“How the Most Expensive Movie Almost Ended a Two-Time Oscar Winner’s Career”
Kevin Costner’s Career Nearly Derailed by Hollywood’s Most Expensive Flop
When Waterworld hit cinemas in 1995, it was supposed to be a blockbuster event. Instead, it made waves for all the wrong reasons.
Dubbed the most expensive movie ever made at the time, the post-apocalyptic action epic nearly torpedoed the career of two-time Oscar winner Kevin Costner. Despite its ambitious premise and grand scale, the film became known more for its budget overruns and production issues than its cinematic achievements.
Directed by Kevin Reynolds and written by Peter Rader and David Twohy, Waterworld was based on Rader’s 1986 concept. Costner not only starred as the mysterious, gilled antihero known as “The Mariner,” but also produced the film alongside John Davis and Charles Gordon.
Set in a distant future where melting polar ice caps have submerged the Earth under water, Waterworld imagined a world where land is legend, and survival depends on navigating endless oceans. Despite the compelling setup, the film struggled to stay afloat critically and commercially.
Initially budgeted at $172 million, costs eventually surged to around $235 million after marketing and distribution — a record-breaking figure for its time. Although it finished as the ninth-highest grossing film of 1995 and eventually turned a profit through home video, TV rights, and merchandise, it still earned the dreaded label of a “box office flop.”
Critics were largely unimpressed. The film holds a 59% rating on Rotten Tomatoes, with many reviewers citing its underwhelming story, flat characters, and bloated production. One critic summed it up: “Far from being the magnificent bomb many had predicted, Waterworld is worse. It’s mediocre — and that just won’t do.”
Another wrote: “With its wisp of a story and even greater wisp of an action star, Waterworld will be remembered more for its cost than its achievement.”
Audiences were equally lukewarm. One viewer remarked, “A totally passable and forgettable action movie… the villain seemed to be the only one really trying.” Another simply stated, “I waited nearly 30 years to watch this film. I heard it was bad. How bad could it be? It’s awful.”
Despite the negative buzz, the film managed to leave a lasting legacy — though perhaps not in the way the creators intended. Waterworld inspired theme park shows at Universal Studios in Hollywood, Japan, Singapore, and Beijing. It also spawned video games and a novel adaptation.
Still, for Kevin Costner — who had previously won Oscars for Dances with Wolves — the film marked a major turning point. The fallout from Waterworld cast a long shadow over his star power and led many to question his box office draw moving forward.
