Yes there is, we spent a lot of late nights in it last December If you're looking towards the villas while standing by the waterway, it'll be to the right of Community Hall (it's kindof hidden with landscaping around it)
I'm so glad to hear that! We'll be there in 9 days, late Satuday night. The hot tub may be my first stop. The Luna Park hot tub is often crowded and full of kids. Nothing against kids but . . .