By the 1990s, the park was beginning to show its age, and the Hastings District Council proposed that it be redeveloped into a waterpark.

At the time of its conception the council had decided that the park would be a money spinner and was certain that it would supplement the taxes that local residents paid.

These policies included the fact that Splash Planet would be self-sustaining and would not cost the taxpayers any money.

Despite being sold to rate payers as a money making venture Splash Planet will lose about $800,000 in the current 2009 fiscal year.

In late 2013 a major paintball event known as the Battle of Hastings took place at Splash Planet.