This version of The Phantom of the Opera with Robert Englund was not as good as it should have been. Robert Englund still acted like Freddy Kruger than anything, especially when wielding sharp objects.
You're right, it was more of a slasher film, where the Phantom kills La Carlotta, a critic for giving Christine a poor review, would-be-robbers in an alley and of course Joseph Buquet.
This movie entertains the thought that the Phantom may have enlisted the services of local ladies of the evening to satisfy urges where he couldn't get Christine to assist.
This Phantom was in an England opera house and not Paris. However, the only clever twist to this was the time travel element where Christine gets a thump on the head when she faints where she wakes up in Paris in the late 19th Century, and then how she returns to the present day and finds the Phantom here. Clever, but not clever enough to save this film. Poor unhappy Erik Destler !