Loosely defined, the concept of extreme aquatics is all about participant-driven attractions that feature a heightened risk — be it perceived or actual. Think surfing or boogie boarding on stationary surf machines, whitewater rafting without the real white water, and literally swimming with sharks. Facilities offering extreme aquatics aren’t only in Orlando, Fla., Las Vegas or Dubai — though some of the most elaborate exist in, or are planned for, those locations.

Resorts in less glamorous locales miles from the nearest ocean also will soon be offering 12-foot swells. The U.S. National Whitewater Center in Charlotte, N.C., which boasts the largest man-made white-water rafting and kayaking river in the world, was one of the first such developments.

However, the recently approved Waveyard waterpark in arid Mesa, Ariz., is likely to set the bar for extreme aquatics facilities. While some locals grumbled over the 60 million to 100 million gallons of water the park will require each year, “the project’s full throttle ahead,” says Waveyard publicist Bo Morris. Perhaps portending future attendance, Mesa voters approved the project in November 2007 by an overwhelming 65 percent margin. Scheduled to open in 2012, Waveyard will offer surfing on the largest wave pool in the nation. The littlest tykes, along with older Kelly Slater-wannabes, will be able to take advantage of waves ranging from two feet to 12 feet high. Waveyard also will have an artificial white-water river for kayakers and rafters, as well as a scuba lagoon and snorkeling pond for underwater enthusiasts.

Now in development, the Las Vegas City of Sports is another monument to extreme sports. This 200-acre behemoth planned for the outskirts of Vegas was conceived by entrepreneur Bill Morris and is being developed by PDM Enterprizes of Henderson, Nev. The hotel/casino/athletics resort will include sporting arenas, training facilities, and extreme rides — aquatic and dry — are the selling point to what PDM developer Douglas McKern believes is an untapped market for Vegas.

“We want the type of sports that are going to attract a certain demographic,” McKern says, referring to young thrill seekers with disposable incomes. McKern says surfing-enabled wave machines and scuba or snorkeling features are in their “idea plan” for the park, still in its early stages. “[Extreme aquatics] is exactly what we’re moving toward.”

Even though the estimated cost of Las Vegas City of Sports — $10 billion that will need to be raised from investors — is no chump change, to McKern it seems a safer bet than the California homes that PDM was developing previously.

“There was a desire to make sure we didn’t get caught up in the residential crunch,” he says. “We wanted to do something that would be a moneymaker for a long time.”

Ron Jon Surf Shop has another extreme aquatics project in the works. The Cocoa Beach, Fla.-based apparel, accessories and sports equipment retailer, has teamed with wave-machine developer and operator Surfparks, LLC, to construct a water park in Orlando, Fla. The resort, which will have extensive surfing facilities, was originally set to open in mid-2006, but it remains a construction zone and no new opening has been set, says Doug Kirk, co-founder and managing partner for Surfparks, LLC.

“I think extreme aquatics are a trend,” Kirk says. “It seems there’s a significant interest level from the consumer standpoint, but [building extreme rides] is very expensive. There’s always been a great interest in this business, but the problem is working out the technology and financing.”

Building resorts with extreme aquatics facilities is a huge endeavor, requiring deep pockets such as those of the Walt Disney Corp., which operates Typhoon Lagoon in Orlando. But some park developers are willing to work with cagey investors and deal with complicated equipment because once in place, the returns on these outlays can be huge. For example, at Typhoon Lagoon, Craig Carroll’s Cocoa Beach Surfing School is open to any strong swimmer who will plunk down $140 to live out their Endless Summer fantasies. That amount doesn’t include admission to the actual park, which is approximately another $70.

The fact that extreme aquatics has a cool image makes the product that much more of a selling point to young trendsetters, says Andrew Thatcher, director of sales and marketing at La Jolla, Ca.-based WaveLoch, which manufactures FlowRider stationary wave machines.

“We’re not only selling a sport; we’re selling a lifestyle,” Thatcher says. “We’re bringing the beach to the people. Surfing is cool; everyone wants to be a surfer. In the Midwest, it’s pretty difficult for people to do that. The [surf machine] gives them an opportunity to live that lifestyle.”

Sales of stationary wave machines are up, according to Thatcher. “It’s in the 20s [units] per year now, and we have more than 100 rides in operation,” he says.

Part of the appeal is the extreme nature of the rides. “If you put a watermelon down a water slide, I can guarantee you the watermelon will come out the other end,” Thatcher says. “You put a watermelon in [our product], it will shoot out the back. The same applies to people.”

Having more participant-driven rides that are viewed as sexy and even dangerous offers another benefit: spectators. Many park-goers unable or unwilling to actually get on a surfboard are happy to stand back and watch the action, with concessions or souvenirs in hand.

“Extreme aquatic [rides] really draw the thrill-seeking teenager,” says Dan Martin, vice president of Economic Research Associates, an international leisure economics firm. “The hope is that the extreme experience also will also draw younger children and give the facility the image of being a cool place. To some extent, it doesn’t even matter if the teens show up because the image — that this is daring and something older kids do — is there. It’s aspirational.”

But can developers really expect aquatic enthusiasts of any age to pony up hard-earned cash for expensive tickets, especially in the face of a shaky economy?

“There’s a pro and con argument,” Martin says. “On one hand, people won’t spend their discretionary income on this type of thing. On the other hand, people may choose to spend their discretionary incomes on something like this instead of taking a big trip elsewhere. Movie theaters do the best in times of economic hardship, or at least they don’t suffer, because people won’t deny themselves. Movies are an escape, and going to a waterpark is an escape, too.”

Martin believes the market will continue to finance extreme parks and rides, recession or not. That’s a good thing, he says, because it will be almost obligatory for waterpark resort operators to continue to outdo themselves with rides that are more extreme than ever.

“This is something you see across the entertainment spectrum: swimming-with-the-dolphin experiences or touch tanks at zoos,” Martin notes. “People just want a more visceral experience.”