More so LegCo won’t let them build a water park because while both parks remain open they don’t allow them to build similar things, it’s the main reason why glacier bay as second of the two rejected proposals for the first expansion was rejected, because ocean park already has a ice land (arendelle was passed because it’s being sold as an extension to HK’s wonky fantasyland)
They are running out of expansion pad space at the main resort, they only have one more pad that could support an entire land (east of grizzly) and even that would be a “HK land” sized land, the Toy Story pad would likely be one ride, the area behind space mountain is basically required to either be related to space or related to marvel if marvel still fills the autopia plot to maintain integrity and Tahitian terrace would likely only fit a c ticket
If they put through another expansion in 5 years or so it will have to go outside the main resort in order to pack a real wow factor, whether that be downtown Disney, something to fill the 4th hotel space (which lets be honest the original plans for 6 hotels was always bonkers, international parks have never had a need for huge hotel numbers DLP says hi) or some combo of that and filling the last pads the next expansion has to expand outwards
HK has been kept going for as long as it has by its willingness to expand even when it’s still taking loses