I think this is where the fault lies. Look at the attractions Tussauds used to invest in pre 2004. They were all expensive high quality projects which are built to last. Then, ignoring Swarm what have Merlin done?
An Intamin coaster - Respectable manufacture, but how long will the drop last?
Two Gerstlaurers - It's alright saying that a cheaper ride will give them more money for theming, but what's the point of having nice theming if the ride isn't going to last long enough to get the most from it?
I was thinking last night, and look at how the park expenses seemed to run in the past:
1992 - Two large scale attractions, a ride retheme, and two whole new areas - For the park at the time, high investment year.
1993 - Nothing huge, just some smaller bits here and there - Low investment year.
1994 - Nemesis, creation of Forbidden Valley - Very high investment for the park at the time.
1995 - Again, nothing major, but can you blame them after Nemmy? - Low investment.
1996 - Alton Towers Hotel, and Storybook Land- A big project for the park to take on at the time - High investment.
1997 - Ripsaw, and some little bits - Low/Mid
1998 - Oblivion, creation of X-Sector in current form, relocation of Enterprise and Energiser - Very high investment.
1999 - UG Land retheme - Low/Mid
2000 - Hex - Probably better to call this mid, given all the work that was done to the Towers.
2001 - Relocation and retheme of Energiser, and Submission installed - Low/Mid
2002 - Air, and Space Adventures - Again, as with other SWs a big year with very high investment.
2003 - Splash Landings Hotel, and Duel retheme - Big project in terms of the hotel, but low for themepark.
2004 - Spinball - Meant to be a low year apparently due to Tussauds financial issues.
2005 - Rita - Again, should probably have been low or mid thanks to the money situation.
So yeah, even when in real financial trouble the park was still able to get two decent sized coasters out of it. If they had just themed them both well to fit their areas I don't think anyone would have blinked an eye.
Now look at a Merlin low year. What have we had? Well nothing really! At least Tussauds made a half hearted effort. Even a Merlin mid year doesn't look quite as amazing in comparison. If we want to argue 1992 was mid investment then one brand new family coaster, two area rethemes/development, and a bespoke well themed dark ride is a bit more impressive than a cheap 4D cinema, and a dark ride which has had considerable work to make it right. I don't think S-T and Haunted House would really compare on theming at opening
Merlin had a couple of really good years at first, but after that it's gone very quickly downhill ??? I think Blackstone is the root of the problem. I reckon they are tightening their belts and are wanting to float Merlin when the time comes. This is causing Merlin to put pressure on the attractions, and make cuts, as they will want as little debt as possible when they do float, in order to make them look better to prospective investors. Unfortunately, as they hold the monopoly in the UK they don't really have much in terms of competition to outshine, so they are doing the minimum they can. Whereas on the continent they have all the other parks they have to live up to if they want to retain their status.
That is not the way to run a worldwide company. Every attraction of it's scale should receive an equal investment, with which they should do what they feel is needed.