Six flags is closing 2 of their parks soon. I think novelty of theme parks is going through a lull.
It is. IMO, it comes down to a few factors.
1. As Disney raised prices, others copied. There has also been industry-wide adoption of monetizing wait times. People want to be able to buy a park ticket and go on attractions for the included price with moderate waits.
FYI, I just recently went to a small 'local' amusement park, and it was very well populated. They are very old-school: no admission fee, and they still sell paper ticket booklets. Small rides are 1 ticket, bigger rides are 2-6 tickets. They also have a number of chance games, where for $1 you can play.
Much of the appeal of this park is the low-price point. I think most people are willing to spend $10-$50 for a few hours of - SIMPLE- fun.
2. Amusement parks are best when they amply allow for impulsivity. Modern WDW has sucked all the spontaneity out of visiting. People who have never been to WDW are balking at the absurd prices paired with the absurdity of WDW's stupidly complex/rigid Express Pass rules. Today's leadership can't even come up with a simple name for their Express Pass! They have absurdly chosen to punish anyone who does learn the rules by changing them over and over. We had: original FP, FP+, FP that could be bought when staying club level, G+, genie-, Genie+, LLMP, ILL's, VIP tours, and now LL$$$$$. It is just such a mess! And that's
just their Express Pass!
3. WDW has also adopted an absurdly complicated array of ticket options and prices. At the fun park, I walked up, plunked down a $1, and by the time it was collected a minute later, I was already enjoying my game. No wait, no thinking about it. Since we were having fun, we continued to spend more. Now I've been there before, so I wasn't 100% mindlessly spending $, but that pure rush of being drawn into the moment is a part of what makes amusements exciting and fun.
4. Another mistake many parks have made is what I call the BIGGER, MOST EXTREME aspect. Many try to have the BIGGEST, FASTEST, MOST EXTREME thrill rides. Extreme rides appeal to a segment of the population, but I think many people don't enjoy doing only extreme rides all day. Many people prefer the variety of innovative family rides, fun shows, etc. Great parks need some thrill rides, but the best parks have a good mix. (Rides that only allow toddlers are also a problem.)
5. Parks must be kept clean! I have visited a few that were just plain nasty-dirty. I do not want to see swarms of flies, yellowjackets, mosquitoes, roaches, or even one mouse/rat - YUCK! People also don't want overflowing trashcans, unappetizing food, or foul restrooms.