But an IP doesn't guarantee any of those things. Look at Charlie and the Chocolate Factory, it basically managed none of those achievements.
Ice Age faired a little better, on the merch front certainly, but even then seemed like a very expensive endeavour for a small return on investment. And how quickly the park dropped it shows that the figures really didn't add up.
If you re-root that IP money into a good quality marketing campaign (note - it has been a long time since AT invested in a good quality marketing campaign) you can often set yourself up for the same level of buzz, hype and queues - plus the returns are higher because the profit isn't being split on merch.