Honestly, Merlin buying DW would be many an enthusiast's dream come true, and it does make a lick of sense as they are making investment into Australia. But I don't see it happening. Merlin already has their hands full with opening Legoland Discovery Centres in this country and building new Legoland parks every other year. Dreamworld would be far too big of an investment to take on for a company so new to Australia even though they have bought parks in the past with their acquisition of Gardaland and Cypress Gardens in the past.
Alternatively, and this might be a far-fetched theory to some, but this is the most likely way Merlin will invest into DW - Merlin could buy the park as it is like Cypress Gardens and DW will become the next Legoland. Still not a great park but its better than housing , and the Gold Coast definitely has the tourism base to build a Legoland if Legolands are being built in Korea and have been completed in Malaysia. Who knows, Merlin may want to take the next step with bringing the Lego brand into Australia and build a theme park. DW is the prime position for a Legoland. Even if it is a strictly family only park due to its IP and attractions, if that is what keeps Dreamworld alive, I'm all for this transformation.
At the end of the day, Dreamworld being protected by legislation a la LPS will be the only way to ensure Ardent won't be the park's final owner. The park is iconic to millions in spite of its weak reputation in the community following the TRRR disaster. If the park did actually end up closing it would be a national tragedy, on the scale of when Toys R Us collapsed around the world in 2018. Every single member of this board would be sad to see DW close whether or not you saw it coming.
Not to mention from an analytical point of view, it would damage our industry massively - VRTP would essentially have a monopoly over theme parks in Australia as they have no competition in the region and very little investment would be made in their parks in the future compared to today. The competition between DW and VRTP has brought us rides like DC Rivals, Superman Escape and Tower of Terror, among others. Big rides were built to draw the crowds away from the competitor and towards the park building it. We wouldn't be getting rides on the scale of those if VRTP didn't have any competition. Whether you like the park or you don't, it needs to be recognised that Dreamworld needs to remain in operation to ensure our parks' profile on the world stage continues to expand.