, Miss Christine Daaé...

No doubt she'll do her best
It's true, her voice is good
She knows, though, should she wish to excel
She has much still to learn
If pride will let her return to me, her teacher
Her teacher...

[Meanwhile, RAOUL temporarily steps out to get his rapier. CHRISTINE, mesmerised, stands still as the PHANTOM approaches her. He reaches out, grasps the chain that holds the secret engagement ring, and rips it from her throat]

Your chains are still mine
You belong to me