I think this is the most likely scenario, if right sizing of capacity to demand doesn't work.
If you throw in the towel you can take a write down on the entire development cost of the project. The investment in physical plant itself is probably insignificant compared to amount of R&D and product development put into it. Any adjustments to the experience is just going to be throwing more good money after bad.
The moment you start discounting you are just eroding your margin - which is probably already thin if it's going out 25% full - and set an expectation that Disney experiences aren't worth full price. A 1 night experience is still going to have the same fixed costs, so it wouldn't have the pricing impact people expect.
Finally, from people I've spoken to around town there's absolutely some truth to the notion it's burning through actors and they are going to run into problems eventually just operating it.
Time to just accept that it's a DisneyQuest Chicago and move on.