OPERATOR GROWTH CONTINUES While transactions have slowed down over the past few years, the strength of the theme park operator groups has continued to grow (see Table 3). An increase of almost five per cent in 2011 saw nearly 337 million visits being made to parks and attractions run by the top 10 theme park chains worldwide. Merlin has consolidated its position as the second-most visited theme park chain worldwide, with a 13 per cent increase in visi- tor volumes in 2011. A similar growth rate at Universal parks saw them move into a clear third position. The only change in the order from 2010 was SeaWorld Parks overtaking Cedar Fair to move into sixth place. Merlin is continuing to expand with the development of new midway attractions in various locations around the world and OCT Parks is building new sites in China, but most of the other groups are holding steady at the moment. We do not expect much in the way of transactions until the economy shows signs of picking up and capital becomes more readily available. The challenge facing the market is that the frenzy of activity pre-recession drove prices up to higher multiples than are currently considered appropriate, so some form of value correction may be needed for deals to start happening again.


WHAT’S IN STORE FOR 2012? Well the five-year old recession remains with us and shows little sign of ending; indeed there are worrying signs from Europe that, if the doom-mongers are to be believed, may indicate a further five years of grievance. But if the past five years are anything to go


by, as long as theme park operators around the world continue with their ongoing invest- ment and strong marketing skills they should have less to worry about than businesses in other parts of the economy. l


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Attendance rates remained the same at Legoland Windsor, but fell by three per cent at the Billund site


TABLE 3: TOP 10 THEME PARK CHAINS WORLDWIDE (2011 & 2010) Rank Group


% Change 2010/2011


1 Walt Disney Attractions 2 Merlin Entertainments Group


3 Universal Studios Recreation Group 4 Parques Reunidos 5 Six Flags Inc


6 SeaWorld Parks & Entertainment 7 Cedar Fair Entertainment Company 8 OCT Parks China


9 Herschend Entertainment 10


Compagnie des Alpes TOTAL 0.7%


13.2% 13.7% 1.6% 0.0% 5.4% 2.6%


12.6% -1.0% 2.4% 4.6%


Attendance 2011


Attendance 2010


121,400,000 120,600,000 46,400,000 30,800,000 26,218,000 24,300,000 23,600,000 23,400,000 21,731,000 9,500,000 9,212,000


41,000,000 27,100,000 25,800,000 24,300,000 22,400,000 22,800,000 19,300,000 9,600,000 9,000,000


336,561,000 321,900,000


Attendance figures are estimates, based on company information, annual reports, published information and from reliable TEA/ AECOM industry and tourism sources. Per cent changes for 2011 for certain parks are based on adjusted/updated figures for 2010, thus not directly comparable to the published TEA/AECOM list for 2010/09 or previous reports. Source: TEA and AECOM.


Attractions Handbook 2012–2013 51


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