There’s no denying Denzel Washington’s magnetism. He carries himself with a swaggering authority enhanced by the natural gravitas of his voice. The two-time Oscar winner is the principal reason audiences are shelling out upwards of $900 to see Kenny Leon’s frustratingly underpowered revival of Othello on Broadway. Playing the Venetian general often disparagingly referred to as “the Moor,” Washington emanates the steely charisma of a man who has risen above casual racism by virtue of his military prowess. But there’s little evidence of a driving force behind his performance, which is symptomatic of the production overall.

Staged on a stately set of distressed classical grandeur designed by Derek McLane, this stylish but shallow modern-dress Othello is set in “The Near Future,” as an opening projection informs us. But that’s as close to an overarching concept as Leon gets.

Among the productions strengths is Jake Gyllenhaal’s seething Iago,...