Nightmare Alley.

Nightmare Alley took home a Best Picture nomination despite tepid reviews for a movie that ended up in that echelon, with unfavorable comparisons to the 1947 black-and-white version that director Guillermo del Toro chose to update. For fans of noir cinema, however, this is a fantastic melding of that genre’s conventions with del Toro’s visual style and meticulous placement, one that I found incredibly entertaining up until the rather predictable, on-the-nose ending.

Adapted from a 1946 novel of the same name, Nightmare Alley follows the path of a con man named Stanton Carlisle (Bradley Cooper), who we see burning down a house with a body in it, without any explanation given, and then who walks off a bus and into a carnival, where he ends up with a job. On his first night there, he sees the carnival geek, whose role is to bite the heads off live chickens and drink their blood as entertainment for the carnival’s patrons. Stanton learns the art of cold-reading from other carnival workers, and falls for one of the other carnies, Molly (Rooney Mara). The two take off together and form a mentalist act for a dinner theatre show in Buffalo, where they encounter Dr. Lilith Ritter (Cate Blanchett) and her wealthy client, the latter of whom believes Stanton can communicate with his dead son. Stanton hatches a plan to con that client and other wealthy men in the city by using information from Dr. Ritter, offering to split the money with her, but it goes awry when another client, Ezra Grindle (Richard Jenkins), wants more than Stanton can provide.

The film looks incredible, as you’d expect from del Toro, although this time around he has no supernatural elements to work with – the monsters are inside the characters themselves, so to speak. The city of Buffalo has never looked so vibrant and glamorous, and even the carnival has a grim beauty under the lights, when the show is on. The film is set in 1939, with a depression on and war beckoning, but you’d never know it except when the characters mention the war in passing, with opulence everywhere once we get to the big city – especially Dr. Ritter’s office, with walls that appear gold-plated and a recording apparatus that looks like it came from the science fiction stories of that era.

Del Toro also coaxes some great performances from a loaded cast, not least of which are those of Cooper and Blanchett. Cooper earned more Oscar buzz for the two minutes he’s on screen in Licorice Pizza, but there’s far more to this character and Cooper plays it so effortlessly that perhaps we’re starting to take him for granted. Blanchett is marvelously inscrutable as the good doctor, with unclear motives and fungible ethics; her actual interest in Stanton is obscured until their final scene together. David Strathairn and Toni Collette do their usual, understated thing as the pair who pretend to be psychics at the carnival, while Willem Dafoe leans into his creepier side as the carnival’s operator, although he unnerves less through malice than through his lack of empathy for anyone else. There’s a great cameo from Mary Steenburgen in a one-note role as well. Mara, unfortunately, is as flat and toneless as ever, making it hard to see what Carlisle sees in her, and almost as hard to sympathize with her when he leaves her in the lurch.

This film looked like it was going to end in one of two ways, and del Toro chose the one that’s telegraphed early on in the film, which is true to the novel’s ending but feels so overdone – foreshadowing is great, but the amount of time this script spends telling you where it’s going to end up gives the ending the aftertaste of an artificial sweetener. It contrasts with the film’s refusal to be explicit with background details, including Carlisle’s and Ritter’s pasts, and what drives each of them to do what they do. There’s a recurring symbol of the corpse of a baby that Dafoe’s character keeps in his trailer, but it’s never fleshed out in any way, with a lot of speculation (this one is pretty good, with a small spoiler involved) but nothing concrete, and it felt more like del Toro being del Toro, rather than something that added to the finished product.

I enjoyed Nightmare Alley for its noir vibe and some of the very strong performances, but I can’t believe this is one of the top ten movies of the year – it’s more style than substance and it failed to stick the landing. It’s not as good as Parallel Mothers or The Lost Daughter, neither of which took a Best Picture nomination, just to pick two that I’ve already seen. It took a Best Cinematography nomination as well, but of the four nominees I’ve seen, I’d rank it fourth for that category. It’s also nominated for Best Costume Design and Best Production Design, however, and seems worthy of both honors.