UK-based Merlin Entertainments announced the closure of three major attractions in Istanbul, Turkiye, on Tuesday, including the iconic Madame Tussauds wax museum, the Legoland Discovery Centre, and a Sea Life aquarium. The decision to shut down these sites permanently stems from lackluster financial performance, the company revealed.
Marine life from the aquarium will be relocated to other facilities operated by Merlin, which runs a diverse portfolio of attractions across 23 countries, drawing over 60 million visitors annually. The closures reflect broader economic struggles in Turkiye, where soaring inflation has squeezed household budgets, leaving less room for leisure activities.
Merlin itself has felt the financial pinch, reporting a £217 million ($272 million) net loss in 2023, a sharp downturn from an £89 million profit the previous year. Acquired in 2019 by a consortium led by Denmark’s billionaire Kristiansen family—owners of the Lego group—the company oversees global favorites such as the London Eye, Madame Tussauds museums, Legoland parks, and Peppa Pig-themed attractions.
Despite its global success, the challenges in Turkiye proved insurmountable for these Istanbul-based venues. The closures underscore the delicate balance between entertainment offerings and the economic realities faced by potential visitors. For now, Merlin’s presence in Turkiye draws to a close, as the company looks to regroup and refocus its global strategy.
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