It is down until spring of 2017. It's part of the big re-do of Rivers of America and the Star Wars land reimagination of the Big Thunder Ranch area.
Blue Bayou has had reserved seating packaging in the last couple of years, where you have a meal earlier in the day, and receive a pass to sit front and center on ROA and watch. They gave a seat cushion, too, which was nice; don't know if they'll continue that whole thing when they reopen next year. I did it a year ago, and the view was great. I appreciated being able to arrive when I wanted to, and stay seated on the ground to watch, without having to stake out a place hours beforehand.