Aquarium Development

Leisure Business Advisors LLC (LBA) conducts the feasibility study for new aquariums, which is typically the first step in the development process.

The study evaluates potential markets and forecasts attendance by applying market penetration rates to market segments. These rates are influenced by the quality of the market segments, competition, and the experience of comparable facilities elsewhere. The study also projects potential financial performance and provides guidance on development costs.

LBA can also expand its feasibility study effort and add conceptual design and master planning services. These could include images of the new aquarium seen through the eyes of a typical visitor, which would help define the project's "look and feel" in financing and promotional presentations. This effort would also begin the detailed planning process needed to move the project towards completion. This expanded planning effort can be chosen at the start of the consulting assignment, or added after the standard feasibility study has been completed.

John Gerner, our managing director, has been a consultant for more than 20 years and has conducted planning studies for many aquariums. Selected projects are highlighted below.

                                
Ripley's Aquarium (Myrtle Beach and Gatlinburg)

As a subcontractor to International Theme Park Services (ITPS), LBA prepared valuations of the Ripley's Aquarium in both Myrtle Beach and Gatlinburg in 2003, 2006, and 2009. This effort involved an on-site review of each aquarium and its operation. Past market and financial performance was also analyzed. 
               

Proposed Aquarium (Tampico, Mexico)

In 2009, LBA evaluated the feasibility of developing a new aquarium in Mexico as a subcontractor to Norton Consulting. The aquarium would be part of a mixed-use project. This consulting effort involved analyzing comparable aquariums, as well as preparing attendance and financial projections.

                                        
Colorado's Ocean Journey (Denver, Colorado)
                        
In 2002, Gerner Consulting conducted a valuation of Colorado's Ocean Journey as a subcontractor to ITPS. This aquarium was later renamed the "Downtown Aquarium - Denver" by Landry's Restaurants, Inc. The analysis included an evaluation of past market and financial performance.

                                        
New Jersey State Aquarium (Camden, New Jersey)
                        
As a subcontractor to ITPS in 2000, Gerner Consulting evaluated the future potential performance of expanding this aquarium. The consulting effort analyzed past annual attendance and provided projections based on three scenarios.

                                        
Maine Aquarium (Saco, Maine)
                        
In 1992, Gerner Consulting evaluated the attendance and financial impact of expanding the Maine Aquarium. John Gerner also served as an expert witness on aquarium expansion in a lawsuit that this aquarium had filed against its lender.

                                        
Virginia Aquarium Expansion (Virginia Beach, Virginia)
                        
As a subcontractor to Economics Research Associates (ERA) in 1991, Gerner Consulting prepared market and financial projections for this $35 million expansion that tripled the aquarium’s size in 1996. It has been named the Travel Attraction of the Year by the Southeast Tourism Association. The client was the City of Virginia Beach, and the consulting effort included market, financial, and economic impact analysis.

                                        
New York Aquarium (Brooklyn, New York)
                        
Economics Research Associates (ERA) was retained by the New York Zoological Society in 1985 to evaluate the potential performance from significantly expanding the New York Aquarium.  As an ERA consultant, John Gerner provided the market and financial analysis for this consulting effort.

                                        
National Aquarium in Baltimore (Baltimore, Maryland)
                        
Economics Research Associates (ERA) was retained in 1984 by the National Aquarium in Baltimore to conduct an evaluation of expansion alternatives. This included defining the expansion alternatives, estimating attendance and financial potentials, and comparing the results with forecasts based on present facilities. As an ERA consultant, John Gerner provided market and financial analysis for the consulting effort. This nationally-recognized tourist attraction has been one of the key anchors of Baltimore’s successful Inner Harbor urban revitalization project. After the study was completed, the aquarium added the Pier 4 Pavilion, which features dolphin shows and temporary exhibits.                                     

                                               
More Information

We are pleased to present Leisure Development Pulse to help inform prospective developers. It showcases selected new aquariums worldwide. Information includes name, location, type, year opened, size, and cost. External links are provided for maps, news coverage, and other sources. Onsite videos are shown, if available.

To learn more about our feasibility study process, click here.