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Merlin Entertainments

Merlin Entertainments Limited is a London-based global entertainment company that specializes in creating and operating branded family attractions, including theme parks, aquariums, and interactive experiences, attracting approximately 62.8 million visitors to its 135 sites across 22 countries in 2024. The company focuses on immersive, IP-driven destinations that emphasize joy, connection, and memorable experiences for families, operating through three main segments: LEGOLAND Parks, Resort Theme Parks, and Gateway Attractions. Founded in 1999, Merlin has grown from a small operator into one of the world's leading visitor attractions companies through strategic acquisitions and organic expansion, including the purchase of key sites like the London Eye in 2005 and major theme parks such as Alton Towers and Gardaland. Its portfolio features iconic brands like LEGOLAND (with 10 parks worldwide), SEA LIFE aquariums (over 50 locations), Madame Tussauds wax museums (in 15 cities), and the London Eye, alongside resort-style parks such as Thorpe Park and Chessington World of Adventures. These attractions blend licensed intellectual properties from partners like The Lego Group and DreamWorks to deliver themed adventures, with a strong emphasis on sustainability and guest satisfaction. Since November 2019, Merlin has been privately owned by a consortium of investors including Kirkbi Invest A/S (the investment arm of the Lego family), Blackstone Inc., and the Canada Pension Plan Investment Board (CPP Investments), which provide strategic oversight through a shared board structure. In 2024, the company reported revenues of £2,057 million despite economic challenges, with ongoing investments in new experiences like space-themed additions to North American LEGOLAND resorts. A notable development in September 2025 was the agreement to sell 29 LEGO and LEGOLAND Discovery Centres to The Lego Group for £200 million (approximately $260 million), expected to close by the end of 2025, allowing Merlin to refocus on its core theme park and gateway operations while ensuring continued growth in branded entertainment.

History

Formation and early years (1999–2004)

Merlin Entertainments was formed in 1999 following a management buyout of Vardon Attractions, a division of Vardon plc, completed in December 1998 by CEO Nick Varney and the senior management team, backed by a £20 million investment from Apax Partners in a total deal valued at £47 million. This buyout created a new entity focused on operating and developing visitor attractions, with Varney, previously a director at Vardon, leading the transition to establish Merlin as an independent operator of family-oriented leisure experiences. The initial portfolio inherited from Vardon Attractions comprised 23 SEA LIFE centres across the UK, Germany, Ireland, the Netherlands, and Spain, along with the London Dungeon and York Dungeon, emphasizing educational and immersive indoor attractions targeted at families. These sites formed the core of Merlin's early operations, with a primary focus on UK-based venues to build visitor loyalty through themed, experiential entertainment rather than large-scale theme parks. No involvement with Madame Tussauds occurred during this period, as that brand was managed separately until later acquisitions. Merlin's early strategy centered on organic growth and modest expansions, including the opening of additional SEA LIFE centres in the UK and Europe between 2000 and 2004, growing the portfolio beyond the initial 25 attractions and increasing revenue to approximately £45 million by 2004. This approach prioritized enhancing existing sites and pursuing small-scale opportunities to develop a cohesive family entertainment network, supported by the initial management team hires including CFO Andrew Carr. The company established its headquarters in London initially, though later registered in Poole, Dorset, to oversee these developments under Apax ownership until a secondary sale to Hermes Private Equity in 2004.

Major acquisitions and expansion (2005–2012)

In 2005, Merlin Entertainments significantly expanded its portfolio through the acquisition of the LEGOLAND parks from the LEGO Group for approximately £250 million (equivalent to €375 million). This deal included the original parks in Billund, Denmark; Windsor, UK; Carlsbad, California; and Günzburg, Germany, marking Merlin's entry into the global theme park sector. As part of the transaction, Kirkbi, the investment company owned by the LEGO family, retained a substantial minority stake of around 30% in the LEGOLAND operations, ensuring ongoing collaboration on brand development. The following year, in 2006, Merlin continued its European expansion by purchasing Italy's largest theme park, Gardaland Resort, including its associated hotel, for an undisclosed sum reported to be around €500 million. This acquisition added a major resort-style property to Merlin's holdings, enhancing its presence in the Mediterranean market and diversifying beyond UK-based attractions. The deal was financed through Merlin's private equity backers and positioned the company as a key player in continental Europe's leisure industry. A landmark transaction occurred in 2007 when Merlin acquired the Tussauds Group for £1 billion (US$1.9 billion), one of the largest deals in the attractions sector at the time. This brought iconic brands such as Madame Tussauds wax museums, the London Eye, and over 30 Sea Life centres across multiple countries into Merlin's portfolio, nearly doubling its global footprint to more than 50 attractions. The acquisition, backed by Blackstone, created synergies through shared marketing and visitor cross-promotion, though it required careful integration of diverse operational models from high-volume urban sites to seasonal parks. By 2010, Merlin accelerated its international push with multiple strategic purchases. It acquired the defunct Cypress Gardens theme park in Florida for about US$25 million, transforming the 145-acre site into LEGOLAND Florida, which opened in 2011 and became the company's first US-based LEGOLAND resort. In the same year, Merlin bought the Sydney Attractions Group and Kelly Tarlton's Sea Life Sanctuary from Village Roadshow for A$115 million (approximately US$116 million), adding key Australian sites like the Sydney Aquarium and Antarctic Centre to bolster its Asia-Pacific presence. These moves exemplified Merlin's strategy of leveraging existing infrastructure for branded expansions. In late 2011, extending into early 2012, Merlin completed the A$140 million acquisition of Living and Leisure Australia (LLA), incorporating nine attractions across the Asia-Pacific, including Siam Ocean World in Bangkok, TreeTop Adventure Parks, and ski resorts like Falls Creek and Hotham. This deal further diversified Merlin's offerings into aquariums, adventure experiences, and winter sports, while integrating them into a unified operational framework. Overall, these acquisitions from 2005 to 2012 transformed Merlin from a UK-focused operator into a global leader, with synergies such as multi-attraction annual passes and centralized procurement driving efficiency, despite challenges in harmonizing cultural and regulatory differences across regions. Annual reports highlighted successful integrations, like enhanced guest experiences through bundled ticketing, which boosted visitor numbers and revenue streams.

Public listing and growth (2013–2018)

In November 2013, Merlin Entertainments completed its initial public offering (IPO) on the London Stock Exchange, floating a 30 percent stake in the company at 315 pence per share, which valued the business at a market capitalization of £3.2 billion. The IPO raised approximately £957 million in gross proceeds, split between the company and its selling shareholders, primarily private equity firms Blackstone and CVC Capital Partners, marking a significant transition to public market accountability while retaining majority private ownership. This listing provided capital for further expansion and positioned Merlin as one of Europe's largest visitor attractions operators under heightened investor scrutiny. During its public years, Merlin experienced steady revenue growth, reaching £1,688 million by 2018, reflecting a compound annual growth rate of approximately 7.8 percent from the £1,249 million reported in 2014 shortly after the IPO. This expansion was driven by a combination of organic growth, with like-for-like revenue increasing by 1.8 percent in 2018, and strategic investments in new attractions, contributing to a record 67 million visitors that year, up 1.4 percent from 2017. Key operational milestones included workforce expansion, with the average number of employees rising to 21,123 in 2018 from around 20,000 at the time of the IPO, supporting broader global operations across 25 countries. A major focus of growth involved international expansions, particularly in Asia, where Merlin entered new markets through high-profile projects. In April 2017, the company opened Legoland Japan in Nagoya, its first theme park in the country, developed under a 50-year lease model with a local investment partner and featuring 40 attractions across 22 acres. This resort-style park, enhanced in 2018 with a 252-room hotel and an adjacent Sea Life aquarium, exemplified Merlin's strategy of creating integrated family destinations and contributed to diversified revenue streams outside Europe and North America. Further Asian momentum included agreements for Legoland Korea, targeted for 2022, underscoring the region's role in long-term scaling. Merlin also pursued enhancements to guest experiences amid public listing pressures, investing in digital infrastructure to streamline operations and boost satisfaction. In 2015, the company selected accesso Technology Group as its exclusive global ticketing provider, deploying the hosted Passport platform across its venues to enable mobile sales, upselling, and efficient annual pass management. By 2018, the rollout of this system was substantially complete, supporting features like cluster ticketing and software-as-a-service standardization, which improved revenue capture and guest convenience at attractions worldwide. Complementing these efforts, Merlin opened seven new midway attractions in 2018, including multiple Sea Life aquariums such as the one in Nagoya, Japan, and others in Birmingham, UK, and Columbus, Ohio, expanding its portfolio of branded, indoor experiences. These developments during the public era built a foundation for sustained performance, though increasing debt levels and market dynamics eventually paved the way for privatization in 2019.

Privatization and recent developments (2019–present)

In 2019, Merlin Entertainments was taken private through a £4.8 billion acquisition by a consortium comprising Kirkbi (the investment arm of the Lego family), the Canada Pension Plan Investment Board (CPPIB), and Blackstone, leading to its delisting from the London Stock Exchange in November of that year. The COVID-19 pandemic severely disrupted operations, with nearly all of Merlin's 130 attractions worldwide closing for extended periods in 2020 and into 2021 due to lockdowns and restrictions. Recovery efforts gained momentum post-restrictions, highlighted by a reaffirmed £70 million investment in North American LEGOLAND resorts by mid-2025, which introduced new space-themed experiences to boost family visitation. Legoland Korea Resort opened as planned in 2022, marking Merlin's entry into the South Korean market. Merlin expanded its portfolio of branded experiences with the opening of the world's first standalone Peppa Pig Theme Park at LEGOLAND Florida Resort in Winter Haven in 2022, targeting preschool audiences through interactive rides and character encounters in partnership with Hasbro. In 2024, the company secured a licensing agreement with Mojang Studios for Minecraft-themed attractions, committing over $110 million to initial developments including rides, retail, and accommodations set to launch in the UK and US within two years. Key developments in 2025 included the July 5 opening of LEGOLAND Shanghai Resort, Merlin's largest project in Asia and the first in China, featuring over 85 million Lego bricks across rides and interactive zones. Later that year, an attempt to sell select UK Sea Life aquariums, including sites in Blackpool and Brighton, was shelved in August after bids failed to meet expectations. Concurrently, operations of Blackpool attractions such as The Blackpool Tower and Madame Tussauds were transferred to local management under Blackpool Council effective August 1, ending Merlin's 15-year oversight. On September 24, Merlin announced the £200 million sale of its 29 global LEGO and LEGOLAND Discovery Centres to the LEGO Group, with the deal set to close by year-end to enhance focus on core theme park operations. Leadership transitioned in February 2025 with the appointment of Fiona Eastwood as CEO, succeeding an interim role she held since late 2024, bringing nearly a decade of internal experience in operations and strategy. Under her guidance, Merlin has emphasized strategic IP partnerships, such as those with Hasbro and Mojang, to drive attendance amid competition from home-based digital entertainment.

Corporate affairs

Ownership structure

Merlin Entertainments is privately owned through Motion JVCO Limited, its ultimate parent company, following a 2019 acquisition by a consortium of investors. Kirkbi A/S, the investment arm of the Lego founding family, holds a 50% stake, while Blackstone and CPP Investments jointly hold the remaining 50%. This structure reflects a focus on long-term growth in branded entertainment, with the consortium providing strategic stability since the privatization. The company's ownership evolved from its formation in December 1999 via a management buyout of Vardon Attractions' leisure division, backed by Apax Partners, which provided initial capital for expansion into themed attractions. In 2005, Apax sold Merlin to Blackstone for approximately $105 million, with Kirkbi entering as a strategic partner holding a 30% stake to support the acquisition of LEGOLAND Parks and leverage IP synergies. A partial initial public offering in November 2013 listed 30% of Merlin's shares on the London Stock Exchange, raising about £200 million while private owners—primarily Blackstone, Kirkbi, and CVC Capital Partners—retained 70% control to maintain operational influence. The 2019 privatization deal, valuing the company at £4.77 billion, consolidated ownership under the current consortium, ending public trading. Governance is managed via a board with representatives from each major shareholder, emphasizing reserved matters requiring consensus and prioritizing sustainable IP licensing arrangements, such as those with Lego.

Leadership and governance

Fiona Eastwood serves as the Chief Executive Officer of Merlin Entertainments, having been appointed to the role in February 2025 following her tenure as Chief Operating Officer. She succeeded Scott O'Neil, who led the company from late 2022 until November 2024, and before him, Nick Varney, the company's founder and long-serving CEO from 1999 to 2022. Eastwood, who joined Merlin in 2015 as Global Marketing Director, brings extensive experience in brand strategy, operations, and leadership across the company's attractions portfolio. The executive team includes key leaders overseeing core functions. Pablo Sconfianza was appointed Chief Financial Officer in September 2025, managing global finance with prior experience at British American Tobacco. Rob Smith, Chief Operating Officer since June 2025, directs attraction operations worldwide, having joined the company in 2001 and held roles in marketing and regional management. John Jakobsen, as Chief Strategic Portfolio Development Officer since January 2025, focuses on strategic growth, particularly LEGO-related priorities, drawing from his background as former COO of LEGOLAND Resorts. The Board of Directors comprises representatives from principal shareholders Kirkbi, CPP Investments, and Blackstone, alongside an independent Chairman and one independent Non-Executive Director, with the CEO and CFO also serving as members. This structure reflects influences from the ownership consortium while ensuring independent oversight. The Board maintains several committees, including the Audit Committee, chaired by a shareholder representative with financial expertise; the Remuneration Committee, led by the independent Chairman; and the Health, Safety and Security Committee, with an independent chair. Merlin's governance framework emphasizes ethical standards, diversity, and environmental, social, and governance (ESG) initiatives. Policies on business integrity, anti-bribery, modern slavery, and ethical dealing promote transparency and compliance across operations. The company fosters diversity and inclusion through targeted goals, such as achieving 50% gender balance in global leadership positions by 2030 and an 85% employee belonging score, supporting its approximately 30,000 employees. ESG efforts include commitments to carbon neutrality in Scope 1 and 2 emissions by 2030, alongside animal welfare and conservation programs.

Financial overview

Merlin Entertainments reported revenue of £1.688 billion in 2018, driven by strong visitor growth to 67 million across its attractions. Following a period of expansion, the company achieved record revenues of £2.1 billion in 2023, reflecting an 8% increase from the prior year amid post-pandemic recovery. In 2024, revenues slightly declined to £2.057 billion, with visitor numbers reaching 62.8 million, indicating stabilized but moderated growth. Profitability trends showed resilience, with adjusted EBITDA rising to £662 million in 2023 from underlying levels of £494 million in 2018. In 2024, adjusted EBITDA declined 18% to £540 million, attributed to cost pressures and softer demand in key markets like North America and the UK, though offset by strategic IP licensing agreements. The company reported a pre-tax loss of £492 million for the year, highlighting ongoing challenges in operating margins. The 2019 privatization through a £6 billion leveraged buyout by a consortium including Blackstone and Kirkbi significantly increased the company's debt burden to over £4 billion, including assumed existing obligations of around $1.1 billion. This financing structure supported expansions but elevated leverage, with net debt reaching levels that prompted bond refinancings in 2025 at higher interest rates. Investments continued, including a £70 million commitment to enhance North American LEGOLAND resorts with new space-themed experiences in 2025-2026. The COVID-19 pandemic severely impacted finances in 2020, resulting in a £648 million pre-tax loss and revenue dropping 64.2% to £629 million due to widespread closures and a two-thirds reduction in visitors. Recovery efforts post-2020 focused on cost management and phased reopenings, leading to revenue doubling to £1.26 billion by 2021. In 2025, asset sales provided liquidity, notably the £200 million divestiture of 29 LEGO and LEGOLAND Discovery Centres to the LEGO Group, aiding debt refinancing amid elevated leverage.

Attractions and properties

LEGOLAND parks

LEGOLAND parks are a cornerstone of Merlin Entertainments' portfolio, developed in close partnership with the LEGO Group to create family-oriented destinations centered on creativity, adventure, and the iconic LEGO brick. As of 2025, Merlin operates 11 LEGOLAND resorts worldwide, each designed primarily for children aged 2 to 12 and their families, featuring LEGO-themed rides, interactive builds, shows, and signature Miniland exhibits that recreate famous landmarks using millions of LEGO bricks. Select resorts include integrated water parks for added seasonal fun, and recent enhancements in North America, such as space-themed attractions announced in 2025 for opening in 2026 at LEGOLAND California and Florida, underscore the ongoing collaboration with the LEGO Group to introduce innovative play experiences. The original LEGOLAND Billund Resort in Billund, Denmark, opened in 1968 as the world's first theme park dedicated to LEGO, spanning 145,000 square meters with over 50 attractions, including the iconic Miniland showcasing Danish and global landmarks built from 50 million LEGO bricks. It remains a flagship site, drawing families to its mix of gentle rides, educational workshops, and the Lalandia water park complex adjacent to the main park. LEGOLAND Windsor Resort, located in Windsor, United Kingdom, debuted in 1996 on the grounds of the former Windsor Safari Park, covering 150 acres with more than 55 rides, a Miniland featuring British and European scenes constructed from nine million LEGO bricks, and an on-site water park. The resort attracts over two million visitors annually, making it one of Europe's busiest family attractions. Opened in 1999, LEGOLAND California Resort in Carlsbad, California, USA, was the first such park outside Europe, encompassing 128 acres with eight themed lands, a Miniland depicting U.S. West Coast icons using 30 million LEGO bricks, and a dedicated water park boasting 20 aquatic attractions like the Build-A-Raft River. LEGOLAND Deutschland Resort in Günzburg, Germany, launched in 2002 across 95 acres, highlighting European culture in its Miniland with models of landmarks like Neuschwanstein Castle built from 25 million LEGO bricks, alongside 40 rides and Duplo Valley for younger visitors. The newest U.S. addition, LEGOLAND Florida Resort in Winter Haven, Florida, opened in 2011 on the historic site of Cypress Gardens, spanning 150 acres with 50 rides, a Miniland recreating American scenes with 30 million LEGO bricks, and an expansive water park featuring a DUPLO splash zone and high-speed slides. LEGOLAND Malaysia Resort in Johor Bahru, Malaysia, began operations in 2012 as Southeast Asia's first, covering 76 acres with Miniland models of Asian landmarks using 15 million LEGO bricks, 40 attractions including the Dragon roller coaster, and a water park with wave pools and lazy rivers. In 2016, LEGOLAND Dubai Resort opened in Jebel Ali, United Arab Emirates, as the Middle East's inaugural entry, set on 32 acres with an indoor Miniland—the first of its kind—depicting global wonders with 15 million LEGO bricks, plus 40 rides and a desert-themed water park. Japan's LEGOLAND Resort in Nagoya opened in 2017 within the former Hokkaido Dome site, featuring 40 attractions across seven lands, a Miniland with Japanese icons built from 10 million LEGO bricks, and a nearby water park emphasizing aquatic LEGO play. LEGOLAND New York Resort in Goshen, New York, USA, welcomed visitors in 2021 as the largest LEGOLAND park at 150 acres, including seven themed lands, a Miniland showcasing U.S. East Coast landmarks with 14 million LEGO bricks, and plans for expanded water features. The 2022 opening of LEGOLAND Korea Resort in Chuncheon, South Korea, marked East Asia's second site on 99 acres, with 40 rides, a Miniland featuring Korean and international models from 12 million LEGO bricks, and an integrated water park with interactive splash zones. Finally, LEGOLAND Shanghai Resort in Shanghai, China, the largest LEGOLAND at opening with 280 acres, officially debuted on July 5, 2025, offering 50 attractions, a vast Miniland with Chinese landmarks constructed from 40 million LEGO bricks, and a water park tailored for hot summers.

Resort theme parks

Merlin Entertainments operates a portfolio of resort theme parks that emphasize high-thrill experiences, family entertainment, and multi-day visits through integrated resort facilities. These parks, located primarily in Europe, feature extensive ride lineups, themed accommodations, and year-round amenities, distinguishing them as major destinations for adrenaline-seeking visitors. Acquired through strategic expansions in the mid-2000s and later, they form a core segment of Merlin's attractions business, drawing millions annually with a focus on innovation in ride technology and guest immersion. The flagship Alton Towers Resort in Staffordshire, UK, opened as a theme park in 1980 and spans over 800 acres of historic gardens and ruins. It boasts world-class roller coasters, including the inverted Nemesis, which revolutionized coaster design with its underground launch and immersive theming when it debuted in 1994. The resort includes multiple on-site hotels such as the themed Alton Towers Hotel and Splash Landings, accommodating over 1,000 guests, alongside a water park and spa. Seasonal events like Scarefest, a Halloween extravaganza with haunted attractions and live shows, attract additional crowds in autumn. In 2023, Alton Towers welcomed 2.35 million visitors, reflecting steady post-pandemic recovery. Thorpe Park, situated on an artificial island in Chertsey, Surrey, UK, launched in 1979 as a leisure destination and evolved into a premier thrill park. Known for record-breaking coasters like Stealth, a hydraulic launch ride reaching 80 mph in 1.9 seconds, and Hyperia, the UK's tallest at 236 feet opened in 2024, it offers over 30 rides focused on extreme experiences. The resort features the Thorpe Park Hotel with 300 rooms and hosts events such as Fright Nights, featuring horror-themed mazes and stunt shows. Visitor numbers reached 1.62 million in 2023, with reports of growth in 2024 driven by new attractions. Chessington World of Adventures Resort in southwest London, UK, transformed from a zoo established in 1931 into a full theme park in 1987. It combines wildlife exhibits with thrill rides, including the wooden Rattlesnake coaster and Vampire, a suspended looping model. The resort operates two on-site hotels—the Chessington Safari Hotel and Azul Hotel—offering safari-themed stays, and runs seasonal spectacles like Halloween Hocus Pocus with interactive scares. Attendance hovered around 1.5 million in 2023, contributing to the UK's family adventure market. Heide Park Resort in Soltau, Germany, opened in 1978 and covers 85 hectares with a strong emphasis on extreme coasters, such as Colossos, one of Europe's longest wooden rides at over 2,000 feet. The park includes themed areas like Transsilvanien and on-site lodging through the Heide Hotel, with capacity for immersive overnight stays. Seasonal programming features Wingardium Leviosa, a wizard-themed Halloween event. It recorded 1.68 million visitors in 2023, bolstered by strong European tourism. Gardaland Resort in Castelnuovo del Garda, Italy, debuted in 1975 and is the country's largest theme park, featuring over 30 attractions including Raptor, a wing coaster, and Oblivion: The Black Hole, a beyond-vertical drop ride. The resort encompasses three hotels—Gardaland Hotel, Gardaland Adventure Hotel, and the luxury Gardaland Magic Hotel—along with a water park. Events like Halloween Festival include parades and fright zones. Gardaland saw 3.07 million guests in 2023, leading Merlin's continental European operations. Collectively, these five resort theme parks hosted over 10 million visitors in 2023, surpassing 5 million annually even in conservative estimates, with combined revenues reaching £453 million that year amid seasonal peaks. They prioritize thrill coasters, with examples like Nemesis setting industry benchmarks for theming and engineering. On-site hotels enhance the resort experience, enabling extended stays and boosting ancillary spending on dining and merchandise. Seasonal events, particularly Halloween programming, drive off-peak attendance and revenue growth. Following 2024's £2 million investment in green energy projects—yielding 3,924 MWh annual savings across attractions—Merlin committed to further sustainability efforts post-2025, including expanded electric vehicle charging at sites like Alton Towers and Thorpe Park, alongside plastic reduction initiatives targeting 90% recycling rates by 2030.

Peppa Pig theme parks

Peppa Pig theme parks are a series of small-scale, family-oriented attractions developed by Merlin Entertainments in partnership with Hasbro, under a licensing agreement for the popular preschool animated series. These parks emphasize gentle, interactive experiences tailored for children aged 1 to 5, focusing on the characters' everyday adventures rather than high-thrill elements. The concept debuted as a way to extend the Peppa Pig brand into dedicated physical spaces, complementing Merlin's broader portfolio of branded entertainment destinations. The first Peppa Pig Theme Park opened on February 24, 2022, in Winter Haven, Florida, USA, adjacent to the LEGOLAND Florida Resort. Spanning about 8 acres, it features interactive rides such as Daddy Pig's Roller Coaster and Peppa's Pirate Ship Adventure, alongside water play areas and live shows. Character meet-and-greets with Peppa, George, and family members are central, allowing young visitors to engage directly with the cast in a low-key setting. The park integrates with the nearby LEGOLAND through combo ticketing options, enabling families to visit both in one day. In Europe, the second park launched on May 24, 2024, at the LEGOLAND Deutschland Resort in Günzburg, Germany, representing an investment of approximately 30 million euros. This 10-acre site includes play zones inspired by the show's episodes, such as muddy puddle splashing areas and gentle carousel rides, all designed for toddlers and preschoolers. Like its Florida counterpart, it offers character interactions and thematic shows, with accessibility features including wheelchair-friendly paths. The park's location within the LEGOLAND resort facilitates bundled experiences for visiting families. The third and newest addition, Peppa Pig Theme Park Dallas-Fort Worth, opened on March 1, 2025, in North Richland Hills, Texas, USA, covering 14 acres as a standalone attraction. It boasts five rides—including Peppa Pig's Balloon Ride and a family-friendly drop tower—plus nine play areas like muddy puddle zones and George's Dinosaur Adventure. Sensory guides and quiet spaces cater to neurodiverse children, while live entertainment and meet-and-greets maintain the immersive, character-driven focus. Though not directly attached to a LEGOLAND, it complements nearby Merlin properties such as the LEGOLAND Discovery Center. These parks highlight Merlin's growth strategy in the preschool entertainment segment, expanding the licensing deal initiated after the 2022 Florida debut to capture family markets in key regions. By prioritizing safe, educational play—such as role-playing in recreated show settings—they aim to build loyalty among young audiences and their parents, with each site averaging under 15 acres to ensure a manageable, non-overwhelming visit. Future expansions are anticipated to follow this model, leveraging the brand's global appeal.

Gateway attractions

Gateway attractions represent Merlin Entertainments' portfolio of urban, indoor entertainment experiences designed as accessible entry points for visitors in major cities and tourist hubs, emphasizing branded, immersive formats that appeal to families and individuals seeking shorter, location-based outings. These attractions, rebranded from "Midway" to "Gateway" to highlight their role in strategic urban growth, include wax museums, aquariums, observation wheels, and horror-themed experiences, often clustered in high-traffic areas to drive footfall and complement longer-stay theme park visits. LEGOLAND and LEGO Discovery Centres provide interactive, brick-based play experiences for families, featuring build zones, rides, and educational exhibits inspired by the LEGO brand. As of 2024, Merlin operated around 30 such centres worldwide. In September 2025, Merlin agreed to sell 29 centres in nine countries to The Lego Group for approximately £200 million ($270 million), with the transaction expected to close by the end of 2025; as of November 2025, the divestiture is pending completion, allowing Merlin to refocus on core operations. Madame Tussauds, a flagship gateway brand, features hyper-realistic wax figures of celebrities, historical figures, and pop culture icons, allowing guests to pose for photos and engage in interactive setups that bring fame to life. The attraction operates in over 20 locations worldwide, including London (its original site since 1835), New York, Hollywood, Las Vegas, Amsterdam, Berlin, Blackpool, Bangkok, Hong Kong, and Singapore, with each venue tailored to local cultural contexts while maintaining the core celebrity showcase. Recent expansions, such as new figures unveiled in 2025 across multiple sites, underscore ongoing investment in celebrity partnerships to keep exhibits fresh and relevant. SEA LIFE aquariums form the largest chain of marine-themed attractions globally, showcasing diverse underwater ecosystems through tunnels, tanks, and educational displays that highlight ocean conservation. With more than 50 locations as of recent operations, examples include the SEA LIFE London Aquarium on the South Bank, SEA LIFE Orlando near International Drive, and sites in Birmingham, Blackpool, and Sydney, where visitors encounter species like sharks, rays, and penguins via immersive habitats and hands-on touch pools. These venues emphasize interactive learning, such as feeding sessions and behind-the-scenes tours, attracting over 23 million guests annually to foster awareness of marine welfare. In 2025, despite exploratory sale discussions for select sites, the network remains a core pillar, with no major divestitures completed. Observation wheels under Merlin's portfolio provide panoramic city views from enclosed, climate-controlled capsules, serving as iconic landmarks that enhance urban tourism. The London Eye, a 135-meter cantilevered wheel on the River Thames, rotates continuously for 30-minute rides offering sights of landmarks like Big Ben and the Shard, accommodating up to 800 passengers per revolution. Merlin also operates The Wheel at ICON Park in Orlando (acquired in 2024 and renamed the Orlando Eye, standing at 122 meters with 30 capsules). These structures prioritize accessibility and theming, such as champagne experiences on the London Eye, to create memorable, low-commitment attractions. Merlin additionally manages fixed observation decks offering elevated city views. The Sydney Tower Eye, at 309 meters, provides 360-degree vistas from an indoor deck atop Sydney Tower, reimagined in 2025 with new interiors and amenities. The Blackpool Tower Eye overlooks the seaside resort from a platform at 158 meters on the historic Blackpool Tower. The Dungeons deliver actor-led, multi-sensory horror experiences that reenact a city's grim historical events through dark rides, live shows, and special effects, blending education with thrill for audiences aged 10 and up. Operating in more than 10 locations, primarily in the UK, key sites include The London Dungeon (exploring plagues and executions), Edinburgh Dungeon (focusing on witch trials), Blackpool Dungeon, York Dungeon, and integrations at Alton Towers and Warwick Castle. Each venue features unique narratives, such as boat rides through "cursed" waters or drop rides simulating executions, with a runtime of about 50-75 minutes to fit urban schedules. By 2025, Merlin has integrated digital enhancements across gateway attractions to boost immersion, including virtual reality (VR) experiences and augmented reality (AR) overlays that allow guests to interact with exhibits in novel ways, such as virtual encounters with marine life at SEA LIFE or celebrity meet-and-greets via AR at Madame Tussauds. Partnerships like the 2023 collaboration with Immersive Gamebox have expanded VR group gaming into select sites, with further rollouts in 2025 emphasizing seamless tech for personalized journeys without disrupting the core physical appeal. These innovations, including AI-driven show ideation, aim to future-proof attractions amid evolving visitor expectations for hybrid real-digital entertainment.

Future and former projects

Planned locations and expansions

Merlin Entertainments continues to prioritize expansion in the Asia-Pacific region through its LEGOLAND brand, with several resorts in China slated for future openings. The LEGOLAND Sichuan Resort, located in Meishan, remains under construction and is scheduled to debut in 2025, featuring a theme park, water park, and hotels designed for families with children aged 2-12. Similarly, the LEGOLAND Shenzhen Resort in Dapeng New District is advancing toward a 2026 opening, encompassing over 58 hectares with themed attractions, a water park, and multiple hotels to cater to the growing demand for interactive family entertainment in southern China. In addition to new park developments, Merlin is pursuing targeted upgrades and partnerships to enhance its existing portfolio. The company has allocated £70 million for improvements to its North American LEGOLAND resorts in 2025, focusing on innovative attractions such as space-themed experiences at LEGOLAND California Resort, where a new "LEGO Galaxy" land featuring immersive rides and exhibits is set to open in early 2026. This investment underscores Merlin's commitment to refreshing its properties with cutting-edge themes to maintain visitor engagement and drive revenue growth. A significant collaboration announced in late 2024 with Mojang Studios will introduce Minecraft-themed areas to select Merlin parks, transforming portions of existing sites into blocky, interactive worlds with rides, shows, and retail experiences. The initial rollout, backed by over £85 million in funding, targets openings in the United States and United Kingdom between 2026 and 2027, with plans for global expansion thereafter. Merlin is also evaluating opportunities for additional Peppa Pig theme park sites worldwide, building on the success of recent openings like the Dallas-Fort Worth location in 2025, to further capitalize on the brand's appeal to preschool audiences.

Closed, sold, and cancelled attractions

In 2024, Merlin Entertainments closed several attractions amid commercial challenges and the lingering impacts of the COVID-19 pandemic. The Bear Grylls Adventure centre at Birmingham's National Exhibition Centre (NEC), a £20 million facility offering high-adrenaline activities like zip-lining and survival challenges, permanently shut on December 11 after six years of operation. The closure was attributed to ongoing financial pressures, including reduced visitor numbers post-pandemic. Similarly, the Little Big City attractions in Berlin and Beijing, which featured interactive miniature models depicting local history through projection mapping and multisensory effects, ceased operations by the end of 2024. These sites were part of a small number of non-core Gateway attractions divested due to poor performance and misalignment with Merlin's long-term strategy. Merlin also divested several properties in 2025 as part of a strategic refocus on core theme park operations. In September, the company agreed to sell its global portfolio of 29 LEGO and LEGOLAND Discovery Centres to the LEGO Group for £200 million (approximately $270 million), with the deal set to close by year's end. This transaction allowed Merlin to streamline its investments toward LEGOLAND Resorts and other high-growth areas, while enabling LEGO to integrate the centres into its retail and experiential network. Additionally, management of Blackpool's key attractions—including the Blackpool Tower, Madame Tussauds, The Blackpool Dungeon, and The Peter Rabbit Explore & Play—transferred to Blackpool Council's tourism arm, Blackpool Tourism Limited, effective August 1, 2025. The handover concluded a 15-year partnership initiated in 2010 to revitalize the sites, with the council citing opportunities for greater local revenue retention and innovation. Merlin expressed full support for the transition, aligning with its emphasis on cost efficiencies. Among cancelled projects, plans for a LEGOLAND park in Charleroi, Belgium, originally slated for a 2027 opening on a 70-hectare site with an estimated €370-400 million investment, were scrapped in March 2023. Merlin cited a strategic decision to prioritize investments in other locations amid economic uncertainties. Earlier, in 2010, Merlin acquired the defunct Cypress Gardens theme park in Winter Haven, Florida, with initial intentions to reopen it under its original branding following a 2009 closure due to financial difficulties. However, these plans were abandoned in favor of repurposing the site as LEGOLAND Florida, which opened in 2011 to leverage the stronger LEGO IP. Such shifts reflect broader post-acquisition adjustments driven by IP alignment and operational viability.

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