Wolf of Wall Street was Once Planned as 2 Parts
It seems that the magical limit for the duration of theatrical films is 180 minutes and rarely does a distributor go beyond that with a film. But there's hope that this barrier will fall, as well, and cinemagoers can expect entertainment that fills up the whole evening. Something that hasn't been around since the 60's. At least some directors tried it recently. And solutions like splitting films (like The Hobbit, Nymphomaniac or several teen epics like Twilight or Hunger Games) can't be a satisfying option for the future. Let cinema breathe again.
In an interview with the editor of The Wolf of Wall Street, it is mentioned that the 4-hour cut of the film was the best and that the theatrical version - which was shortened to 3 hours with tremendous effort - doesn't do it full justice. There was a short time when it was considered to split the movie in 2 parts but that consideration was scrapped since the film's dramaturgy doesn't allow that in a reasonable fashion.
Unfortunately, director Martin Scorsese already spoke out against a Director's Cut. It appears that the 3-hour cut will be the version that the movie will be available everywhere - including the censorship for the R rating.