The announcement of the sale of "Siam Amazing Park" or Siam Park, valued at tens of billions of baht amid flood impacts and continuous losses suffered by the "Lueangamornlert" family, has brought renewed attention to this multi-generational beloved venue.
Beyond the bright rides, towering slides, and family laughter, the question arises: how much return does a business selling happiness to many people actually generate for its owners?
Savills (Thailand)'s latest research on Theme Parks & Water Parks, shared by Senior Director of Market Research and Public Relations, Patrachai Taweewong, with Thairath Money, sheds clearer light on this business. The study analyzes service area, visitor numbers, ticket prices, and financial performance of operators in Thailand.
It found that the Theme Park & Water Park market continues to see investment and expansion, while profitability varies significantly despite offering similar fun experiences.
Savills reported that in the first half of 2026, Thailand’s theme park and water park market had a total service area of approximately 1.90 million square meters.
Destination-led Water Parks, which are primary travel destinations, accounted for the largest share at 61%, followed by destination-type theme parks at 29%. The remainder comprises resort water parks and amusement and water parks within shopping centers.
This structure reflects that most of the Thai market involves businesses that require customers to "intentionally travel" to visit, so operators must create enough attraction for both locals and tourists.
However, expanding area and launching new projects is only one side of the market; the other is whether the generated income can cover costs and translate into profit.
Savills compiled financial data from the Department of Business Development showing Siam Park posted net losses every year from 2019 to 2025, totaling approximately 686.85 million baht over seven years.
A telling figure is that in 2025, the company had cost of goods sold of 263.61 million baht, exceeding reported revenue, plus operating expenses of 73.59 million baht. This indicates business challenges existed prior to the flood damage, which further intensified recovery burdens.
However, Siam Park’s situation does not mean all amusement and water parks are loss-making. The 2025 data in the study shows varied financial results.
Dream World remained profitable in 2025 but with reduced profit, dropping from 102.44 million baht in 2023 to 38.08 million baht, and revenue declining from 483.11 million baht to 419.41 million baht.
Columbia Pictures turned around from a 27.84 million baht loss in 2024 to a 3.25 million baht profit in 2025. However, against nearly 300 million baht in revenue, net profit represented just about 1.1%.
These figures show that regaining profitability and generating strong returns are different stages of recovery. Revenue may increase, but remaining profits can be so thin that cost pressures or fewer visitors pose significant risks.
Savills views indoor amusement parks located inside shopping centers as a more flexible business model.
HarborLand achieved the highest 2025 revenue among operators studied, totaling 1,184.62 million baht, operating multiple branches in malls like Mega Bangna, Iconsiam, and Future Park Rangsit.
Each site spans about 2,500 to 12,000 square meters, smaller than large destination parks, benefiting from existing mall visitors who come to dine, shop, and spend family time. Yet, despite easier customer access and branch expansion, high revenue does not necessarily mean high profit.
Savills notes that destination amusement parks require high capital and operating costs, making profitability sensitive to visitor numbers. Parks and water parks in Chonburi also see significant variation in customer counts between weekdays, weekends, and tourist seasons. Travel convenience and pricing must align.
The Thai amusement park market is price-sensitive, with adult ticket prices for compared projects around 799-1,380 baht, whereas Disney and Universal charge over 3,000 baht in some markets.
Global brands have characters, stories, and experiences that attract visitors and support both attendance and ticket pricing. Besides brand strength, infrastructure such as transport, roads, public transit, parking, and tourism facilities is critical, as ride appeal must be matched by ease of access.
Operators with strong brands, diverse revenue streams, and additional income from food and beverage, events, retail, and other activities tend to survive and manage volatility better. Behind the fun business lies the need for sufficient revenue to operate, maintain facilities, and invest in new experiences to encourage repeat visits.
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