Flamingo Land saw pre-tax profits fall by about £8.7 million to £4.6 million in the year to 31 March 2023.
In its latest accounts, the North Yorkshire theme park said that inflation and the “cost of living crisis” had affected income.
Directors said that wage costs had increased by £2.4 million, which were cited as the most significant cost increases.
The accounting period includes the opening of the 10-inversion Sik rollercoaster.
Flamingo Land director Gordon Gibbs said that there were “ongoing projects” designed to ensure the “best possible experience” for the park’s customers.
The Lost River water ride is understood to have been at least partially demolished over the winter, although the park has made no announcement.