“Fantasy Island” (**1/2 out of four) was a respectable adaptation of the 1970’s television show about a magical island resort hosted by a delightful but insidious millionaire (Michael Pena) who takes his various residents (Lucy Hale, Maggie Q, Ryan Hansen, and others) in and indulges their fantasies but they don’t realize how this will affect their reality and thus their sanity and safety. Well-cast and well-told for a while but story gets unnecessarily cerebral and arbitrary in its final third. One of the better adaptations of a ’70’s television show that falls apart in the stretch but is still worth checking out for fans.