There's no way we can know whether Beetlejuice 3 is in development or not. On one hand, Warner Bros. Pictures CEO Michael De Luca says they'll make the sequel soon. On the other hand, Tim Burton shrugs these hopes off sarcastically. In a conversation with The Hollywood Reporter, Burton and Jenna Ortega were asked about a potential third movie. To that, Burton said,
"Really? Nobody told me. Maybe I’ve been replaced."
Jenna Ortega, who plays Lydia Deetz's (Winona Ryder) daughter Astrid in Beetlejuice Beetlejuice supported this by saying,
"Maybe I’ve been, too. Maybe [her character] Astrid dies and goes to heaven instead [of the films’ Netherworld]. They should just take Baby Beetlejuice on tour and send him to Hawaii."
If that's sarcasm, we aren't getting a third film in the Beetlejuice franchise anytime soon. If not, maybe Jenna gave the plot away.
What are the chances of Beetlejuice 3 happening?

First, we need to consider Tim Burton's take on this. He has cleared this up in the current interview, which he has done before, as well. The director emphasizes the fact that the sequel to the first film took over three decades. If we consider that, he would be like 100 or more years old. That said, chances of Tim Burton directing Beetlejuice 3 are pretty low.
For him, this story isn't about money. He made it for "very personal reasons," as he said during a Venice Film Festival press conference. If he is doing a potential third film, then he ought to have a story he wants to do, which, as of this writing, likely doesn't exist, as he hasn't talked about it yet.
But Warner Bros. Entertainment owns the rights to the IP, so that gives a higher chance for a possible sequel. However, there isn't any official announcement surrounding Beetlejuice 3. The only thing that can be considered official is Michael De Luca's statement he gave to Deadline when asked about a potential Beetlejuice Beetlejuice sequel. He said
"Imminently. The ink might not be dry on the deals yet, but imminently."
However, that cannot be considered as a confirmation for the third film in the comedy horror franchise.
Does Beetlejuice Beetlejuice leave room for a sequel?

Beetlejuice Beetlejuice brought an unlikely soul-sucking abomination into the horror scene, Delores LaFerve (Monica Bellucci), who seeks revenge from her ex-husband, Beetlegeuse (Michael Keaton). Though she fails to get revenge, and is gulped down by a zebra-patterned sandworm(s).
However, the story doesn't end there. We see Lydia having a dream where Astrid gets married and has a child, though it's a creepy one, more like Beetlegeuse's child. That sequence means that he is still haunting her, so that definitely leaves room for Beetlejuice 3.
What's more interesting is that Winona Ryder actually wants her and Michael Keaton's characters to end up together. In one interview with ComicBook, she said,
"He’s like endgame for me. I totally want them to be truly together! It's crazy, I know."
If Warner Bros. are trying to make Beetlejuice 3, maybe they'll consider this.
Also Read: Lydia's Dad isn't in Beetlejuice Beetlejuice and the reason is pretty dark
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