It was there when I was down there in June but I was told by one of the CM's that they were getting ready to close it down soon. ( I figured it would be when they closed down COP.) But I talked with my TA from
AAA last month and she said that it is NOT going to be closed down but maybe moved to another part of the park.
On another note, the lounge closes at 5:00 pm so you need to make sure you get there before hand. We got there 5 minutes after they closed and no one was there so we didn't get to go in. But the inside looked extremely comfortable and you could see the cooler with the drinks. I wish I would have known.
Also, I will tell you it is not easy to find. We would have made it but we couldn't find the gate to get to it. It is kind of hidden but now I know where it is. It's located on the side of COP beside the theater between the bushes. Hope that helps.
