The park is included in your stay. It's worth it to spend the night because you get 2 days of Waterpark fun for 1 nights stay and often they'll have discounts on weekdays!
Yes. The only people that go into the waterpark are those staying at the hotel. So even though it seems costly, your really getting a hotel room, water park admission for everyone staying plus all the cool perks of the hotel. The other thing about this is that since only the people going to the water park are those staying at the hotel, it never becomes over crowded in the water park area.
Yes
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