In 2023, waterpark owners and operators saw a more competitive market as attendance levels remained similar to 2022 while ticket pricing growth was more subdued. This occurred due to increased competition from a variety of additional attractions and entertainment venues in the post-pandemic economy. In 2023, 16 indoor waterpark openings and expansions added 480,000 square feet of indoor waterpark space while twelve new outdoor waterparks opened. New growth is forecasted for indoor and outdoor waterparks in 2024 as several large-scale projects will open that will alter the waterpark landscape. These projects will continue to encourage existing properties to innovate and update to keep market share. The planned merger of Cedar Fair and Six Flags will create the largest owner-operator of outdoor waterparks in North America.
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Man-made swimming lagoons, not to be confused with pools or waterparks, have emerged as a new and innovative way to enjoy recreational water activities. These large (over one acre of water surface) and uniquely designed aquatic venues present new opportunities within the residential, resort, and attractions industries. Over the past several years, H&LA has seen the emergence of swimming lagoons in many facets of leisure development from large-scale resort settings to residential developments.