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<br />. <br /> <br />. <br /> <br />e <br /> <br />Length of Stay <br /> <br />Length of stay is a critical factor to the operation of an aquarium. Length of stay, as measured <br /> <br />in hours and minutes, is an indicator of the entertainment value of an aquarium. Depending on the <br /> <br />number of attractions offered at an aquarium, length of stay ranges from 4 to 6 hours. <br /> <br />Length of stay is an important factor to an aquarium for two reasons. First, length of stay <br /> <br />determines the effective market area of a given aquarium. As a general rule, the radius of an <br /> <br />aquarium's market area, as measured in driving time, is approximately one-fourth the average length of <br /> <br />stay of that aquarium. For example, an aquarium with an average length of stay of four hours can be <br /> <br />expected to draw from an effective market area extending out approximately one hour's driving time. <br /> <br />This relationship explains the reason that aquariums draw from a more extensive market area. <br /> <br />The second reason that length of stay is important to an aquarium is its correlation with per <br />capita spending patterns. It is a well-established fact that per capita spending, which is comprised of <br />admissions plus in-aquarium spending, increases as the length of stay at an aquarium increases. More <br />specifically, per capita spending at an aquarium increases at a rate of roughly $4.00 per hour. Thus, an <br />aquarium with an average length of stay of 4.0 hours can be expected to engender total per capita <br />spending of $16.00, while an aquarium with a five hour length of stay might have per capita spending <br />of $20.00. This correlation should be viewed as a rough rule of thumb rather than a hard and fast <br />formula, since there are intervening factors that can result in higher or lower levels of spending in <br />different markets. <br /> <br />Diversity of Entertainment <br />In addition to scale of development, another important consideration in the planning of an <br />aquarium is diversity of entertainment. In the early years of the aquarium industry, the value of <br />diversity of the entertainment experience was not fully appreciated. In that regard, some of the earliest <br />aquariums did not strive to achieve optimum diversity. Aquariums today offer other venues consisting <br />of water park features, sea tours, guided tours, interactive equipment and shows. <br /> <br />Feasibility Study for a Proposed Aquarium at Sunny Isles, Florida <br /> <br />Page 5 <br />