It's really got magic

Is it "it has really got magic"?

Boy: But you can't take that hat back. It brought Frosty to life.

Karen: You saw it happen!

Professor Hinkle: I saw nothing of the kind. [Chattering] Quiet Hocus, I can't lose that hat if it's really got magic now! It'll make me a billionaire magician! I can even see that by hearing the people say my name out loud I'll be living in fame and fortune for all eternity.