The problem is that it's a typical piss-poor attitude to this kind of thing.
Is Alton Towers the premier UK theme park, or is it somewhere like Southport Pleasureland?
If you are in the position of being the quintessential theme park of the country, then you keep that up, even through the rough years. As soon as you let standards slip then you no longer hold that position and you're on a slippery slope. I agree with a degree of cost cutting as they're a business and need to survive. The problem is if you cut too deep (and I would say Alton are cutting too deep) then you will slowly bleed out. A VR headset on Air and a new restaurant doesn't counter three or four permanent ride closures and the loss of other eateries.
I imagine that profit margins are deemed higher at the new restaurant, so it looks great. Force people to only be allowed to eat are places that give the highest profits is great to the bottom line. However, every time that a customer feels ripped off (parking, high entry price, rides unavailable, limit and expensive food choices) they refuse to return and they make sure that others no.
Then you're in a downward spiral. In a service industry, the guest is king and while I feel sorry for Alton and its financial woes, they mustn't lose sight of the fact that they are there to entertain guests. As soon as guests feel as though they're there to make Alton money, they don't feel like guests and don't return.
Hopefully it's just this year that they're cutting back to get back on an even keel, then if they can pull off a new investment next year to get guests back in, they can look to doing things properly again.
However, I still don't believe an attraction like Alton should ever compromise it's position of "premium quality" - they have standards guests expect and if they don't meet them, the backlash will be much more costly than running things at a loss.
And the next time one of the businesses in your group buys an attraction that is a nightmare, don't go back to that same manufacturer again. Learn from mistakes, don't repeat them. Let's face it, The Smiler has been a fiasco from even before day 1.