Value over volume Disney’s rebrand of its Studios park as Disney Adventure World marks the resort’s transition into the premium niche. The €2bn investment plan announced in 2018 and covering Marvel, Frozen and Lion King themed lands along with other developments is nearing completion, with the ultimate target of 2028. At around €210 in 2025, Disney’s spend per visit was 80 percent over the next strongest performer. Multi-site operators are likewise prioritising the value of a visit over attendance race. Both Merlin’s European portfolio and attendance have shrunk, compared to pre-pandemic levels, yet 2025 revenues were up 15 percent with underlying EBITDA on par with 2019. Parques Reunidos has exited the US to focus on maximising revenue from its leading European properties. Two main investment paths are emerging: • Extending stays: large-scale theme park resorts are increasingly seeking to turn visits into multi-day stays, raising spend per person. Disney has been renovating hotels, Merlin continues to expand onsite accommodation at its top properties. Parques Reunidos is further developing Tropical Islands while Compagnie des Alpes (CDA), Looping Experiences and Plopsa have all identified short-stay destinations as a strategic priority. Lodges, holiday villages and nature-linked accommodation seem to be the trend across the board, along with some
IP themed rooms. Needless to say, expanding entertainment content will be crucial to extending length of stay. • Growing IP partnerships: well selected and integrated IPs have proven to generate price premiums and increase spends keeping this marketplace busy, although the trend is less widespread than accommodation. Disney continues to leverage its own IPs, while Merlin is integrating Bluey, Minecraft, Harry Potter and Peppa Pig, and Parques Reunidos is rolling out Paramount, Warner Bros and Spin Master branded experiences. In-asset performance optimisation & divesting In the era of soaring operating costs, reducing the cost base and improving operational efficiencies are central to group strategies. As part of this, digitalisation, smart management systems and use of other supporting technologies are increasingly important. Divesting non-core businesses has also allowed Merlin (that seeks to divest its Sealife portfolio and has sold the Lego Discovery Centres) and Parques Reunidos (that divested its US portfolio) to focus investment on their front runners. Environmental credentials Driven by both reputation and the potential to reduce utility costs, many key players are investing into solar energy and other environmental initiatives. PortAventura reports operating on 100
Merlin 3,710 keys
35
European attraction groups & major players, 2025 KPIs
Efteling Bosrijk lodges
30
Disney 5,755 keys
25
percent solar energy, a third of which is generated onsite; De Efteling and Europa Park also have very sizeable solar facilities. Parques Reunidos targets 100 percent renewable electricity and electrification of its internal infrastructure, while Disney and Merlin have announced 2030 carbon neutrality goals, alongside other investments. Aspro is pursuing an aggressive sustainability and solar rollout. Renewable energy, recycling, phasing out plastic, sustainable food sourcing, LED upgrades, electric power and wildlife protection are no longer differentiators but an accepted part of operating an attraction business. It is believed that another global leading operator such as Universal entering the market may well end this stage pushing the competitor groups and
attractions to scale up to protect their positions. Whilst this is the case for those seeking domination, let’s not forget that there is a requirement for every attraction scale. Not every visit can reach a few hundred pounds.
Parques Reunidos 1,449 keys
PortAventura 3,356 keys
20
CDA (Leisure Parks) 789 keys
15
Puy du Fou 600 keys
Looping Experiences 271 keys
Europa Park 1,373 keys
10
REVENUE, EUR M GROUP INDEPENDENT
Aspro 0 keys
5
The key is differentiation, finding the right audience and serving a spectrum of population groups.
Plopsa 299 keys
0
0
10
20
30
40
50
60
de Efteling 676 keys
Number of attractions in European portfolio
Source: Individual groups & LDP database
4 THE EXPERIENCE ECONOMIST: EUROPE EDITION 2026 | © LDP
THE EXPERIENCE ECONOMIST: EUROPE EDITION 2026 | © LDP 5
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