Personally, I think this is the beginning of the end.
If you look at the "family" market, there's a very clear way that parks like that survive. I think Paultons is an excellent example of the way it should be approached, Drayton a warning and LWV how not to do it.
Paultons started as a small park. It was always focussed on the family market and build on its success, but never moving from its core. Having a strong IP built the success of the park massively, but the entire park was a great accommodation for the family market. Everything at Paultons has always been clean, bright and well looked after. It's an attitude of pride that shines through, and it really does encourage repeat visits.
Drayton realised that they couldn't compete with the bigger thrill parks (Alton, Blackpool and even Thorpe), so they diversified and went the IP route. While it worked for them for a short while, it wasn't sustainable. The Thomas area is small and cramped and outside of it, the park is a bit rough. The biggest issue though is that there isn't a clear message to visitors. You enter the park and Shockwave dominates the skyline, taking up as much room as Thomas Land with its footprint. Is the park a thrill park or a family park? Is it a zoo? The investment outside of Thomas Land was thin, and then they doubled down on the Thomas Land success with a very expensive hotel.
I don't know how many of you are aware, but Drayton used to host a lot of shows on the land the hotel sits on. Car shows and the like. People would pay to camp there and also pay to go into the park as part of their weekend festivities. That all stopped with the hotel. Again, doubling down on the idea families would pay for Thomas Land, when in all honesty, it's not worth a two-day visit.
So, you have diminishing returns. The park just isn't consistently special enough across the entire site to encourage return visits. Thrill seekers no longer wish to go due to no investment for them. Families don't get enough out of what they're offered. It's the worst of both worlds.
Flamingoland have covered this excellently (as much as I despise the place). They have invested really well (if not in staff and maintenance) on attractions across the board. There's something for everyone in a family to enjoy all day, and their zoo is fantastic. They've covered all bases really well. They also have the advantage of being a well known holiday destination for the local area.
Then we have LWV. Well... They're not Paultons. The park is okay, but it sprawls and is very "bitty" in terms of quality/neatness. There's no consistency or flow with the family visitors in mind. It has the millstone of its chequered development around its neck. LWV has always reminded me of a garden centre with a massive miniature railway stuck onto it, and they let a travelling fair company set up rides here and there. They're in a worse place than Drayton is, and they're doubling down on their family attractions, which have never been any good.
And that's where the problem lies. They just aren't the tight, well run park they need to be to keep the returning family visitors. Kids will get as much from other local farm/play parks. There's no wow, no memories to be made.
It's a shame, as I've never had a bad day at LWV. I don't rate it as a great park, but I've always enjoyed myself there. Considering I think FL has a better collection of attractions and have hated every visit there.
Anyway, unless LWV can really pull something incredibly special out of the bag, it won't work. They need to landscape. They need to properly clean up. They need to pull the rides into a consistent collective to create a narrative for the day's visit. There's so much work to be done to grab those repeat visits, to make it worth people's time and money. I just can't see it happening unless they completely change their approach.
TL;DR - They're a dying thrill park, not a rising family park.