Companion to: Real Estate Decoded Chapter 18 (Theme Parks) - Workbook tab 17_Theme_Parks
Inputs
Outputs
Per-capita spend
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Gate revenue
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In-park revenue
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Total revenue
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Operating expenses
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EBITDA / NOI
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Implied enterprise value
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How to read this tool: Theme park economics are dominated by per-cap-spend growth, not gate-attendance growth. Disney has compounded per-cap at ~5% annually for two decades while gate growth has been low single digits. The institutional investor evaluating a regional park or destination entertainment asset must underwrite per-cap trajectory as the primary value lever.
What this tool is for
Theme parks are an underweight institutional category - Disney Parks is mostly a corporate-segment asset, not a publicly-tradable REIT. Cedar Fair / Six Flags merged 2024 into a single regional-park platform. The asset class teaches operating leverage and per-cap economics that travel into hospitality and entertainment generally.
Benchmarks the practitioner watches
- Disney domestic per-cap: $200+
- Regional park per-cap: $50-80 (Six Flags, Cedar Fair pre-merger)
- Universal Studios per-cap: $120-160
- Operating expense ratio: 58-65% (labor, ride maintenance, utilities heavy)
- Cap rate: 8.0-9.5% (institutional buyers limited)
Common mistakes
- Modeling per-cap as flat when premium-product mix is shifting upward
- Underwriting attendance growth in a regional market with population decline
- Ignoring weather sensitivity in outdoor-only park economics
- Missing the CapEx requirement for ride-replacement cycle (10-15 yr major refresh)
Educational reference only. Not investment, tax, legal, or real-estate advice. Confirm market-specific cap rates, lender terms, and tax overlay with your own advisors before acting.