I don't think it will happen. Busch Gardens and Dollywood and Hershey are three prime examples of parks that have much to offer besides rides. Even during their summer, daytime operation, especially the first two cater to families and even adults traveling alone who simply want to take in the park's ambiance, shows, restaurants, scenery, gardens, etc. Go to Kings Dominion one day and Busch Gardens the next. The two are maybe 75 minutes apart, but the clientele are day and night. It's not just location (though that does have to do with it). Busch Gardens is a theme park. Kings Dominion is a ride park.
In the 1980's, Kings Island was a theme park, with wonderful entertainment, noteworthy food, vendors, craftsmen, culture, beauty, and scenery that was worth taking in. That made the transition to a "Christmas park" very natural and tasteful. For better or worse, it is a ride park today. Its clientele are thrill seekers, and families who come to ride rides.
What is Busch Gardens' Christmas Town? Busch Gardens without the rides. Still leaves plenty to do and plenty to see. Expertly cultivated gardens, decorated European villages, vendors, train rides, completely new and outstanding shows...
What would Kings Island's Winterfest be? Kings Island without the rides. Many season pass holders and locals would say, "Huh? Then what's the point?" To enjoy a lukewarm burger patty? To see the dying, sparse Christmas lights of Starlight Spectacular? To watch the shows, "90's Christmas!" "Rockin' to the 1980's Yuletide!" "Good Ole Country Christmas!" and "Hippie Holiday: The 1960s with Snoopy and Friends!"? Kings Island caters to a different crowd.
And I think it's on-topic enough: Cedar Fair is not Disney, and they know it. That's why I'd never expect Winterfest again.