Virtual reality (VR) is transforming leisure as a digital alternative to traditional (physical) experiences. Yet, few studies have directly compared VR leisure experiences to physical leisure experiences. This experimental study addresses this gap by comparing emotional responses elicited during a physical theme-park dark ride and its VR counterpart in a real-life leisure setting. A total of 145 participants experienced the ride in one of three conditions: the physical ride, its VR counterpart with social interaction, or the VR ride in isolation. Emotional responses were measured through real-time skin conductance and post-ride self-reports. Results indicate that the physical ride elicited stronger emotional responses, higher evaluations, and greater intentions to recommend and revisit. Additionally, the VR ride with social interaction was more arousing than the isolated VR ride and more closely resembled the physical experience. These findings highlight the importance of social interactions in enhancing the emotional impact of VR leisure experiences.