£4 million is set to be invested in the Pembrokeshire theme park, Oakwood, in what's being described as the largest investment at the park for more than a decade.
Officials say the funding will be used to create a new family park area - featuring a series of new rides - at the popular west Wales attraction.
The new development will feature seven new rides and attractions, including a water ride alongside a series of children's play areas and other themed attractions.
The park director Dominic Jones has also said that "family-friendly facilities" will be created including baby-changing facilities, high chairs and microwaves.
Mr Jones said: "It is also a direct response to visitor feedback we have received.
"As well as creating a must-see new destination for families, the development also represents a major boost for the local economy and will create a number of new jobs."
The full details are expected to be released early next year and work is set to start on site in the next few weeks.
They anticipate the new family park will open before the next summer holidays.