Available data shows that water parks in the United States make an average annual revenue ranging from $2 million to $20 million or even more depending on the extra services or products the water parks are offering.
No doubt, the amusement parks and water parks industry is an evergreen and booming industry, but there are certain factors that can determine how much a water park business can make.
9 Factors That Can Determine How Much a Water Parks Business Can Make Yearly
The Location of the Water Parks
The proximity of the water parks to population centers, tourist attractions, and accessibility to major roads, and train networks et al can impact visitor numbers.
In essence, a water park business that is well-located will always make more money yearly when compared to a water park that is difficult to access.
Some water parks are strictly indoor water parks, but most water parks are outdoors. Of course, no one will want to go to a water park when the weather is extremely cold, or when it is snowing.
If your water park is in a city with friendly weather conditions, you will have longer operational hours, and that will translate to more attendance and more income for the business.
In essence, seasonal variations and weather patterns can affect attendance and the number of days you can keep your water parks open and operational.
Park Size and Attractions
As simple as it sounds, the smaller a water park, the fewer the number of guests they can welcome per time, and the fewer the number of guests they can welcome per time, the lesser the income they are likely going to make yearly when compared to a very large water park facility that can accommodate more people.
So, a water park that also offers side attractions to customers will generate extra income which will add up to the overall income the water park will make yearly.
Marketing and Promotion
If a water park wants to increase its annual revenue, then it must invest in marketing and promotion. A water park that is visible both online and offline will generate more revenue annually when compared to a water park that is not visible.
Ticket pricing significantly influences a water park’s annual revenue by striking a balance between affordability and perceived value.
Strategic pricing that reflects the quality and variety of attractions can attract a larger and more diverse audience. Offering promotions, discounts, and season passes may encourage repeat visits, contributing to sustained income.
Thoughtful pricing strategies, aligned with market demand and the overall guest experience, play a pivotal role in determining how much a water park makes yearly.
Season Passes and Membership Programs
By offering season passes and membership program options, parks secure a steady income stream and foster customer loyalty.
Season passes encourage frequent visits, generating consistent revenue, while membership programs provide exclusive benefits, enhancing the overall customer experience.
These long-term commitments contribute significantly to the park’s financial stability, creating a win-win scenario for both the park and its patrons through increased attendance and sustained profitability.
Quality of Guest Experience
In business, part of what you need to do to keep your customers coming back is to ensure that you always give them quality and unforgettable experiences. Making sure they maximize their money.
With that, it will be easier to encourage them to leave positive reviews and word-of-mouth recommendations. This will to a large extent contribute to the income a water park business will make yearly. Any water park that gets it right with this strategy will always generate more revenue annually.
Operational efficiency is fundamental in determining a water park’s annual revenue. Efficient management, streamlined processes, and well-maintained facilities reduce downtime and operational costs. A smoothly run park enhances the overall guest experience, leading to positive reviews and repeat visits.
Moreover, efficient operations contribute to maximizing the park’s capacity, allowing for increased ticket sales and ancillary revenue from food, merchandise, and other services, thereby positively impacting the park’s financial performance.
Food and Merchandise Sales
The more a water park sells food and merchandise to a large number of people, the more income the water park will make yearly.
It is common for water parks to offer a variety of food, including snacks, beverages, and meals, catering to diverse tastes. Common items include burgers, fries, ice cream, and refreshing drinks.
Merchandise options often include branded apparel, swimwear, towels, and souvenirs, providing visitors with mementos and essentials. The sales of these foods and merchandise contribute significantly to a water park’s overall annual revenue.