The return ratios will always be meh because of the asset heavy nature of the business. Operating leverage cuts both ways.
Leased land or not, it takes time to put up new parks.
Good management doing most things right (taking over F&B, pivot to digital marketing, organizing occasional big musical events, etc). But their attempts to get management contract on profit sharing basis at parks owned by others haven’t borne any fruits so far.
It’s at best a decent business, but not an exceptional one.