The ‘best’ view from the WL CL lounge (in my opinion) is that looking down on the WL lobby and always being within earshot/eyeshot of the relaxing lobby vibe/buzz.
For MK views, there are two balconies directly off the WL CL lounge that face towards the MK/CR. Trees obstruct a castle view, but you can see some higher fireworks from here. I ‘think’ they play the audio during the show from the speakers on the balconies, but I haven’t been to WL in awhile so not totally sure if still accurate (I’m sure someone will know).
Some pics... I’m standing on one balcony, you can see the other straight ahead/to the right. They are the “well” type balconies that are pretty much ‘in’ the roof.
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Speakers...
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They are not that big.
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View from then ‘left’ balcony. This was taken 11/16 so a few years old when the construction was still going on, this would look better now.
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Same location, just at night.
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Hope that helps!