And aside from Terminator 2, what did Cameron do to deserve the budget he got for Titanic? The Abyss, Terminator, True Lies were all successful movies, but not f-ing, highest grossing movie ever, huge. Aliens had the help of being a sequel to a damn good movie. I'd say that pre-Titanic, Cameron and del Toro are about equal.
On top of that, Cameron has mentioned what pitching Titanic was like. It was a period piece Romeo & Juliet set on a boat he wanted to rebuild. It would cost $150 million(it went over-budget), and there wouldn't be a sequel. The rating wasn't even regarded. The fact that it was PG-13 didn't mean a damn thing. It was making the film that made everyone panic.
Universal really blew this one. You gotta spend money to make money, and if Universal goes under, they haven't learned a thing from their history at all. When they almost went under in the 30's, the gambled on Dracula and that's the reason they still exist. And apparently, in the 1950s, Universal had more financial issues and opted to co-finance Hammer's Dracula remake. This, during a time when no one at all gave a damn about horror. You know what happened? The Horror of Dracula was an international success and helped Universal again.
Universal wants to make lots of money? Gamble. And make the damn movie.