It is, as has been suggested by some others, all about the value of the brand.
Alton Towers is, unquestionably, the UK's premier theme park. Yes - Legoland has a fair bit of prestige too, but theyre fairly and squarely in the young family market. Alton Towers is *the* all-round go-to attraction across the UK, with full national appeal.
The main problem that Alton Towers has that the headline gate price (of £55 ish) is what people see and talk about. Therefore, they expect the park to give off that kind of "premier" experience. But it can't. Why not? It's not hard to work out. When the average guest is probably worth somewhere around £15 per person during an average season, it makes it plainly obvious why the park is strapped for cash, can't fix basic things like a trommel and can't make sure every ride gets repaint as and when they are really due. Compare that with the situation at Europa-Park, where pretty much every guest is paying around €50 for their day. There are few discounts, and an annual pass costs around 4 x the day price.
Alton Towers has used a flawed model for over a decade now - and the Covid-19 pandemic has exposed it.
With a fairer admissions model, better positioned annual passes that aren't used as a marketing vehicle - the park will suddenly start to see guest revenue per head pick up.