You can do a highly-themed water park that is of a much higher quality than Wet N Wild and worth visiting without straying from the simple formula of slides and pools. Aquatica and the Disney waterparks were game-changers but at their core theyre very simple. Universal itself still isnt Orlando's premier destination. Up until just 4 years ago they were having a hard time getting people to come to their world-class theme parks. A waterpark is going to be a great way to attract locals and encourage people to stay onsite longer, but its still a seasonal attraction that hasnt found the success of regular theme parks (whether it be people dont know how to swim, think the parks are dirty, dont want to get wet, or just because theyre seasonal). Universal can churn out a crazy good waterpark just with basic slides and solid theming. But IMO, the speculation on here is pretty far out-there, because at the end of the day, this will mainly serve as a way to get people to stay on property longer, not to become a standalone destination. I mean, few waterparks are, and when they are, they aren't located in huge tourist meccas.