Charles Krohn as Finian, left, and Mark Ivy as Og, fight over a pot of gold.: Gary FountainEnchantment is in short supply these days — both in the so-called real world and the contemporary musical theater.

Yet Bayou City Concert Musicals’ current presentation of the beloved 1940s classic Finian’s Rainbow boasts that rare quality in abundance and sprinkled it liberally on the clearly delighted audience at Thursday’s opening.

As the whole show centers on the disposition of a leprechaun’s magical pot of gold, it’s appropriate that this rendition expertly mines the substantial riches in the show’s fanciful yet pointed libretto by E.Y. Harburg and Fred Saidy, and most particularly, in the glorious score by lyricist Harburg and composer Burton Lane.

All aspects of BCCM’s treatment contribute to the magical glow: from Paul Hope’s canny and good-hearted direction to the sprightly choreography, and especially, the top-flight musical values sustained by the strong vocal leads, backed by superlative choral and orchestral work, all artfully conducted by Dominique Royem.

Veteran character actor Charles Krohn impresses as always, but perhaps even more so, with his lovably incorrigible Finian, forever advancing his crack-brained yet strangely persuasive theories and schemes. He conveys both the role’s wry humor and tender poignancy, particularly in the interplay with daughter Sharon.

As Sharon, Beth Lazarou proves as spunky and darlin’ a colleen as one could wish, open-hearted and impulsive, seasoned with pragmatic skepticism. She brings a big, warm and radiant voice to her succession of heart-stoppingly lovely songs, particularly the show’s signature ballads, How Are Things in Glocca Morra? and Look to the Rainbow — occasionally with an edge more brash than wistful, but always appealing and musical.

Cole Ryden makes a winning love interest for her as Woody, organizer of the Rainbow Valley sharecroppers in their fight against land-grabbing Senator Billboard Rawkins. Ryden’s relaxed charm and supple, rangy singing suit the role, especially in his seductive Old Devil Moon and buoyant If This Isn’t Love.

As Og, the leprechaun chasing his pot of gold pinched by Finian, Mark Ivy balances out-of-this-world whimsey with earthier humor (as Og is reluctantly turning mortal.) He radiates sly mischief and bouncy fun, reveling in the devilishly witty lyrics of Something Sort of Grandish and When I’m Not Near the Girl I Love.

Rutherford Cravens and Anthony Glover neatly split the difference of comic villain Rawkins, before and after the color adjustment that teaches him a lesson in tolerance. Cravens stresses the bigot’s explosive irascibility; Glover moves from alarm at his ironic predicament to jovial brotherhood as he fills out the quartet of Gospeleers (Chris Battle Williams, Gerald Guidry and Gary Vincent Navy as his colleagues), scoring with the novelty The Begat.

Tamara Siler brings knowing bite and vocal heft to her turn leading the women in the wry Necessity.

Christina Elder eloquently enacts the dancing role of Susan the Silent, all lithe grace and free spirit as she executes Krissy Richmond’s balletic choreography.

The more show-style dance routines, devised by Melissa Pritchett and Rob Flebbe, are aptly performed by the energetic ensemble with the high spirits of an impromptu hoedown.

Despite a few rough edges, and the tendency in shows of that vintage to let some dialogue scenes or dance numbers go on a tad longer than absolutely necessary, overall, this Finian proves a genuinely enchanted, and enchanting, occasion. I’ve seldom seen a standing audience clap along so enthusiastically as Thursday night’s crowd did with the final, post-bows reprise of the uplifting That Great Come and Get It Day.

About the only thing really wrong with BCCM’s Finian is that the run is so brief – through Sunday only. Perhaps they can bring it back later in the season for an encore performance.

FINIAN’S RAINBOW
When: 8 p.m. tonight (Friday) and Saturday, 2 and 7:30 p.m. Sunday
Where: Heinen Theatre, 3517 Austin
Tickets: $15-$40; 713-465-6484