They can sometimes arbitrarily cut off guests entering the line if it gets too far backed up.
Doesn't happen very often, but (depending on all kinds of things) it might happen on your night.
Besides, you might as well spend those last 15 min., or so, actually in the line.
If nothing else, you'll be ahead of others who arrive later.
A month and a half after FEA opened, we went on it at park closing. Posted wait was 110 minutes and we waited 18. We also have done Space at park close many times and never waited super long.
Depends on the attraction. For many, you'll literally walk right on. TSMM is a great example. At 8:50pm, there is absolutely zero line. Same with things like Small World, SE, EE, etc... In our experience, the ones that still have lines at park close are the really popular headliners, such as FOP, 7DMT. However, even those lines aren't that long.
Yes TSM was always the best for late night rerides, even when it was brand new and during the height of its popularity. About an hour before closing time they would close off almost all of the indoor waiting area and let the line spill out into the courtyard. Then they would post a 80-90 minute wait and you could just watch the guests walk up, turn around and leave. In reality, the short line went directly to the 3D glasses station and you could be on in 10-15 minutes.
It was very easy to ride about 4 times in that hour and still have plenty of time to make it to the late showing of Fantasmic. The line was generally 2+ hours during the day so this always seemed like a very efficient use of time.
Now, even a 15 minute wait would seem long close to closing time.
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