The irony in "creating an entertainment destination" on the grounds of an entertainment destination that existed three years ago...
I doubt they'll let the land sit for too terribly long. Flooding is always going to be an issue, but I imagine the current ownership/management would jump at the opportunity sell the land. With the race track/casino, Riverbend, Deadlow, food options dominating the area, it baffles the mind that the park could not have remained intact and expanded. They could have easily gone the route of retaining most of the rides and revamping the area to be a Newport on the Levee type place. It makes absolutely no sense to just leave all that infrastructure abandoned (or to be used as storage) in a part of the city that is prime for revitalization.
I know Covid has affected every industry, but so far their promise of Sunlite's "water adventure" expansion has been limited to an inflatable obstacle course and a festival in which they planned to have an outside company bring in carnival rides, only to have it canceled last minute. That's embarrassing.
Sell the park to someone else who knows how to run a park.