After a sluggish, carnival-set opening stretch — during which most of Nightmare Alley’s extraordinary ensemble appears — the latest feature from Guillermo del Toro gives way to an inspired main event as “mentalist” Stanton Carlisle (Bradley Cooper) and his lover/assistant Molly Cahill (Rooney Mara) take their act to town.

There, the suspense of Stanton’s risky alliance with Dr. Lilith Ritter (Cate Blanchett, in peak femme fatale form) to con reclusive millionaire Ezra Grindle (Richard Jenkins) mingles with the director’s now-expected exquisite production design to craft an immensely rich atmosphere.

Where it leads may be somewhat easy to guess, but the heartbreaking final scene largely compensates for the predictability.

Grade: B. Rated R. Now playing at Carolina Cinemark and Regal Biltmore Grande

(Photo: Kerry Hayes/20th Century Studios)