Attractions eat capital.
The heavy spenders:
- Haichang Ocean Park: 22.4% of revenue into park capex (FY2024)
- Universal Studios: 21.6% (FY2022, the Epic Universe construction era)
- Disney Parks & Experiences: 20.2% (FY2025), reflecting its announced multi-year domestic expansion program
- Round1: 16.1% (FY2025) and Six Flags: 15.5% (FY2025)
The middle band runs 11–14%: Ancol Dreamland Resort in Jakarta at 14.0% (FY2024), Hong Kong Disneyland at 13.4% (FY2025), Tokyo Disney Resort’s theme park segment at 13.2% (FY2025), Dave & Buster’s at 11.1% (FY2025), and SeaWorld’s core capex at 11.0% (FY2025). Oriental Land’s hotel segment required just 2.3% of revenue in capex (FY2025) versus 13.2% for its parks, indicating that hotels are far less capital-hungry than portfolios of rides that must be refreshed to sustain attendance.
As a rule of thumb, a competitive theme park spends 10–15% of revenue on capex in a normal year, and 20%+ when building something transformational.
Posted 9/2026
