Industry veteran Craig Nielsen reflects on 25 years of growth—and what comes next.
Craig Nielsen has spent over 25 years in the commercial aquatics industry as Chief Executive Officer of CEM Aquatics, a respected Salt Lake City, Utah-based firm specializing in the design, construction, and renovation of aquatic facilities across the United States. Following CEM’s acquisition by Landmark Aquatic in early 2026, Nielsen has stepped into a strategic leadership role at Landmark Aquatic — bringing that breadth of industry experience to bear as the company charts its direction in the waterpark sector. In a recent interview, Nielsen reflected on the waterpark industry in particular: its origins, its current state, and where it’s headed. As someone who has built waterparks from the ground up and co-owns two Nevada waterparks, he offers a rare combination of hands-on expertise and owner-operator insight that now informs Landmark Aquatic’s strategic thinking. When asked about the industry’s future, Nielsen is unequivocal: “We could never have imagined that waterparks would become so popular when the industry was in its infancy. When people ask me what I think about the waterpark industry, I see a story still being written — and an increasingly exciting one at that!”
Looking back over the past 25 years
When reflecting on the early years of the waterpark industry, Nielsen explains that the business model was remarkably consistent in the early 2000s. Waterparks had both open and closed flume slides, tube ride and lazy rivers. “These waterparks were reminiscent of early amusement parks, with snack bars, perhaps a sit-down restaurant, and maybe a gift shop,” says Nielsen. The season was typical of other outdoor aquatic facilities in that they were open from Memorial Day to Labor Day. Revenues came from admission and up-charges on food and goods purchased at the gift shop. “The most sophisticated piece of technology on the property was probably the water chemistry controller. What has changed, dramatically, is the complexity of the playing field,” explains Nielsen.
The Transformation: Early Market shifts
One of the most important shifts to the industry was the rise of the indoor waterpark resort, and specifically what it did to the industry’s seasonality. Great Wolf Lodge was one of the first to add lodging to waterparks. However, the Great Wolf Lodge brand inverted the traditional waterpark business model by making the indoor waterpark the hotel’s core amenity. “Suddenly, a family destination that once operated 90 days a year was generating revenue 365 days a year—making it a fundamentally different business,” explains Nielsen.
Who Is Building Waterparks Today?
After Great Wolf Lodge started changing the business model of waterparks, the popularity of waterparks started growing by leaps and bounds. Nielsen explains that you don’t have to do too much research to realize that most hotel and hospitality brands include waterparks in their offerings, because they are so popular with consumers. “Every resort and hotel chain sees the opportunity that waterparks provide,” explains Nielsen. “The challenge is that waterparks are so popular, not only are amusement parks like Disney, Nickelodeon, and Wet ‘n Wild adding more waterparks, but also with hotel brands like JW Marriot who put waterparks in every one of their resorts because they know that waterparks attract patrons as their way to compete for family travel.”
Nielsen speaks from experience having been the co-owner of two waterparks just outside of Las Vegas. “Co-owning Cowabunga Canyon in Summerlin and Cowabunga Park in Henderson has given us insight into the trends in waterparks,” explains Nielsen. “Consumers today want more from waterparks and are often selecting their vacation resorts by the waterpark offerings.” Nielsen points out that waterparks today include surf pools and interactive activities for patrons. “Nickelodeon has built some truly amazing waterparks in Mexico and Great Wolf Lodge continues to add more and more features to attract patrons to their hotels.”
Nielsen says he feels the greatest challenge is the growing competition in waterparks. “The challenge is that the secret is out—waterparks attract people so everyone is building waterparks.”
Beyond hotels and resorts, mixed-use real estate developers are also adding waterparks. Crystal lagoons, surf parks, and outdoor water amenities are increasingly being positioned as anchors for master-planned communities, resort residential neighborhoods, and entertainment districts.
Casino Operators have also discovered that waterparks and resort amenities dramatically improve non-gaming revenue and hotel occupancy. For example, the Great Wolf Lodge resort at Foxwoods in Mashantucket, Connecticut is a $300 million project with 549 rooms and a 92,000-square-foot waterpark. Casinos are realizing that a waterpark brings families in and keeps all age groups on property.
Even cruise lines have private islands that are centered around waterparks. “I was part of a team of Landmark Aquatic strategic leaders who recently returned from the Bahamas where we witnessed 4 or 5 big cruise line companies that are building their own lagoons on private islands which are centered around waterparks,” explains Nielsen. “The ships drop passengers off at these islands and entertain them for the day. The resorts are massive with incredible pools and waterparks.”
The Next Opportunities: Surf, Rivers and AI
One of the next big opportunities for waterparks involves surf pools. Companies are producing genuine surfable waves that attract experienced surfers, beginners, and surf-curious guests who’ve never seen the ocean. “The Cannon Beach surf park in Arizona is prime example,” says Nielsen. Surf parks today are where indoor waterpark resorts were in the early 2000s. Nielsen says that those who embrace surf parks into their waterpark facilities in the next three to five years will have a significant first-mover advantage in their markets.
Similarly, the lazy river of 2005 was a peaceful float. Today’s adventure rivers include rapids, jets, current systems, and obstacle features that create active, multi-lap experiences. These features justify premium pricing and drive social media shareability. “Parents and grandparents know that kids are always asking to go to waterparks because of these premium features,” says Nielsen. “I should know, as I now have 16 grandchildren.”
Nielsen is equally enthusiastic about AI’s growing role in waterparks. “AI is already making things more efficient in pump rooms — improving everything from water chemistry to pump and filter operation,” he says. Beyond pump room operations, interactive AI features are poised to transform the guest experience. “In Europe, I’ve seen some fun examples — a patron goes down a slide, interacts with a series of buttons and lights, and the technology tracks them via wristband, announces daily winners, and rewards winners with things like discounts on food or merchandise. More of this use of AI will become the norm in waterparks very soon; it’s exciting!”
Closing Thought
Water has been a core human pleasure for as long as civilization has existed. The waterpark industry, at its best, is in the business of delivering that pleasure in a safe, accessible, and joyful way. We’ve come a long way from a couple of fiberglass slides and a wave machine.
What excites Nielsen the most about the next decade is that the barriers that once limited this industry — seasonality, demographic reach, geographic constraints — are all disappearing simultaneously. “Technology, capital, and a genuinely evolved consumer appetite for water-based experiences are converging in a way I haven’t seen in 25 years,” says Nielsen. “This industry veteran knows that the wave is building, and the future is bright for waterparks — and he intends to help Landmark Aquatic ride it.”