Heritage Park is freezing wages and cutting its operating hours in an attempt to survive an economic slump that has cut its revenue by 30 per cent in the last year.

Corporate events and banquet bookings, which are the park's bread and butter, have plummeted, said Alida Visbach, president and CEO.

"If they're not cancelling their function altogether, they're cutting back on their expenditures," she said.

Admission, which makes up roughly one quarter of revenue, is down roughly 12 per cent since the park's 50th anniversary in 2014.

Visitors are also spending less inside the village, particularly on food and beverage.

"People are bringing their lunches more often," Visbach explained, saying she expects the trend to continue.

Parking fees long overdue

To help compensate, the park recently introduced parking fees.

"We've been basically subsidizing parking for 51 years. There's a cost to it, maintaining our parking lots and landscaping," Visbach said.

"Some people are upset about it, but it's something that all of our colleagues and civic partners are doing. We were the last holdout," Visbach said, referring to Telus Spark and the Calgary Zoo.

Visbach says there are no plans to raise admission rates.

Remaining optimistic

This May long weekend was the first full weekend of the summer season at Heritage Park, and while the cold, rainy weather may have dampened attendance, Visbach said she's optimistic about the coming months.

"We believe that if the Americans realize that Canada is on sale, and let's hope that they do, that we'll see more American tourists here," she said.

She expects the low loonie will also encourage more Albertans to opt for a "staycation."

"We're feeling optimistic that our attendance may be strong this year. Whether the corporate spend is going to catch up, I'm kind of skeptical about that," she said.

With files from The Homestretch