Apart from the risks that Bheeshma listed, there are other concerns too:
Red Queen effect: Wonderla needs to do maintenance capex to add mew rides to sustain visitors interest and hope to get repeat visitors. As Bheesma says diminishing marginal utility of experiences needs to be addressed. Akin to running (spending) more to be in the same place? But as and when they scale and add new parks, and if footfalls increase in older parks this should not be of an issue.
Too many variables that affect footfalls: weather related (early monsoon this time so I think they will gain report lesser footfalls YoY), high taxes (18% GST plus maybe LBT than pre GST times), cauvery agitations, etc. While this may sound short termish, still there would be some reason or the other for lesser footfalls and this need not be management’s fault. Scope for many unforced errors?
I feel Wonderla is a good business. Perhaps not AAA but more AA or A+ category.
Disc: I own Wonderla