I was actually at an amusement park when a child drowned in the pool area. The news was there on scene, and the park remained open. My family and I didn't even know why the news was there and it wasn't until later that night (or maybe the next day) that we saw the news of the death on TV. IMO if this death had not been a drowning, but something ride related, then it would have been a bigger deal but the park was not entirely at fault.
The problem is that deaths due to a ride usually don't happen all that often. There is a local park near me that has been around for decades, and there is a story I have heard of somebody dieing on one of the much older rides that no longer exists. And there was also another park that used to be around but got shut down after it had a couple deaths. If any park has more than even 1 death, it will almost always change the way people feel when they are there. Saftey is not something guests want to be of concern in an amusement park.
In the game, if you have a death, the ride in question should be permanently closed down and probably destroyed, as nobody would want to ride it. Your park guest count would decrease dramatically, and you should probably get a size-able chunk of money taken away. It would make it incredibly difficult to recover and would be worth reloading your game save prior to the deaths, and demolishing/fixing the ride right away. Thats how I played RCT1 because I hated having a park lose guests for that reason.
I mean, its different if your just messing around causing mayhem [pirate]