Aqua est Dominus!

This study examines visitor patterns at the Aquaticum Spa complex in Debrecen, Hungary, from 2019 to 2023, a period marked by significant challenges, including the COVID-19 pandemic and the Russian-Ukrainian war. The historic bathhouse, operating for nearly 200 years, has evolved into a comprehensive spa destination; the analysis covers its three indoor units: the thermal bath, the indoor aquapark, and the wellness hotel. Using panel regression with fixed effects, selected on the basis of the Hausman test, two hypotheses were tested regarding external influences on visitor numbers. COVID-19 case numbers did not significantly affect attendance. Among the pandemic-related restrictions, total facility closures and the requirement for guests to present a vaccination certificate substantially reduced visitor numbers, whereas the effects of mask mandates and of the vaccination requirement for employees were not statistically significant. No statistically significant effect of the war, inflation, or the energy crisis was detected; however, high multicollinearity among these variables limits the precision of the estimates, so the results should not be read as proof that no effect exists. The findings point to the sector’s vulnerability to regulatory restrictions rather than to health concerns themselves. The study concludes that innovation and development investments, particularly those reducing energy cost exposure, are important for the sustainability of the spa industry. Results are specific to the Debrecen complex, are based on three panel units, and cannot be generalised to other facilities.